1、1,Lesson One,Spillonomics: Underestimating Risk,2,Catalogue,Background Information Warm-up Questions Main Idea Language Points Difficult Sentences Keys to the Exercises,3,David Leonhardt is an economics journalist with The New York Times. He joined The Times in 1999 and writes both the “Economics Sc
2、ene” column and for the Times Sunday Magazine. Before coming to The Times, he wrote for BusinessWeek and The Washington Post. In April,Background Information,4,2011 he was awarded a Pulitzer Prize in the “Commentary” category for “his graceful penetration of Americas complicated economic questions,
3、from the federal budget deficit to health care reform”.,Background Information,5,Deepwater Horizon is the name given to an ultra-deep ocean-drilling operation that was located about 250 miles southwest of Houston, Texas, in Gulf of Mexico. The drilling extended from a platform on the ocean surface,
4、down about 4,000 feet (about 1.2 Km) to the ocean floor, and then another 31,000 feet,Background Information,6,(about 9.3 Km) below the ocean floor into the crude oil deposit. It was the deepest well of its type ever drilled. In 2010, worldwide, Deepwater Horizon was the largest of about 200 such pl
5、atforms capable of drilling in waters a mile deep (1.6 Km) or more.,Background Information,7,BP Oil Spill in the Gulf of Mexico,Tuesday, April 20. News broke that an explosion occurred at 11 p.m. EST on BPs Deepwater Horizon oil rig in the Gulf of Mexico, 52 miles southeast of the Louisiana port of
6、Venice.,Background Information,8,Explosion,Background Information,According to the Coast Guard, 11 to 15 crew members were reported missing, of the total 126 workers aboard the rig at the time of the blast. The rig was drilling, but not in production.,Deepwater Horizon oil rig,9,Background Informati
7、on,Press the icon on the right and watch Obama: BP agrees to pay,10,The Oil Pollution Act (石油污染法) was passed by the 101st United States Congress, and signed by President George H. W. Bush, to mitigate and prevent civil liability from the future oil spills off the coast of the United States.,Backgrou
8、nd Information,11,The law stated that companies must have a “plan to prevent spills that may occur” and have a “detailed containment and cleanup plan” for oil spills.,Background Information,12,Wall Street a collective name for the major U.S. financial interests ( banks, insurance companies, investme
9、nt companies, etc. ), mostly based in New York City. Background: In the early 1600s Manhattan Island, the main portion of todays New York City, had a,Background Information,13,Background Information,small population. For protection, a large wall was built near the shore; a roadway ran alongside the
10、wall. As the area developed into a town the roadway was named Wall Street. Today it is an eight-block area with sky- crapers, very tall buildings, containing the headquaters and offices of many of the major banking and invest- ment companies of America and the world.,14,Warm-up Questions,1. Do you t
11、hink British Petroleum is the victim of an unfortunate accident, or did the company fail in the management of potential risks?,2. At the time of maximizing profits, what should a responsible company do?,3. What are the challenges in developing economy without harming the environment?,15,Main Idea,Hu
12、mans often participate in very risky behavior, particularly if events are extremely rare, the rewards are large and the consequences seem to be small. The author begins with two examples of risky behaviors that resulted in serious unexpected consequences: 1) A major undersea oil spill in 2010. 2) Th
13、e collapse of the U.S. financial markets in 2009. In the first,16,Main Idea,example a small group of corporate executives took undue risks. In the second example a large segment of the American public, and many, many financial de- cision makers were surprised. The article goes on to discuss two type
14、s of risks: 1) Where a bad event is difficult to imagine and risk is underestimated; falling property values is the example. 2) A bad event is too,17,Main Idea,easy to imagine and risk is overestimated; commercial air travel vs. travel by personal car is the example. The last part of the article dis
15、cusses the possible role of government in helping all parties avoid taking inappropriate risks, either by passing laws and regula- tions, or through providing factual information and explaining the risks.,18,Language Points,1. spillonomics The author has created this word to su- ggest the topic of h
16、is article. “Spill“ suggests oil spills, which will be a major example; “-onomics” is intended to suggest economics, the financial consequences of oil spills. This article was published about two months following the biggest, most costly, and most environ- mentally damaging oil spill.,19,Language Po
17、ints,2. in retrospect ( line 1, para.1 ) thinking back to a time in the past, especially with the advantage of knowing more now than you did then回想起来，我们本应该为学校多节约些钱。In retrospect, we should have saved more money for college.回想起来，我们是如何出的错就很明显了。In retrospect, its obvious how we went wrong.,20,Language
