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A slipping crown
For decades America’s General Electric (GE) has worn its AAA credit rating as a badge of pride. The company has also used it to mint money in its financial-services business, GE Capital. No longer. S&P stripped the company and its financial arm of their top-notch ratings, downgrading them to AA-plus. That added insult to the injury that GE has already suffered.
Last year the outfit generated a profit of $8.6 billion, or almost 48% of GE’s total earnings. By exploiting its AAA rating, GE Capital was able to raise capital cheaply and then deploy it to fund everything from commercial-property and home loans to credit-card lending and insurance.
(8) Announcing its decision to downgrade the business, S&P predicted rising credit losses in coming months in several areas of GE Capital’s portfolio.
Although GE’s demotion from AAA was bad news, it triggered a rise in the firm’s shares, which had recently
[单项选择]As America’’s air becomes steadily more contaminated, activities across the nation to cope with smog appear to be lagging further and further behind actual needs despite a rising public clamor for improvement.
There has been a considerable progress in the last couple of years. But the over-all picture is that so many localities haven’’t really come to grips with the air pollution problem that people might be dismayed if they knew how their welfare was being trifled with.
Air pollution sources are now hurling more than 140 million tons of contaminants into the atmosphere every year, by Federal estimates. Two years ago it was only 130 million tons.
The increase has been caused by many things--more people, more automobiles, more industry, more space heating, little if any reduction that more often than not are inadequate.
The adverse health effects of air pollution are becoming more widely recognized, although specific medical evidence is still fragmentary. As a psychological
A. many local authorities haven’’t grasped the essence of pollution.
B. a lot of people haven’’t started to deal seriously with the problem.
C. a number of places haven’’t located the sources of contamination.
D. few health organizations have realized its disastrous consequences.
[单项选择]Friction between America’’s military and its civilian overseers is nothing new. America’’s 220-year experiment in civilian control of the military is a recipe for friction. The nation’’s history has seen a series of shifts in decision-making power among the White House, the civilian secretaries and the uniformed elite (精英). However, what may seem on the outside an unstable and special system of power sharing has, without a doubt, been a key to two centuries of military success.
In the infighting dates to the revolution, George Washington waged a continual struggle not just for money, but to control the actual battle plan. The framers of the Constitution sought to clarify things by making the president the "commander in chief." Not since Washington wore his uniform and led the troops across the Alleghenies to quell (镇压) the Whiskey Rebellion has a sitting president taken command in the field. Yet the absolute authority of the president ensures his direct command. The president was
A. Because Lincoln was inexperienced in military affairs, he had to do so.
B. Grant whole-heartedly believed in Lincoln, and their cooperation proved to be a none-such.
C. All things considered, Grant was somewhat better than McGlellan.
D. The decision to put Grant in charge of the Union Army was not against the constitution.
