新編劍橋商務(wù)英語高級第三版第Module5Module6優(yōu)質(zhì)文檔

Module5

Acultureofdebt(page47)

EconomistPerhapsthegreatestlegacyoftheFederalReserveChairmanAlanGreenspanisthewayhetransformedpeople’sattitudetocreditanddebt.DuringhistermofofficenotonlythenationaldebtofAmerica,butalsopersonaldebt,increasedsubstantially.

SincetheGreatDepressionofthe1930s,peopleinAmericahavebeennaturallyreluctanttoborrowmoney.Butforthisgeneration,intheUSandincreasinglyglobally,debthasbecomerespectable.Fromanearlyage,youngpeopletakeoutloanstopaytheirwaythroughcollegeandborrowingagainstequityinrealestateisnowatrecordlevels.Re-mortgagingyourhomewasunheardofgenerationsago:asecondmortgagewasanindicationofahouseholdintrouble.Buttodayitisroutine.

Allthisispossiblebecausecreditiseasyandinterestratesarelow.Banksareencouragedtolend,andoftendosoirresponsibly.Insomestateit’spossibletogeta100%mortgage-inotherwordswithnodown-payment-equivalenttofourtimesacouple,scombinedannualsalary.Themarketisconstantlycomingupwithnewfinancialproductsandnewwaysofextendingcredittoordinarypeople.GeneralMotors,whoseautomotivebusinessindecline,nowsellshomeequityloansthroughasubsidiary:it'stheonlypartofthecompanythathasbeenconsistentlyprofitableinrecentyears.

Thereasonforthisboominmoneylendingisclear-tofundconsumerspending.Aslongaspeoplearespending,economicgrowthcontinues.Inothermoreconservativeborrowingcultures,likeGermany,economicgrowthhasslowedbecauseintimesofuncertaintypeopletendtosavetheirmoney,ratherthanborrowingandspendingtomakethemselvesfeelbetter.

Sodoestheaccumulatingdebtmatter?Somesaythataslongasassetvaluesrisefasterthandebt,there'snoproblem.In2005Americansweretwelvetrilliondollarsindebt,buttheirpersonalassetsstoodat64trilliondollars.Othersarguethatwearesittingonatime-bomb.

Assetvalueswillnotcontinuetoriseindefinitelyandwhentheycrash,millionsofpeoplewillbeplungedintonegativeequity.Liabilitiesremainthesamebutassetscangoupanddowninvalue.Thiswasthecasewithstockmarketvalues,whichsawsharpfallsaround2000.Crisiswasavertedonlybecauseinvestorsmovetheirmoneyintorealestate.

FormillionsofAmericansthisonlyconfirmedthecultureAlanGreenspanhadbeenpromoting-debtisgood.Andifheturnsouttobewrong-well,weallhadfuninthemeantime.

Discussingcosts(page52)

CA=CostaccountantGM=Generalmanager

CALook,we’vegottodosomething.Doingnothingisnotanoption.Ourmarginswilljustgetsqueezedmoreandmore.

GMOK.Whatdoyousuggest?

CApersonally,I,drecommendcuttingthewagebill-eitherbylayingsomepeopleofforbyfreezingsalaries.

GMNeitherofwhicharegoingtobeverypopularoptions.

CANo,butthealternativesareprobablyworse:reducingmaterialcostswilldefinitelyhaveanimpactonproductqualityandcuttingbackonadvertisingexpenditureisonlyashort-termsolution-itwillhurtinthelongrun.

GMNo,Iseethat.Whataboutadministrativecostsorotheroverheads?Insteadofcuttingstaff,wecouldtryanddosomethingaboutgettingourenergybillsdownforexample.

CAI,vealreadydoneasmuchasIcaninthoseareas.Ihavethoughtaboutthisalotandforme,theonlyrealsolutionistotacklelabourcosts.Itmaybepainful,buttheadvantageofitwouldbethat,oncedone,wecouldgetbacktoconcentratingonselling.

GMOK,Ihearwhatyou,resaying,butIthinkitmightcreatemoreproblemsthanyouthink.I,mgoingtogoawayandthinkaboutit…seeifthereisanacceptablewayofdoingit.

Examspotlight,Keyskill(page54)

Weareaccusedfrequentlyofdoingnothingabouttheageingpopulationandtheconsequentholeonpensionfunds.Butyouhavetounderstandthat,atthemomentatanyrate,therearenopopularsolutionstothisproblem.Eitherweraisetheretirementageorweincreasetaxesonworkingpeople.Neitheroftheseisavotewinner.Ithinkalotofusingovernmentarehopingthatifwejustholdonabit,thensoonerorlateranothersolutionpresentitself.

Examspotlight,Exampractice(page55)

Idon,tbelieveinthecapitalmarkets.Forastarttheyareunpredictableandforanotherthing,noteveryonethepossibilitytotakesuchriskswiththeirmoney.Ihavealwaysbeenoftheviewthatyoupaytaxesthroughyourworkinglifeinordertoenjoycertainbenefitfromthestateandcertainprotectionagainstdifficulttimes.Forexample,incaseofunemploymentorsicknessorforyourretirement,forthatmatter.