18、Points,3. rig n c ( line 1, para.1 ) 1) a large structure that is used for getting oil from the ground under the sea,Oil rig,21,Language Points,2) to dishonestly arrange the result of an election or competition before it happens; to fix她谴责对手操纵投票。She accused her opponents of rigging the vote.他们操纵国内市场
19、以使当地企业受益。They rig their domestic markets in favour of local businesses.,22,Language Points,“rig blew“ means the structure exploded. Here it refers to the extremely large open-water drilling platform, designed to drill for oil in very deep ocean waters. In this context, “to blow” means to explode, or
20、 to rupture, is in “to blow up.” In this event both the surface drilling platform exploded, and the oil well opening on the ocean floor ruptured, broke open.,23,Language Points,4. BP ( line 1, para.1 ) Short for British Petroleum (英 国石油公司), the primary international company, based in Great Britain,
21、that was in charge of the drilling operation. Several other major companies had roles to play also.,24,Language Points,5. reputation n c ( line 2, para.1 ) the opinion that people have about someone or sth because of what has happened in the past该商店因买卖公道而享有极高的声誉。This store has an excellent reputatio
22、n for fair dealing.这所大学有良好的学术声誉。This college has a good academic reputation.,25,Language Points,to earn/gain/establish a reputation as stha good/bad reputation,26,Language Points,6. refinery n c ( line 3, para.1 ) a factory where sth such as oil or sugar is made purer,Oil/petroleum refinery,27,Langu
23、age Points,7. regulator n ( line 3, para.1 ) a person or organization appointed by a government to regulate an area of activity such as banking or industry 将指定一个独立的管理机构来保证公平竞。An independent regulator will be appointed to ensurefair competition. 政府会继续起到监察者和调控者的作用吗?Will government maintain its role of
24、 watchdog and regulator?,28,Language Points,8. panel n ( line 3, para.1 ) a small group of people who are chosen to do sth, for example to discusssth in public or to make a decision他组织了一个学者小组为他出谋划策。 He assembled a panel of scholars to advise him.顾问小组不同意该决定。The advisory panel disagreed with the decis
25、ion.,A panel,29,Language Points,9. corrode vt ( line 5, para.1 ) if a metal corrodes, or if sth corrodes it, it is slowly destroyed by the effect of water, chemicals etc. 酸雨毁坏树木，腐蚀建筑物。Acid rain destroys trees and corrodes buildings. 调查人员发现地下管道严重腐蚀。The investigators found that the underground pipes w
26、ere badly corroded.,30,Language Points,2) written to gradually make sth weaker or destroy it completely他警告说腐败正在侵蚀警察队伍。He warns that corruption is corroding police.和正在侵蚀他灵魂的痛苦相比较，这种折磨倒更容易承受。Suffering was easier to bear than the bitterness corroding his spirit.,31,Language Points,10. Prudhoe Bay（ line
27、 5, para.1 ）Prudhoe Bay (普拉德霍湾) is on the far north shore of Alaska, above the Arctic Circle (北极圈 ). It is a shipping point for oil from the largest oil fields in North America. It is arctic waters that are frozen over for most of the year, and the region is considered very environmentally sensi-tiv
28、e.,32,Language Points,11.upbraid vt fml （ line 6, para.1 ） to criticize in a harsh and severe manner他妻子开始指责他不把孩子放在心上。His wife set about upbraiding him for neglecting the children. 他本想因为我偷偷溜出去训我一顿的，可是他 没有这样做。 Hed meant to upbraid me for sneaking off, but he didnt.,33,Language Points,Synonyms:blame, r
29、eprimand, censure, criticize,34,Language Points,12. stem from v prep ( line 1, para.2) 1) to develop as a result of sth else她的头疼是视力问题造成的。Her headaches stemmed from vision problems. 价格与租金的跌落是由20世纪80年代建设过热造 成的。The collapse in prices and rents stems from over-building in the 1980s.,35,Language Points,2
30、) vt to stop sth from happening, spreading, or developing采取措施旨在制止非法移民倾向。The measures are meant to stem the tide of illegal immigration.你必须止住伤口流血。You must stem the flow of blood from the wound.to stem the tide/flow/flood of sth,36,Language Points,Synonyms:arrest, bar, block, bridle, control, curb, de
31、lay, foil, govern, halt, hamper, hinder, hold back, impede, inhibit, keep in check, obstruct, regulate, rein, repress, restrain, retard, slow,slow down, stop, stunt, thwart,37,Language Points,13. obsession n ( line 1, para.2 ) an extreme unhealthy interest in sth or worry about sth, which stops you
32、from thinking about anything else她会努力忘记对我的迷恋。She would try to forget her obsession with me.对于他来说，赌博是无法摆脱的。 For him, gambling is an obsession.,38,Language Points,Useful expressions:to become an obsession unhealthy/dangerous obsession national/American/British etc obsession to the point of obsession t
33、o border on/upon obsession: be almost as bad as an obsession,39,Language Points,14. come what may ( line 1, para.2 ) whatever happens; no matter what happens; under any circumstances 不管怎样，我要使问题水落石出。Come what may, Im going to fight the case out.不管怎么样，反正我们今天必须完成这项工作。Come what may, we must finish this
