证券化
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Securitisation">Securitisation</span> 证券化 <span word="It">It</span> <span word="s">s</span> <span word="back">back</span> 重新启动 <span word="Once">Once</span> <span word="a">a</span> <span word="cause">cause</span> <span word="of">of</span> <span word="the">the</span> <span word="financial">financial</span> <span word="world">world</span> <span word="s">s</span> <span word="problems">problems</span>,<span word="securitisation">securitisation</span> <span word="is">is</span> <span word="now">now</span> <span word="part">part</span> <span word="of">of</span> <span word="the">the</span> <span word="solution">solution</span> 证券化曾经是导致金融危机的因素之一，如今却能帮助解决金融难题 <span word="GIVEN">GIVEN</span> <span word="their">their</span> <span word="role">role</span> <span word="in">in</span> <span word="the">the</span> 2008 <span word="meltdown">meltdown</span>, <span word="and">and</span> <span word="their">their</span> <span word="subsequent">subsequent</span> <span word="branding">branding</span> <span word="as">as</span> <span word="toxic">toxic</span> <span word="sludge">sludge</span>, <span word="it">it</span> <span word="isnot">isnot</span> <span word="surprising">surprising</span> <span word="that">that</span> <span word="securitised">securitised</span> <span word="financial">financial</span> <span word="products">products</span> <span word="have">have</span> <span word="had">had</span> <span word="a">a</span> <span word="quiet">quiet</span> <span word="few">few</span> <span word="years">years</span>. 鉴于2008年经济危机时所扮演的角色，以及随后被贴上的有毒污泥的标签，证券化金融产品这几年的表现并不出乎人的意料。 <span word="Yet">Yet</span> <span word="the">the</span> <span word="transformation">transformation</span> <span word="of">of</span> <span word="mortgages">mortgages</span>, <span word="credit">credit</span>-<span word="card">card</span> <span word="debt">debt</span> <span word="and">and</span> <span word="other">other</span> <span word="recurring">recurring</span> <span word="cashflows">cashflows</span> <span word="intonew">intonew</span> <span word="marketable">marketable</span> <span word="securities">securities</span> <span word="is">is</span> <span word="enjoying">enjoying</span> <span word="something">something</span> <span word="of">of</span> <span word="a">a</span> <span word="resurgence">resurgence</span>. 然而抵押贷款、信用卡债务和其他一些循环的现金流向新的可交易证券的转变目前正在振兴。 <span word="Once">Once</span> <span word="apparently">apparently</span> <span word="destined">destined</span> <span word="for">for</span> <span word="the">the</span> <span word="financial">financial</span> <span word="history">history</span> <span word="books">books</span>, <span word="the">the</span> <span word="alphabet">alphabet</span> <span word="soup">soup</span> <span word="of">of</span> <span word="ABSs">ABSs</span>, <span word="MBSs">MBSs</span>,<span word="CLOs">CLOs</span> <span word="and">and</span> <span word="others">others</span> <span word="had">had</span> <span word="a">a</span> <span word="bumper">bumper</span> <span word="year">year</span> <span word="in">in</span> 2013. <span word="More">More</span> <span word="growth">growth</span> <span word="is">is</span> <span word="expected">expected</span> <span word="this">this</span> <span word="year">year</span>. 尽管曾经有过惨痛的经历，但是资产担保证券、抵押贷款证券和贷款抵押债券以及其他许多以字母简称命名的证券在2013年却大获丰收。据预测，今年还会继续增长。 <span word="Not">Not</span> <span word="everybody">everybody</span> <span word="is">is</span> <span word="thrilled">thrilled</span>. 并不是所有人都对此满心欢喜。 <span word="Some">Some</span> <span word="observers">observers</span> <span word="argue">argue</span> <span word="that">that</span> <span word="the">the</span> <span word="riskssecuritisation">riskssecuritisation</span> <span word="poses">poses</span> <span word="are">are</span> <span word="too">too</span> <span word="grave">grave</span>. 一些观察家称证券化带来的风险会非常严重。 <span word="But">But</span> <span word="its">its</span> <span word="revival">revival</span> <span word="should">should</span> <span word="be">be</span> <span word="welcomed">welcomed</span>, <span word="for">for</span> <span word="it">it</span> <span word="is">is</span> <span word="probably">probably</span> <span word="essential">essential</span> <span word="to">to</span> <span word="continued">continued</span> <span word="economicrecovery">economicrecovery</span>, <span word="particularly">particularly</span> <span word="in">in</span> <span word="Europe">Europe</span>. 