SowhenIretire,Iwillliveonwhatthegovernmentisduetogiveme.IfIcan,taffordcruisesintheCaribbean,thenthat,stoobad.

Iamveryluckytohaveworkedinthecivilservice,whichhasitsownpensionscheme.Mysalaryhasneverbeenasgoodasitmighthavebeenintheprivatesector,butyouacceptthatwhenyouworkforapublicservice.Whatyoudogetisjobsecurity,longerholidays,goodmedicalinsuranceandanexcellentpension.Mypensioniscalculatedasapercentageofmyfinalsalary.That,sveryrateintheprivatesector.Usuallyprivatecompaniestakeyouraveragesalaryoveraperiodof,say,twentyyears.SoallinallIexpecttobeverycomfortablewhenIretire,evenifIhaven,thadthatmuchdisposableincomeduringmyworkinglife.

Peoplethinkthatasacompanydirector,I,mboundtohaveallsortsofprivilegedpensionbenefitsandcompanyschemesgoingon-somespecialexecutiveplan.Butit'snotthecase.WehaveacompanyschemeforallouremployeesbutIdon,tactuallyparticipateinit.InsteadI,veputmostofmymoneyinalong-termsavingsaccount,thatgivesagoodrateofreturnifyoukeepitinforlongenough.ItseemsbizarreIknow,butImakefarmorethanIneedtospendandIguessI,mnaturallycautionswithmymoney.

Thereisasaying-Idon,tknowwhoby-thatyoushould‘investinland,because

theydon,tmakeitanymore!,Ithinkthat’sgoodadvice.Around2004therestartedtobealotofstoriesinthemediaaboutcompanypensionsandprivatepensionsnotdeliveringthebenefitstheyhadpromised,mainlybecausetheywerelinkedtostockmarketinvestments.AtthatpointIdecidedtowithdrawmymoneyfrommyownprivatepensionandputitintoproperty.IfigurethatifIboughtasmallofficebuilding,thenbythetimeIreachedretirementage,Iwouldhavepaidoffthemortgageandcouldliveofftherent…sothat,swhatIdid.

Ireleasedquiteearlyonthatmystatepensionwasn,tgoingtobesufficient,soItookoutaprivateonewhenIwasabout30.Itworkslikeamanagedinvestmentfund-amixtureofblue-chipstock-soIdon,treallyhavemuchsayinhowthemoneyisinvested.

Unfortunately,likealotofprivatepensionschemes,ithasn,treallyperformedaspredicted.Ithinktheprojectedgrowthratewasbetween8and12%anditgrownatabout4.5%,whichisn'tmuchaboveinflation.Therearesignsthatthestockmarketsaredoingalittlebetternow,soI,mhopefulthatinthelongrunIwillhavereasonablefundsformyretirement.WouldIadviseanyonetodothesame...withhindsight,probablynot.

Module6

6.1Acontracttosupply(page59)

BarbaraParagon.CanIhelpyou?

PaulHello,isthatBarbara?

Barbarayes,speaking.

PaulHi,Barbara,thisisPualfromA1FlooringinLondon.I,mjustcallingtodiscusstheextensionofourcontractfornextyear.Isthisagoodmomentforyou?

BarbaraYes,asgoodasany,Iguess.LetmejustgetapenandpapersoIcanmakesomenotes.OK,sowherehavewegotto?

PaulWell,firstthegoodnews.TheKliklaminateflooringhasbeengoingreallywellhere-you,llprobablyhavenoticedthatfromtheorderbookinthelastsixmonthsorso.Customersreallyloveit:thefeedbackwe,vehadhasbeenexcellent.

BarbaraThat,sgreat.

PaulItisgood.Ihavetosay,I,mnotsosurprised-it,sanexcellentproduct,veryhighqualityandthepricereflectsthatofcourse.Whichbringsmeontomynextpoint.NowI,mnotaskingforbettercommission-weareOKonthat—butwhatwouldreallyhelpismoreseasonaldiscountingfromyourend.WhatImeanisreductionsthatwecouldpassstraightontoourcustomers.Generally,werunsalesinJanuary,springandlatesummerandatthemomentParagon'sproductsaretheonlyonesthatdon'tfeature.Isupposeyoucouldsaythatgivesthemacertainexclusivityintheeyesofthecustomer,butatthesametime...

BarbaraIcanseethelogicofwhatyou,resaying,andI,venodoubtitwouldhelpsales,butwhatyoumustunderstandisthatit,sverydifficultforustohaveapolicywithyouthat,sdifferentfromallourcustomers.Letmethink…whatIcouldsuggestisthatwetryandfeedyoumorediscountedstockwhenwearecomingtotheendofaparticularproductline.Icanspeaktothebossaboutthat.

PaulWell,couldyoualsomentiontohimtheprincipleofseasonaldiscount,becauseIthinkitwouldgenerateevenmoreinterestintheproducts.

BarbaraAllright,Iwill…butI,m