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the loan. You still have $100,000 in equity in your home, and you have $240,000 to spend. You suddenly feel less need to be economical with your purchases and allocate more money for things like a vacation home, a new car, etc.
大多数的泡沫容易被弹性市场加以消化或转移。只要这种泡沫不是很大，输家花钱买聪明，赢家则赚得盆满钵满。但如果资产虚高，持有人恃富而挥霍无度，这种泡沫效应就会不断积累，尤其在市场缺乏监管之时。试想一下：你以 200，000 美元购买一套房子，事先贷款 160，000 美元，则房产净值为 40，000 美元。五年过后，市场估价上升到 500，000 美元。现在你获得的房产净值就是 340，000 美元（即$500，000-$160，000)，于是你以此作担保，再贷款 240，000 美元。你依然持有 100，000 美元的房产净值，还有 240，000 美元可供花销。顿时，你会觉得没有必要节省开支，还能抽出更多钱来购置度假屋及新车等等。
But equity is not revenue. The market holds long enough for you to spend the money. Then it crashes and the value of your home falls to $325,000. Now you have negative equity and owe the bank almost $400,000. So you default on your loan and give your house, car, and vacation home to the bank. If this situation is widespread, it can culminate in the failure of those banks and a severe crackdown on the lending needed to grow the economy.
但房产净值并不是收益。市场长期保持稳定，让你有足够的时间花钱。后来，市场崩溃，你的房屋价值跌至 325，000 美元。你现在持有的房产净值为负，倒欠银行将近 400，000 美元。为此，你就停止还款，将房子、车子和度假屋等交给银行。此种情形一旦蔓延，终会让银行难以为继，并最终沉重打击发展经济所需的贷款业务。
There are also stock market bubbles. In a normal market, investors buy stock in a company because they anticipate that future profits will become dividends and they believe the value of the company's assets will increase. Sometimes, though, a \brokers rush to buy, driving prices like mercury up a thermometer to levels that prove unrealistic. Eventually it becomes clear that further increases are not forthcoming and price deterioration develops, followed by a swift drop. When this happens to too many companies in aggregate, it is called a stock market crash.
股票市场也有泡沫。在正常市场上，投资者购买一个公司的股票是因为他们预期公司未来的利润会成为红利，相信公司的资产能增值。不过，有时由于“羊群效应”，众多经纪人蜂拥热购，股价就像温度计里的水银被一路推至虚高。最终，形势变得明了：股价不再上涨，演变为股价下挫，暴跌也随之而来。当这种情况集中爆发于众多的公司时，就被称为股市崩盘。
A recent stock market bubble was the \bubble. The buzz about the economic possibilities of the Internet encouraged investors to fund the creation of many dotcom companies - too many it turned out. For several years, dozens of entrepreneurs sought to duplicate for themselves the results of those that had come before. Many investors envisaged wealth for any business with a website that could advertise on TV or billboards, even if their actual services were ambiguous. Instead, on March 10, 2000, the dot-com boom reached its peak when the stock index hit 5,132.52. Over the next two and a half years, the index dropped to as low as 1,108. Very few companies bucked the trend. Most had blundered into awful financial difficulties, selling off their assets to healthier companies.
最近一次股市泡沬就是互联网泡沫。对互联网经济前景的看好促使投资者们出资创建众多网络公司——最终证明是太多了。几年内，众多的创业者寻求复制以前网络公司的成功经验。许多投资者设想在电视和广告牌上给网站打广告来开展任意业务以牟取财富，尽管他们对自身实际业务都还模糊不清。然而，在 2000 年 3 月 10 日股票指数到达 5，132.52 的精品文档
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最高点时，网络公司的繁荣到达顶峰。在紧接着的两年半时间里，指数持续跌落，低至 1，108 点。很少有公司能在颓势中挺住，大多数公司都陷入糟糕的财务困境，只好将其资产廉价脱手给更健康的公司。
Bubbles are not limited to the arena of real estate or \series of stuffed animal toys called Ty Beanie Babies? became such a fad that speculators bought up large quantities, assuming that their value as collectibles would continue to rise. Did anyone make money on that fad? Maybe, but why not see for yourself? Check out the price of Beanie Babies in an online auction site and decide if any of these sellers have struck it rich.