但是尽管如此,重新启动证券化还是众望所归，因为这对于经济的进一步复苏很可能是必需的，尤其是对于欧洲国家而言。 <span word="Use">Use</span> <span word="carefully">carefully</span> 谨慎实行 <span word="In">In</span> <span word="its">its</span> <span word="simplest">simplest</span> <span word="form">form</span>, <span word="securitisation">securitisation</span> <span word="is">is</span> <span word="straightforward">straightforward</span> <span word="and">and</span> <span word="beneficial">beneficial</span>. 单纯来看，证券化比较直截了当并且有着诸多优势。 <span word="For">For</span> <span word="example">example</span>, <span word="a">a</span> <span word="carmaker">carmaker</span> <span word="expecting">expecting</span> <span word="lots">lots</span> <span word="of">of</span> <span word="monthly">monthly</span> <span word="payments">payments</span> <span word="from">from</span> <span word="customers">customers</span> <span word="who">who</span> <span word="havetaken">havetaken</span> <span word="out">out</span> <span word="financing">financing</span> <span word="can">can</span> <span word="get">get</span> <span word="investors">investors</span> <span word="to">to</span> <span word="fund">fund</span> <span word="its">its</span> <span word="business">business</span> <span word="more">more</span> <span word="cheaply">cheaply</span> <span word="by">by</span> <span word="selling">selling</span> <span word="them">them</span> <span word="itsclaim">itsclaim</span> <span word="to">to</span> <span word="those">those</span> <span word="payments">payments</span>. 例如，那些每个月从办理了汽车贷款的消费者那里获得贷款支付的汽车制造商可以通过变卖这些款项的债权而让投资者以更低的代价进行投资。 <span word="A">A</span> <span word="bank">bank</span> <span word="on">on</span> <span word="the">the</span> <span word="receiving">receiving</span> <span word="end">end</span> <span word="of">of</span> <span word="mortgage">mortgage</span> <span word="repayments">repayments</span> <span word="or">or</span> <span word="credit">credit</span>-<span word="card">card</span> <span word="receivables">receivables</span> <span word="can">can</span> <span word="dosomething">dosomething</span> <span word="similar">similar</span>: <span word="bundle">bundle</span> <span word="the">the</span> <span word="loans">loans</span> <span word="up">up</span> <span word="and">and</span> <span word="sell">sell</span> <span word="them">them</span>, <span word="or">or</span> <span word="use">use</span> <span word="them">them</span> <span word="as">as</span> <span word="collateral">collateral</span> <span word="to">to</span> <span word="getfunding">getfunding</span>, <span word="which">which</span> <span word="it">it</span> <span word="can">can</span> <span word="then">then</span> <span word="use">use</span> <span word="to">to</span> <span word="issue">issue</span> <span word="more">more</span> <span word="loans">loans</span>. 按揭还款或者信用卡应收账款的收款银行可以效仿此番做法：将贷款集中起来卖掉，或者把他们当作抵押款使用以获得投资资金，这样一来，他们就能继续放贷。 <span word="This">This</span> <span word="boosts">boosts</span> <span word="both">both</span> <span word="credit">credit</span> <span word="and">and</span> <span word="growth">growth</span>. 这样不仅能够提升信用还能够促进经济增长。 <span word="Used">Used</span> <span word="recklessly">recklessly</span>, <span word="though">though</span>, <span word="securitisation">securitisation</span> <span word="can">can</span> <span word="be">be</span> <span word="dangerous">dangerous</span>. 然而一旦使用不慎，证券化也会带来危险。 <span word="It">It</span> <span word="fuelled">fuelled</span> <span word="the">the</span> <span word="catastrophic">catastrophic</span> <span word="boom">boom</span> <span word="in">in</span> <span word="American">American</span> <span word="subprime">subprime</span> <span word="mortgages">mortgages</span>. 之前，它曾刺激了美国次级抵押贷款的繁荣增长，但其影响随后被证明是灾难性的。 <span word="Some">Some</span> <span word="banks">banks</span>, <span word="aware">aware</span> <span word="that">that</span> <span word="home">home</span> <span word="loans">loans</span> <span word="would">would</span> <span word="be">be</span> <span word="sliced">sliced</span>, <span word="diced">diced</span>, <span word="repackaged">repackaged</span> <span word="and">and</span> <span word="sold">sold</span> <span word="on">on</span>, <span word="gave">gave</span> <span word="upeven">upeven</span> <span word="cursory">cursory</span> <span word="checks">checks</span> <span word="on">on</span> <span word="their">their</span> <span word="borrowers">borrowers</span> <span word="creditworthiness">creditworthiness</span>. 部分银行意识到住房贷款将会被分解、重组和转卖，因而对贷款者信誉哪怕是最粗略的核查都放弃了。 <span word="Investors">Investors</span> <span word="piled">piled</span> <span word="in">in</span> <span word="blindly">blindly</span>, <span word="snapping">snapping</span> <span word="up">up</span> <span word="supposedly">supposedly</span> <span word="safe">safe</span> <span word="tranches">tranches</span> <span word="of">of</span> <span word="bundled">bundled</span>-<span word="up">up</span> <span word="debt">debt</span> <span word="thatproved">thatproved</span> <span word="to">to</span> <span word="be">be</span> <span word="anything">anything</span> <span word="but">but</span>. 投资者们纷纷盲目涌入投资，抢购那批所谓的安全捆绑资金，但事实上这些资金并不如想象中那么优良。 <span word="The">The</span> <span word="boom">boom</span> <span word="turned">turned</span> <span word="to">to</span> <span word="bust">bust</span> <span word="and">and</span> <span word="bail">bail</span>-<span word="outs">outs</span>. 这股投资热潮进而转向诸多破产，市场急需解救措施。 <span word="Yet">Yet</span> <span word="structured">structured</span> <span word="finance">finance</span> <span word="cannot">cannot</span> <span word="bear">bear</span> <span word="sole">sole</span> <span word="responsibility">responsibility</span> <span word="for">for</span> <span word="the">the</span> <span word="crisis">crisis</span>. 然而结构化的金融业并不是经济危机的唯一祸根。 <span word="It">It</span> <span word="was">was</span> <span word="more">more</span> <span word="the">the</span> <span word="conduit">conduit</span> <span word="for">for</span> <span word="irrational">irrational</span> <span word="financial">financial</span> <span word="exuberance">exuberance</span> <span word="than">than</span> <span word="its">its</span> <span word="cause">cause</span>. 与其说它是经济危机的根源不如说是它助了金融业的非理性繁荣一臂之力。 <span word="Lax">Lax</span> <span word="lending">lending</span> <span word="standards">standards</span> <span word="in">in</span> <span word="boom">boom</span> <span word="times">times</span> <span word="predate">predate</span> <span word="the">the</span> <span word="emergence">emergence</span> <span word="of">of</span> <span word="securitisation">securitisation</span> <span word="by">by</span> <span word="severalcenturies">severalcenturies</span> <span word="at">at</span> <span word="least">least</span>. 在金融业繁荣时期实施宽松的借贷政策使得证券化的兴起提前了至少几个世纪。 <span word="Most">Most</span> <span word="structured">structured</span> <span word="products">products</span> <span word="performed">performed</span> <span word="well">well</span> <span word="through">through</span> <span word="the">the</span> <span word="crisis">crisis</span>, <span word="with">with</span> <span word="the">the</span> <span word="notable">notable</span> <span word="exception">exception</span> <span word="ofthose">ofthose</span> <span word="related">related</span> <span word="to">to</span> <span word="American">American</span> <span word="residential">residential</span> <span word="mortgages">mortgages</span>. 大多数结构化产品在经济危机期间仍然表现良好，除了那些与美国住房抵押贷款有关的一些例外。 <span word="Defaults">Defaults</span> <span word="in">in</span> <span word="Europe">Europe</span> <span word="remained">remained</span> <span word="low">low</span> <span word="despite">despite</span> <span word="the">the</span> <span word="recession">recession</span>. 欧洲国家的债务违约情况并没有受经济危机的影响而明显加深。 <span word="And">And</span> <span word="although">although</span> <span word="there">there</span> <span word="are">are</span> <span word="still">still</span> <span word="risks">risks</span>, <span word="securitisation">securitisation</span> <span word="should">should</span> <span word="be">be</span> <span word="safer">safer</span> <span word="in">in</span> <span word="the">the</span> <span word="future">future</span> <span word="than">than</span> <span word="in">in</span> <span word="the">the</span> <span word="pastbecause">pastbecause</span> <span word="of">of</span> <span word="new">new</span>, <span word="post">post</span>-<span word="crisis">crisis</span> <span word="regulations">regulations</span> <span word="to">to</span> <span word="reduce">reduce</span> <span word="the">the</span> <span word="danger">danger</span> <span word="of">of</span> <span word="excesses">excesses</span>. 尽管风险仍然存在，但比起过去证券化在将来应该会相对较安全，因为危机过后重新制定的金融管理政策有利于减小过度放贷的可能性。 <span word="The">The</span> <span word="principle">principle</span> <span word="that">that</span> <span word="the">the</span> <span word="party">party</span> <span word="creating">creating</span> <span word="a">a</span> <span word="new">new</span> <span word="security">security</span> <span word="needs">needs</span> <span word="to">to</span> <span word="retain">retain</span> <span word="some">some</span> <span word="exposure">exposure</span> <span word="to">to</span> <span word="theunderlying">theunderlying</span> <span word="credit">credit</span> <span word="should">should</span> <span word="help">help</span> <span word="ensure">ensure</span> <span word="that">that</span> <span word="underwriting">underwriting</span> <span word="standards">standards</span> <span word="do">do</span> <span word="not">not</span> <span word="get">get</span> <span word="too">too</span> <span word="slack">slack</span>. 产生新的有价证券的一方必须保留能证明其潜在信用的相关文件这一条例应该能够确保保险业管理政策不至于太过松弛。 <span word="That">That</span> <span word="will">will</span> <span word="hamper">hamper</span> <span word="the">the</span> <span word="desirable">desirable</span> <span word="transferring">transferring</span> <span word="of">of</span> <span word="risk">risk</span> <span word="but">but</span>, <span word="given">given</span> <span word="recent">recent</span> <span word="history">history</span>, <span word="it">it</span> <span word="is">is</span> <span word="probablyprudent">probablyprudent</span> <span word="to">to</span> <span word="put">put</span> <span word="a">a</span> <span word="little">little</span> <span word="sand">sand</span> <span word="in">in</span> <span word="the">the</span> <span word="gears">gears</span>. 这将会限制风险的直接转移，但是，鉴于之前的经验，防患于未然可能会比较明智。 <span word="Some">Some</span> <span word="of">of</span> <span word="the">the</span> <span word="Kafkaesque">Kafkaesque</span> <span word="structures">structures</span> <span word="spawned">spawned</span> <span word="by">by</span> <span word="securitisationsuch">securitisationsuch</span> <span word="as">as</span> <span word="collateralised">collateralised</span> <span word="debtobligations">debtobligations</span> <span word="that">that</span> <span word="invested">invested</span> <span word="in">in</span> <span word="other">other</span> <span word="CDOs">CDOs</span> <span word="that">that</span> <span word="themselves">themselves</span> <span word="invested">invested</span> <span word="in">in</span> <span word="MBSshave">MBSshave</span> <span word="been">been</span> <span word="madeprohibitively">madeprohibitively</span> <span word="difficult">difficult</span> <span word="to">to</span> <span word="recreate">recreate</span>. 由证券化引起的一些奇怪结构例如将债务抵押债券投资到其他的债务抵押债券，而这些获得投资的债务抵押债券本身则又投资到抵押支付债券已经被限制形成。 <span word="That">That</span> <span word="is">is</span> <span word="also">also</span> <span word="sensible">sensible</span>: <span word="whereas">whereas</span> <span word="simple">simple</span> <span word="securitisation">securitisation</span> <span word="should">should</span> <span word="be">be</span> <span word="welcomed">welcomed</span> <span word="back">back</span>, <span word="theover">theover</span>-<span word="engineered">engineered</span> <span word="versions">versions</span> <span word="that">that</span> <span word="rendered">rendered</span> <span word="the">the</span> <span word="financial">financial</span> <span word="system">system</span> <span word="needlessly">needlessly</span> <span word="opaque">opaque</span> <span word="should">should</span> <span word="not">not</span>. 这一做法也是很理智的:尽管单纯的证券化回归应该受到欢迎，而那些太过凸显投资者个人利益并会致使金融系统变得迟钝的投资方式则不该受到期许。 <span word="Europe">Europe</span> <span word="stands">stands</span> <span word="to">to</span> <span word="benefit">benefit</span> <span word="most">most</span> <span word="from">from</span> <span word="securitisation">securitisation</span> <span word="s">s</span> <span word="return">return</span>. <span word="Lenders">Lenders</span> <span word="across">across</span> <span word="Europe">Europe</span> <span word="are">are</span> <span word="underpressure">underpressure</span> <span word="to">to</span> <span word="improve">improve</span> <span word="the">the</span> <span word="ratio">ratio</span> <span word="of">of</span> <span word="capital">capital</span> <span word="they">they</span> <span word="hold">hold</span> <span word="to">to</span> <span word="loans">loans</span> <span word="made">made</span>. 从证券化的回归之中受益最大的仍然是欧洲国家。整个欧洲的国家都面临巨大的压力，它们都急需提高资金持有量对贷款额的比例。 <span word="One">One</span> <span word="way">way</span> <span word="of">of</span> <span word="doing">doing</span> <span word="this">this</span> <span word="is">is</span> <span word="to">to</span> <span word="stop">stop</span> <span word="extending">extending</span> <span word="credit">credit</span>, <span word="which">which</span> <span word="is">is</span>, <span word="unfortunately">unfortunately</span>, <span word="what">what</span> <span word="many">many</span> <span word="bankshave">bankshave</span> <span word="done">done</span>. 解决此问题的途径之一是停止放贷，但遗憾的是，很多银行已经开始这样做了。 <span word="If">If</span> <span word="they">they</span> <span word="instead">instead</span> <span word="slimmed">slimmed</span> <span word="themselves">themselves</span> <span word="through">through</span> <span word="securitisation">securitisation</span>, <span word="by">by</span> <span word="bundling">bundling</span> <span word="and">and</span> <span word="repackaging">repackaging</span> <span word="loansand">loansand</span> <span word="selling">selling</span> <span word="them">them</span> <span word="to">to</span> <span word="outside">outside</span> <span word="investors">investors</span> <span word="such">such</span> <span word="as">as</span> <span word="insurance">insurance</span> <span word="firms">firms</span> <span word="or">or</span> <span word="asset">asset</span> <span word="managers">managers</span>, <span word="they">they</span> <span word="couldlend">couldlend</span> <span word="more">more</span> <span word="money">money</span> <span word="to">to</span> <span word="credit">credit</span>-<span word="starved">starved</span> <span word="companies">companies</span>. 如果它们是通过集中和重组贷款并转卖给外部投资者诸如保险公司或者资产管理公司这种证券化方式来向外贷款的话，那么它们就可以向资金极度短缺的公司以更大幅度放贷。 <span word="That">That</span> <span word="would">would</span> <span word="have">have</span> <span word="the">the</span> <span word="added">added</span> <span word="benefit">benefit</span> <span word="of">of</span> <span word="spreading">spreading</span> <span word="risk">risk</span> <span word="away">away</span> <span word="from">from</span> <span word="wobbly">wobbly</span> <span word="banks">banks</span>. 这样做的额外好处是可以将风险从经营状况不佳的银行转移到其他地方。 <span word="Securitisation">Securitisation</span> <span word="certainly">certainly</span> <span word="has">has</span> <span word="a">a</span> <span word="black">black</span> <span word="mark">mark</span> <span word="against">against</span> <span word="it">it</span>, <span word="but">but</span> <span word="it">it</span> <span word="is">is</span> <span word="far">far</span> <span word="too">too</span> <span word="useful">useful</span> <span word="to">to</span> <span word="be">be</span> <span word="banished">banished</span> <span word="forgood">forgood</span>. 证券化的回归当然会面临诸多困难，但是它的自身优势使得其不可能被永久弃用。 <span word="Almost">Almost</span> <span word="all">all</span> <span word="financial">financial</span> <span word="innovations">innovations</span>, <span word="from">from</span> <span word="the">the</span> <span word="humble">humble</span> <span word="mortgage">mortgage</span> <span word="to">to</span> <span word="the">the</span> <span word="joint">joint</span>-<span word="stock">stock</span> <span word="company">company</span>,<span word="have">have</span> <span word="had">had</span> <span word="to">to</span> <span word="re">re</span>-<span word="establish">establish</span> <span word="their">their</span> <span word="reputations">reputations</span> <span word="after">after</span> <span word="a">a</span> <span word="bust">bust</span> <span word="at">at</span> <span word="some">some</span> <span word="point">point</span> <span word="in">in</span> <span word="their">their</span> <span word="history">history</span>. 