34、work today.,40,Language Points,15. cost n ( last line of para.2) 1) the amount of money that you have to pay in order to buy, do, or produce sth这项工程需要巨大的费用。 This project entails enomous cost. 该药昂贵，影响广泛应用。The high cost prohibits the widespread use of the drug.,41,Language Points,2) plural the money t
35、hat you must regularly spend in order to run a business, a home, a car etc为保持竞争力，我们必须降低成本。We have to reduce costs in order to remain competitive.成本降低了30%到50%。Costs have been cut by 30 to 50 per cent.,42,Language Points,Useful expressions:to pay the cost of sth to meet/bear the cost (of sth) : to pay
36、 for sth to cover the cost (of sth) : to pay for all of sth the cost of doing sth at a cost of $10/$100 etc high/low cost,43,Language Points,full/total cost extra/additional cost rising/escalating cost at no extra cost (to somebody) labour/transport/legal etc costs running/operating costs: what it c
37、osts to organize an event or run a business,44,Language Points,Synonyms:amount, charge, expenditure, expense, fare, figure, payment, price, rate, value,45,Language Points,16. executive n ( line 1, para.3) a manager in an organization or company who helps make important decisions一位优秀的高级管理人员通常与人们相处得很好
38、。A good executive usually gets on well with people. 公司前行政主管形容乔丹是耐克形象的化身。A former company executive describes him as the embodiment of Nikes image.a senior/top executive,46,Language Points,17. hit n ( line 2 , para.3) 1) if sth hits a person, place, or thing, it affects them very badly.他在我头上轻轻敲了一下。He
39、 gave me a gentle hit on the head.他在射击中中了50发。He scored 50 hits in the shooting.,47,Language Points,2) very popular and successful这本书立刻获得成功。The book was an immediate hit.他为人热情、富有同情心,深得女士的欢心。He was warm, sympathetic and a terrific hit.,48,Language Points,18. get our hands around ( line 3, para.4 ) to
40、understand, to get the main idea. Sometimes stated as “ get our heads around ”.,49,Language Points,19. likelihood n ( line 6, para.4) the degree to which sth can reasonably be expected to happen; probability感染的可能性极小。The likelihood of infection is minimal.制裁完全可能发挥作用。There is every likelihood that san
41、ctions will work.,50,Language Points,in all likelihood: almost certainly如果我拒绝了，十有八九我就要失业。If I refused, it would in all likelihood mean Id lose my job.,51,Language Points,Synonyms:chance, hope, possibility, probability, prospect,52,Language Points,20. proverbial adj ( line 6, para.4) well-known, famo
42、us 他们的慷慨大度是出名的。Their generosity is proverbial. 美国孩子的独立是众所周知的。The independence of American children is proverbial.,53,Language Points,the proverbial black swan ( line 6, para.4 ) A rare and unexpected event that was thought very unlikely to occur, but when it does, it has extremely large consequences
43、. Swans are white, it was once thought that any color other than white was impo- ssible, particularly a black swan. When naturally,54,Language Points,occurring black swans were discovered in Australia, their existence shattered a long-held belief. There- fore, a “black swan event” is an event though
44、t to have been impossible, and when it occurs profundly shakes conventional thought.,55,Language Points,21. explode vt &vi ( last but 2nd line of para.4) to burst, or to make sth burst, into small pieces, usually with a loud noise and in a way that causes damage校车被炮火击中，引爆了油箱。A school bus was hit by
45、gunfire which exploded the fuel tank.,56,Language Points,Synonyms:backfire, blast, blow up, burst, detonate, erupt,go off, make an explosion, set off, shatter,57,Language Points,22. assume vt ( last but 2nd line of para.4) 1) to take as true or as a fact without actual proof每个人都误认为有人会带来甜点。Everyone a
46、ssumed wrongly, that someone else was bringing dessert.2) to take to or upon oneself 当事人双方都违反合同的，应当各自承担相应的 责任。In case of bilateral breach, the parties shall assume their respective liabilities accordingly.,58,Language Points,3) to present a false appearance of 装腔作势、过分卖弄的人，总是要露原形的。They who assume a c
47、haracter that does not belong tothem generally betray themselves by overacting it.4) to undertake the duties of (an office)克劳斯先生将任总经理一职，手下有4位经理。Mr. Cross will assume the role of Chief Executive with a team of four directors.,59,Language Points,23. Ben Bernanke and Alan Greenspan ( line 1, para.5 ) a
48、re the current and former chairmen of the U.S. Federal Reserve Board ( 美国联邦储备局 ), often called “The Fed”. This politically indepen- dent board is very important in making decisions about the American banking and economic system.,60,Language Points,24. real estate ( line 2, para.5 ) property in the f
49、orm of land or houses最近房地产生意很景气。There is the recent boom in real estate. 我父亲委托了一名房地产经纪人来卖我们的房子。My father commissioned a real estate agent to sell our house. 房地产开发商a real estate developer,61,Language Points,25. bubble n ( line 2, para.5 ) 1) In the stock market, a bubble exists when investors become
50、overly con-fident in the current and future value of some typeof investment. As more people compete to invest, the value increases. This makes the investment seem good, more people compete to buy shares and the value in creases more. This cycle continues and the value continues to rise. Most of this value is not real,