泡沫并不局限于房地产领域或“赚钱”的股票发行。在 1996 年，名为豆豆娃（Ty Beanie Babies?)系列的布绒玩具迅速走红，有投机者大量买进，认为作为藏品，其价值会持续攀升。有人靠此种时尚赚钱了吗？也许吧！但何不亲自看看呢？到在线拍卖网站核实其价格就能断定是否有卖家借此发财。
Unit 8 The art of parenting
课文A
Reflections of a Chinese mother in the West 一位西方华裔母亲的思考
A lot of people wonder how Chinese parents raise such successful kids. They are baffled that these parents produce so many children with an abundance of talent and whether they too could raise such a child.
很多人想了解中国父母是如何培养出如此成功的孩子的。他们想知道，为什么这些中国父母能养育出那么多天分极佳的孩子，他们是否也能培养出这样的孩子呢？
The fact is that Chinese parents do things that seem provocative, unimaginable, even illegal, to opinionated Westerners. Chinese mothers can dispense with formal courtesies and say to an obese child who gorges on food, \fatty, lose some weight.\By contrast, Western parents must be humane, tiptoe around the issue, talk in terms of \f-word. And still their kids end up in therapy for eating disorders and a negative self-image. I've thought long and hard about how Chinese parents can get away with what they do, and I think there are three ideological differences between Chinese and Western parents.
事实是，中国父母的做法，对固执己见的西方人来说，令人愤慨，难以想象，甚至是违法的。中国母亲可以不客气地对正在狼吞虎咽的肥胖孩子说：“喂，小胖子，你要减肥了。”与此相反，西方父母必须体谅地、小心翼翼而拐弯抹角地谈及“健康”，而且永远都不会提及“胖”字。结果，孩子还是因为饮食紊乱和消极的自我评价得去求医问药。长期以来我一直苦思冥想，中国父母这样做是如何能够全身而退的，我认为中西方的父母之间存在三种意识形态上的差异。
First, I've noticed Western parents cradle their children's self-esteem to insulate them from criticism. They worry about how their children will feel if they fail, and constantly try to solve their children's worries, regardless of how badly they perform. The presumption is that the child is tender, not strong, and as a result Western parents behave very differently than Chinese parents.
首先，我注意到西方父母呵护子女的自尊，使他们免受一切批评。他们担心孩子失败后的感受，于是不断尽其所能解除子女的忧虑，而不管其表现如何糟糕。西方父母认为孩子是娇弱的，不够坚强，因此他们的行为也就与中国父母大相径庭了。 精品文档
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For example, if a child comes home with an A-minus on a test, a Western parent will most likely praise the child. For a Chinese mother an A-minus is no milestone; she will gasp in displeasure and ask what went wrong. If the child comes home with a B, some Western parents, though hesitant, will still praise the child. Other Western parents will express disapproval, but they won't question the child's intellect or risk insecurities a Chinese mother in the West calling the child \but they will never tell the child.
举个例子，如果一个孩子考试得了个 Aˉ回家，西方父母很可能会表扬孩子。而对中国母亲来说， Aˉ根本不算什么好成绩；她还会不快地叹气，问到底出了什么问题。如果孩子得了 B 回家，一些西方父母尽管十分不情愿，仍然会表扬孩子。其他西方父母会表达出不满，但不会质疑孩子的智力，或贸然说孩子“笨蛋”、“一文不值”或“太可恶了”。而私下里，西方父母可能会感到担心，但绝不会让孩子们知道。
If a Chinese child gets a B, irrespective of the subject, there would first be a screaming, hair-tearing explosion. The Chinese mother would intensify her efforts and get dozens, maybe hundreds of practice tests and use every tool at her disposal, to get her child's grade up to an A.
