题目内容：
SurvivingtheRecession
A．America'srecessionbeganquietlyattheendof2007．Sincethenithasevolvedintoaglobalcrisis.Reasonablepeoplemaydisagreeaboutwhomtoblame．Financierswhowerenotascleverastheythoughttheywere?Regulatorsfallingasleepatwork?Consumerswhoborrowedtoomuch?Politicianswhothoughtlesslypromotedhome-ownershipforthosewhocouldnotaffordit?Allareguilty;andwhatamesstheyhavecreated.
B．Since2007Americahasshed5millionjobs．Morethan15%oftheworkforcearejoblessorunderem-ployed-roughiy25millionworkers．Theonlyindustriesswellingtheirpayrollsarehealthcare,utilitiesandthefederalgovernment．ThevalueoflistedsharesinAmericanfirmscollapsedby57%fromits
peakinOctober2007toalowinMarchthisyear,thoughithassincebouncedbacksomewhat．In-dustrialproductionfellby12.8%intheyeartoMarch,theworstslidesincetheSecondWorldWar.MarkZandi,aneconomistatMoody'sEconomy.com,predictsthattherecessionwillshrinkAmerica'seconomyby3.5%intotal．Formostexecutives,thisistheworstbusinessenvironmentthey'veeverseen.
C．Timesaresotoughthatevenbossesaretakingpaycuts．Median(中为数的)payforchiefexecutivesofS&P500companiesfell6.8%in2008．TheoverthrownbusinessgiantsofWallStreettookthebiggestknock,withaveragepaycutsof38%andmedianbonusesofzero．Buttherewassomepainforeveryone:medianpayforchiefexecutivesofnon-fmancialfirmsintheS&P500fellby2.7%.Nearlyeverybusinesshasasadtaletotell．Forexample,ArneSorenson,thepresidentofMarriotthotels,likensthecrisistothedownturnthathithisbusinessafterSeptemberllth,2001．Whenthetwintowersfell,Americansstoppedtravelling．Marriotthaditsworstquarterever,withrevenuesperroomfallingby25%．Thisyear,withoutaterroristattack,thehotelindustryis"puttingthesamenumbersontheboard",saysMrSoreuson.
D．Thehotelbust(不景气),likemostbusts,wasprecededbyabreathtaldngboom．Althoughmanyotherbigfirm.sresistedthetemptationtoover-borrow,developersborrowedheavilyandbuiltbiggerandfancierhotelsasifthewholeworldwereplanningaholidayinLasVegas．Whenthebubbleburst,demandcollapsed．Hotelownersfoundthemselveswithahugenumberofemptyroomsevenasalotofunnecessarynewhotelswerereadytoopen.
E．Otherindustrieshavesufferedevenmore．Largenumbersofbuilders,propertyfirmsandretailershavegonebankrupt．AndadisasterhashitDetroit．LastyeartheAmericancarindustryhadtheca-pacitytomake17millionvehicles．Salesin2009couldbebarelyhaftofthat．TheBigThreeAmeri-cancarmakers--GeneralMotors,FordandChrysler--accumulatedruinouscostsoverthepost-waryears,suchasgold-platedhealthplansandpensionsforworkerswhoretiredasyoungas48．Allthreearedesperatelyrestructuring．OnlyFordmaysurviveinitscurrentform．Hardtimesbreedhardfeelings．FewAmericansunderstandwhatcausedtherecession．Someareseekingscapegoats(替罪羊).Politiciansarehappytotakeadvantage．BosseshavebeensummonedtoWashingtontobescoldedonlivetelevision．Thepresidentcondemnstheirgreed.
Extravagance(奢侈)isout
F．Businessfolkarebendingoverbackwardstoavoidseemingextravagant．Meetingsatresortsaresud-denlyunacceptable．GoldmanSachs,aninvestmentbank,cancelledaconferenceinLasVegasatthelastminuteandrebookeditinSanFrancisco,whichcostmorebutsoundedlessfun．Anyway,thepainwilleventuallyend．Americanbusinesswillregainitsshine．Manyfirmswilldie,butthesur-vivorswillemergeleanerandstrongerthanbefore．Thefinancialsector'sshareoftheeconomywillshrink,andstayshrunkforyearstocome．Theimportanceofnon-financialfirmswillaccordinglyrise,alongwiththeirabilitytoattractthebesttalent．Americawillremainthebestplaceonearthtodobusiness,solongasBarackObamaandtheDemocratsinCongressresistthetemptationtointer-feretoomuch,andsolongasorganisedlabourdoesnotoverplayitshand.
G．Thecrisiswillprovehugelydisruptive(破坏性的),however．Badmanagementtechniqueswillbeex-posed．Necessitywillforcetheswiftadoptionofmoreefficientones．Atthesametime,technologicalinnovation(创新)willbarelypauseforbreath,andtwobigpoliticalchangesseemlikely．MrObama'splantocurbcarbondioxide(CO2)emissions(排放),thoughnecessary,willbefarfromcost-free,whateverhissunnyspeechesonthesubjectmightsuggest．TheshifttoaloW-carboneconomywillhelpsomefirms,hurtothersandrequireeveryorganisationthatusesmuchenergytorethinkhowitoperates．It"ishardertopredicthowMrObama'sproposedreformstothefailinghealth-caresystemwillturnout．Ifhesucceedsincurbingcosts--abigif--itwouldbeahugegainforAmerica．Somebusinesseswillbenefitbutthevastbulkofthesavingswillbecapturedbyworkers,nottheirem-ployers.
H．Inthenextcoupleofyearsthebusinessesthatthrivewillbethosethataretightwithcosts,carefulofdebt,cautiouswithcashflowandextremelyattentivetowhatcustomerswant．Theywillincludeplentyofnamesnoonehasyetheardof．Timeschange,andcorporationschangewiththem．In1955Time'sManoftheYearwasHarlowCurtice,thebossofGM．HisfirmwasleadingAmericatowards"aneweconomicorder",themagazinewrote．ThankstomenlikeCurtice,"thebondsofscarcity"hadbeenbrokenandAmericawasrolling"toanall-timehighofprosperity"．Soon,Americanswouldneedtospend"comparativelylittletimeearningaliving".
I．HalfacenturylaterGMisatypicalexampleforpoormanagement．InMarchitschiefexecutivewasfiredbyTime'scurrentManoftheYear,MrObama．Thegovernmentnowbacksupthedomesticcarindustry,lendingitmoneyandoverseeingitsturnaroundplans．Withluck,thiswillbeshort-lived．ButthereisadangerthatWashingtonwillendupmicromanagingnotonlyDetroitbutalsootherpartsoftheeconomy．AndcleverasMrObama'sadvisersare,historysuggeststheywillbebadatthis.
BecauseHarlowCurtice'sfirmwasleadingAmericaincreating"aneweconomicorder",hewasnamedbyTimemagazineasManoftheYearin1955.
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