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The housing market has been for two years propping up consumers’ spirits while the rest of the economy lies exhausted on the floor, still trying to struggle to its feet. According to the National Association of Realtors, the national median existing-home price ended the year at $ 164, 000, up 7.1 percent from 2001. That’s the strongest annual increase since 1980.Although residential real estate activity makes up less than 8% of total U. S. GDP, a housing market like this one can make the difference between positive and negative growth. Most significantly, consumer spending is 66% of GDP, and the purchase of a new home tends to have an "umbrella effect" on the homeowner’s spending as he has to stock it with a washer/dryer, a new big-screen TV, and maybe a swing set for the yard.The main factor in housing’s continued strength is a classic economic example of zero-sum boom: the persistent weakness everywhere else. As the 2003 recovery continues to be more forecast than reality. Falling stock prices raised investor appeal for U. S. Treasury Bonds, which in turn, allowed most interest rates to drift even lower. But there are not many signs that there’s a bubble ready to burst.December’s new record in housing starts, for example, was nicely matched by the new record in new home sales. If you build it, they will buy and even if an economic pickup starts to reduce housing’s relative attractiveness, there’s no reason why modest economic growth and improved consumer mood can’t help sustaining housing’s strength. "The momentum gained from low mortgage interest rates will carry strong home sales into 2003, with an improving economy offsetting modestly higher mortgage interest rates as the year progresses," said David Lereah, chief economist at the National Association of Realtors.Just as housing has taken up much of the economic slack for the past two years, both as a comforting investment for fretting consumers and a driver of consumer spending itself, a big bump elsewhere in the economy in 2003 could be housing’s downfall. If stocks roar back this spring, capital inflows could steal from the bond market, pushing up long-term interest rates. or Alan Greenspan and the Fed could do the same to short-term rates, as a way to hit the brakes on a recovery that is heating up too fast. In other words, if everything possible goes wrong for housing, homeowners should have plenty to compensate them in terms of job security and income hikes. According to the writer, what may be chiefly responsible for the "umbrella effect" (Paragraph 2)（）
4（）
Whoever said that victory has many fathers and defeat is an orphan, surely had never heard of the World Trade organization (WTO). In the case of the hapless multilateral trade body and its long suffering representatives, the total failure of the opening meeting of the so-called Millennium trade round has lots of people boasting of their role in the violent physical struggle. Well. That’s just brilliant. They are proud of being part of a movement that wants to wreck the most important engine of economic growth, prosperity and overall global rising living standards we have--the freedom of trade and movement of people and goods between nations.The 135-members WTO is composed of sovereign governments wishing to further this goal and ease the settlement of international trade disputes. From the sounds emanating from Seattle, though, it would now seem the WTO has now replaced the Trilateral Commission and the Freemasons as candidate No. 1 to take over the world.Everybody has his favorite Seattle story. The city’s police chief will have plenty of time to think about his, having now resigned in disgrace over the loss of control of downtown Seattle. The Seattle business community may be more inclined to brood over theirs; the poor fools invested $ 9 million to attract the meeting to their fine city. What stands out more I would nominate the union of steel workers who were marching in protest. It’s an image that will boggle the mind for years to come.The debate now is over just how effective this anti-globalist coalition will turn out to be. In the heat of the moment, it always looks as though the world as we know it is coming to an end. But the overwhelming likelihood is that we have not actually seen a replay of the anti-Vietnam War movement, which had much clearer focus, obviously, though its consequences were far-reaching. How long, after all, can you protest against cheap imports when those same imports are all over your houseNo, the real reason for the disaster in Seattle is political, and reports coming out of the meeting point to President Clinton as a major culprit. Which may be both good and bad. Taking the long view, other trade rounds have had difficult beginnings, too. It took years to get the Uruguay Round under way, which finally happened in 1986. Thankfully, we will soon be electing another president, and it should be someone whose actions match his rhetoric.Still, it is a disgrace that the world’s greatest trading nation, i. e. the United States, is currently led by a man whose motivations are so narrowly political and egocentric that he has now wrecked any chance of entering the history books as a champion of free trade. one of the WTO’s goals as mentioned in the passage is to（）
1. Present situations2. Possible reasons3. What should be done to solve this problem
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