如果中国孩子得了 B，不管什么科目，首先面临的就是一声尖叫和恼怒的爆发。中国母亲会更加不遗余力地找来几十也许几百套的测验题，不惜采取手头任何办法来让自己孩子的成绩提高到 A。
Chinese parents demand perfect grades because they take it for granted that their child can get them, and grades are a more important measure of success than \doesn't get all A's the Chinese parents assume it's because the child didn't work hard enough. That's why the solution to substandard performance is always to punish and shame the child. Chinese parents believe that their child is hardy enough to take the shaming and to improve from it.
中国父母要求完美的成绩，因为他们理所当然地认为孩子完全可以做到，而且分数是比“自尊”更为重要的衡量成功的标准。如果孩子没拿到全 A，中国父母就认为这是因为孩子不够努力。这就是为什么对表现欠佳的孩子，父母总是会施以惩罚和辱骂。中国家长相信孩子足够坚强，能够承受羞辱，并会由此进步。
Second, Chinese parents believe their kids owe them everything. The reason for this isn't clear, but it's probably a combination of the Confucian doctrine of loyalty and the fact that parents have sacrificed so much for their children; so, Chinese children must spend their lives repaying their parents by obeying them and making them proud.
其次，中国父母认为孩子欠他们一切。这种看法的原因尚不清楚，也许是儒家“忠”的信条，再加上父母为子女牺牲诸多这一事实。因此，中国孩子必须听从父母教导，使他们自豪，终其一生回报他们。
Another area where Chinese and Westerners clash is that most Westerners don't believe offspring must show permanent gratitude to parents. My Western husband actually has this opposite view. \don't choose their parents,\he once said to me. 'They don't even choose to be born. It's parents who force life on their kids, so it's the parents' responsibility to provide for them. Kids don't owe their parents anything. Their duty will be to their own kids.\This strikes me as a terrible deal for the Western parents.
中西方理念碰撞的另一领域是，西方人大多认为子女无须永远感激父母。我丈夫是个西方人，实际上就持有这种相反观点。“孩子又不能选择自己的父母，”他曾对我说过。“他们连要不要出生都没法选择，是父母强行给了他们生命，所以父母有责任抚养他们。孩子一点精品文档
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都不欠父母的，他们只对自己的子女负责任。”这话让我觉得西方父母受到的待遇真差。
Third, Chinese parents believe they know what's best for their children and therefore have ultimate authority over their children's desires and preferences. Chinese children have no rights to infringe, which is why Chinese daughters can't have boyfriends in high school and there are no late curfews or trips to sleep-away camps. Also even the slightest defiance or indignation, anything less than unquestioning obedience, is extinguished, and punished into submission. Don't get me wrong - it's not that Chinese parents don't care about their children. In fact, just the opposite! Chinese parents give up anything and everything to help their children. They just have an entirely different parenting model.
第三，中国父母相信他们知道什么最适合自己的孩子，因此对子女的愿望和喜好有着至高无上的权威。中国孩子没有什么父母不能侵犯的权利，所以中国女孩儿在高中不能交男朋友，孩子们不能晚回家，不能参加在外过夜的野营旅行。哪怕一丁点的反抗或愤慨，只要不是绝对地服从，都会被根除，直至压服。不要误会我——这并非中国父母不关心孩子，事实恰恰相反！中国父母放弃了他们一切的一切，来帮助自己的子女。这只是教育模式完全不同而已。
Western propaganda often paints a portrait of Asian mothers as scheming, indifferent, militant people unconcerned with their kids' true interests. For their part, many Chinese secretly believe they care more about their children and are willing to sacrifice more for them than Westerners, who seem perfectly content to let their children turn out badly and shame their tradition and heritage. I think this is a misunderstanding on both sides. Of course there is also some overlap - all decent parents want to do what's best for their children. It's the methodology that's different.
