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高压性气胸患者独有的体征是
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Surveys find entrenched (根深蒂固的) pessimism over the country’s economic outlook and overall trajectory (轨道). In the latest Wall Street Journal poll, 63% of the respondents said the U.S. is on the wrong track. It’s not difficult to see why. Set aside the gridlock in Washington for a moment and appreciate the weakness of the economic recovery: Households whose finances were too weak to spend. Large numbers of unemployed workers who couldn’t do so either. Younger Americans who couldn’t afford their own homes. Banks that were too broken to lend. Yet nearly a year ago, I wrote an essay for Time suggesting that the economy could surprise on the upside. That hypothesis looks even more valid today. Despite the pessimistic mood, America is experiencing a profound comeback. Yes, too many Americans are out of work and have been for far too long. And yes, there is a huge amount of slack to make up. In fact, if the 2008 collapse had not happened, the U.S. GDP would be $1 trillion— or more than 5%—higher than it is today. But in terms of the growth outlook, the news is good. Goldman Sachs and many private-sector forecasters project a 3.3% growth rate for the remainder of 2014. The first half of 2014 saw the best job-creation rate in 15 years. Total household wealth and private employment surpassed 2008 levels last year. Bank loans to businesses exceeded previous highs this year. And income growth will soon improve too. America is finally returning to where it was seven years ago. As halting as the U.S. recovery has been, the economy is now leaner and more capable of healthy, sustained growth through 2016 and beyond. The U.S. outlook shines compared with that of the rest of the industrialized world, as Europe and Japan are stagnant. The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy—not unlike a company gritting its teeth through a lifesaving bankruptcy. Manufacturing costs are down. The banking system has been recapitalized. The excess and abuse that defined the housing market are gone. And it’s all being turbocharged by an energy boom nobody saw coming. We learn from the last paragraph that ______.
One reason why shareholder activism has been increasing is that regulators have encouraged it, especially on pay. For a decade Britain has required firms to give shareholders a non-binding annual vote on executive pay. The colossal Dodd-Frank act of 2010 gave shareholders in American companies a "say on pay", too. Now comes two new moves. On March 3rd the Swiss voted to oblige firms to hold a binding annual vote on director’s pay: in the small print, the referendum also banned golden handshakes and severance packages for board members, and bonuses that encourage the buying or selling of firms. Then on March 5th E.U. finance ministers (with only Britain objecting) agreed to cap bankers’ bonuses to 100% of their basic salary, or 200% if shareholders vote for it. If the Swiss had merely given shareholders an annual vote on pay, it would have been a good thing; but the accompanying bans are not. There are times when a golden handshake to a talented manager can be in shareholders’ interests: far better to let the owners vote on it than restrict the firm from trying it. The E.U.’s proposal has less still to recommend it. The rationale for it is that banking bonuses have encouraged risk taking, because they reward bankers hugely for bets that come off and punish them only slightly for those that don’t. But banks have come a long way since the crisis, by deferring bonuses and making them partly payable in their own debt and equity. Blunt laws could undermine such progress. And bonus caps will either hold pay down, thus sending clever people elsewhere, or push up salaries, thus making pay less responsive to performance. Enpowering shareholders is a good idea; requiring them to channel populist fury is not. The Dodd-Frank act of 2010 gave shareholders in American companies ______.
Surveys find entrenched (根深蒂固的) pessimism over the country’s economic outlook and overall trajectory (轨道). In the latest Wall Street Journal poll, 63% of the respondents said the U.S. is on the wrong track. It’s not difficult to see why. Set aside the gridlock in Washington for a moment and appreciate the weakness of the economic recovery: Households whose finances were too weak to spend. Large numbers of unemployed workers who couldn’t do so either. Younger Americans who couldn’t afford their own homes. Banks that were too broken to lend. Yet nearly a year ago, I wrote an essay for Time suggesting that the economy could surprise on the upside. That hypothesis looks even more valid today. Despite the pessimistic mood, America is experiencing a profound comeback. Yes, too many Americans are out of work and have been for far too long. And yes, there is a huge amount of slack to make up. In fact, if the 2008 collapse had not happened, the U.S. GDP would be $1 trillion— or more than 5%—higher than it is today. But in terms of the growth outlook, the news is good. Goldman Sachs and many private-sector forecasters project a 3.3% growth rate for the remainder of 2014. The first half of 2014 saw the best job-creation rate in 15 years. Total household wealth and private employment surpassed 2008 levels last year. Bank loans to businesses exceeded previous highs this year. And income growth will soon improve too. America is finally returning to where it was seven years ago. As halting as the U.S. recovery has been, the economy is now leaner and more capable of healthy, sustained growth through 2016 and beyond. The U.S. outlook shines compared with that of the rest of the industrialized world, as Europe and Japan are stagnant. The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy—not unlike a company gritting its teeth through a lifesaving bankruptcy. Manufacturing costs are down. The banking system has been recapitalized. The excess and abuse that defined the housing market are gone. And it’s all being turbocharged by an energy boom nobody saw coming. Which one is NOT the good news mentioned in the text
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