几乎所有的金融改革，从不起眼的抵押贷款到合股企业都曾经经历破产然后重塑形象。 <span word="Society">Society</span> <span word="benefited">benefited</span> <span word="from">from</span> <span word="their">their</span> <span word="eventual">eventual</span> <span word="rehabilitationas">rehabilitationas</span> <span word="it">it</span> <span word="most">most</span> <span word="probably">probably</span> <span word="will">will</span> <span word="from">from</span> <span word="therevival">therevival</span> <span word="of">of</span> <span word="securitisation">securitisation</span>. 而等它们最终成功恢复名声，社会将能从中收益正如很可能从证券化的回归中受益一样。 词语解释 1.<span word="claim">claim</span> <span word="to">to</span> 声称 <span word="Both">Both</span> <span word="political">political</span> <span word="parties">parties</span> <span word="in">in</span> <span word="america">america</span> <span word="claim">claim</span> <span word="to">to</span> <span word="loveentrepreneurs">loveentrepreneurs</span>. 美国两大党派都声称喜欢创业者。 <span word="America">America</span> <span word="can">can</span> <span word="claim">claim</span> <span word="to">to</span> <span word="be">be</span> <span word="tackling">tackling</span> <span word="its">its</span> <span word="troubledassets">troubledassets</span>. 美国也终于可以宣称正在处理有毒资产了。 2.<span word="give">give</span> <span word="up">up</span> 放弃;投降 <span word="But">But</span> <span word="some">some</span> <span word="mountaineers">mountaineers</span> <span word="do">do</span> <span word="not">not</span> <span word="give">give</span> <span word="up">up</span>. 但是一些登山家并没有放弃。 <span word="It">It</span> <span word="seemed">seemed</span> <span word="that">that</span> <span word="there">there</span> <span word="was">was</span> <span word="a">a</span> <span word="message">message</span> <span word="for">for</span> <span word="him">him</span> <span word="not">not</span> <span word="to">to</span> <span word="give">give</span> <span word="up">up</span>. 这仿佛给他捎来飞鸿，让他不要放弃这一切。 3.<span word="snap">snap</span> <span word="up">up</span> 抢购 <span word="Instead">Instead</span>, <span word="analysts">analysts</span> <span word="believe">believe</span> <span word="that">that</span> <span word="motorists">motorists</span> <span word="view">view</span> <span word="the">the</span> <span word="situation">situation</span> <span word="as">as</span> <span word="an">an</span> <span word="opportunity">opportunity</span> <span word="to">to</span> <span word="snap">snap</span> <span word="upbargains">upbargains</span>. 分析师反而认为，汽车客户将这一情况视作降价抢购的好机会。 <span word="Mr">Mr</span> <span word="tucker">tucker</span> <span word="also">also</span> <span word="said">said</span> <span word="yesterday">yesterday</span> <span word="that">that</span> <span word="recent">recent</span> <span word="market">market</span> <span word="turmoil">turmoil</span> <span word="may">may</span> <span word="present">present</span> <span word="opportunities">opportunities</span> <span word="to">to</span> <span word="snapup">snapup</span> <span word="rivals">rivals</span>. 1月23日塔克还表示，近期的市场动荡可能提供了抢购竞争对手的良机。 4.<span word="relate">relate</span> <span word="to">to</span> 有关系;与协调 <span word="Share">Share</span> <span word="something">something</span> <span word="I">I</span> <span word="can">can</span> <span word="relate">relate</span> <span word="to">to</span>. 分享一些与我的兴趣有关的东西。 <span word="Cutting">Cutting</span> <span word="costs">costs</span> <span word="is">is</span> <span word="not">not</span> <span word="easy">easy</span>: <span word="the">the</span> <span word="bulk">bulk</span> <span word="relate">relate</span> <span word="to">to</span> <span word="promises">promises</span> <span word="already">already</span> <span word="made">made</span>. 削减成本并不是件容易的事：大部分成本与已经做出的承诺有关。</p>
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