西方的宣传往往把亚洲母亲描绘为工于心计、冷漠无情，还喜欢动武，而对孩子的真正兴趣不管不顾。对许多中国人来说，他们私下里都认为自己比西方人更关心孩子，而且愿意为他们牺牲更多，而西方人似乎都乐见孩子变坏、有辱家风。我想双方都有误解。当然也有部分共同之处——普天下称职的父母都想为孩子做最好的安排，只是方式方法不同而已。
Westerners preach respecting the children's individuality, encouraging them to pursue their true passions, supporting their choices, and providing a positive and nurturing environment. But while Western children may have a high opinion of themselves and glowing self-esteem, how do they perform in the real world? Chinese parents protect their children by armoring them for the future, letting them see what they're capable of, and conferring upon them skills, work habits, and inner confidence that no one can ever take away. When the time comes to perform, Chinese children have a blueprint for success; they know how to compete with the best the world has to offer. The proof is in the pudding!
西方人宣扬尊重孩子的个性，鼓励他们去追求真正的激情，支持他们的选择，并提供积极有益的环境。但西方孩子在自视甚高、自尊极强的同时，在现实世界又会表现如何？中国父母如此磨砺子女为将来计，让其了解自己的所能，并赋予他们技能、工作习惯和内在信心这些没人能拿走的东西，这样来对孩子进行保护。到表现时机来临时，中国孩子已经成竹在胸；他们知道该如何利用自己在这个世界上所能学到的最好的本事去竞争。“布丁”好坏，一试便知！
课文B
A Western mother's response 一位西方母亲的回应 精品文档
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In the days since the newspaper published the column by the Chinese mother, I have thought of what I would say to her if I met her. I might point out, as others have, that Asian-American girls aged 15 to 24 have above average rates of suicide and eating disorders. I might question the arrogance of ascribing her child's success to the Chinese child-rearing techniques of criticism and name-calling when it could just as likely have resulted from genetic or economic blessings. But I have a feeling that she knows that.
报纸上刊登出一位中国母亲的专栏之后的几天中，我曾经想过，要是能碰到她，我会对她说些什么。我也许会像其他人一样指出，15 岁至 24 岁的亚裔美国女孩自杀和饮食失调的比例高于平均值。我也许会质疑她把自己孩子的成功归结于中国式批评和谩骂的养育技巧，这种想法实在傲慢，孩子的成功可能只是源于良好的遗传基因或经济条件。不过，我觉得这点她是知道的。
More importantly, if I did make such contentions, I'd risk being called a liar by my own children. Sophie, my oldest, would remind me of the recent evening when I stared in stony silence at her report card, sniffing in contempt at her father's happy congratulations.
更重要的是，如果我确实持此观点，就得冒着被自己孩子说成骗子的风险。索菲，我的长女，会提醒我就在不久前的一个晚上，我盯着她的成绩单一言不发，毫无表情，并对她父亲高兴的祝贺嗤之以鼻。
\“怎么了？”她说。“我可是得了 5 个 A 啊。” I shrugged. 我耸耸肩。
\“别这样，”我丈夫抱怨道。
My daughter narrowed her eyes at me. She knew what was coming. 女儿眯起眼睛看我，她知道接下来会发生什么。
I pointed at the remaining three grades, sociology, biochemistry and intermediate aesthetics, none a solid A. I certainly didn't think it warranted the \the author informs us would have greeted the daughter of a Chinese mother. However, I articulated my displeasure clearly enough. The word \because I feared my husband's reproach that I refrained from telling my own daughter, when she collapsed in tears, that she was acting like an idiot.
我指着余下的三门课的成绩，社会学、生物化学和中级美学，没有一个是 A。我当然不认为对此应该“尖叫和恼怒地爆发”，就像作者说的中国妈妈对待女儿的那样。不过，我也足够清晰地表达了自己的不满，只是没说“垃圾”这个词。她痛哭失声，我忍住了没说她像个白痴，但那也只是因为我担心丈夫的责备而已。
The difference, I suppose, between proud Chinese mothers and Western ones is that I felt ashamed that I didn't subordinate my anger to my pride in what she did accomplish. Admittedly (and I am ashamed to say this too), I also did not then go out and get hundreds of practice tests 精品文档