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Disintermediation—A Remarkable Transformation

in the stock market, either directly or through mutual funds, has been an important component of

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most funds and insurance. Similar tendencies are to be difficult found in all developed economic systems, such as the European Union, the United States, Japan and other developed nations: saving has moved away from traditional bank deposits to more risky securities of one sort or another.

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trend towards forms of saving with a higher risk which has been accentuated by new rules for

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major part of this adjustment is that financial portfolios have gone directly to shares but not a good deal now takes the form of various kinds of institutional investment for groups of individuals,

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percent of households’ financial wealth, compared to less than 20 percent in the 2000s. The

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Sweden, deposit accounts and any other very liquid assets with little risk made up al most 60

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large proportion of households’ financial assets in many countries abroad. In the 1970s, in

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this process. Statistics show that in recent decades selling shares have made up an increasingly

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involved in saving and financing, it flows directly to the financial markets instead of being routed

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via the traditional bank lending and deposit to operations. The general public interest in investing

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The financial system in most western countries has been undergone a remarkable trans formation. One feature of this development is disintermediation. A portion of the funds

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e. g., pension funds, mutual funds, hedge funds, insurance investment of premiums, etc. The

[单项选择]On January 11th, a remarkable legal case opens in a San Francisco courtroom—on its way, it seems almost certain, to the Supreme Court. Perry v. Schwarzenegger challenges the constitutionality of Proposition 8, the California referendum that, in November 2008, overturned a state Supreme Court decision allowing same-sex couples to marry. Its lead lawyers are unlikely allies. Theodore B. Olson, the former solicitor general under President George W. Bush, and a prominent conservative; and David Boies, the Democratic trial lawyer who was his opposing counsel in Bush v. Gore. The two are mounting an ambitious case that pointedly circumvents the incremental, narrowly crafted legal gambits and the careful state-by-state strategy, leading gay-rights organizations have championed in the fight for marriage equality. The Olson-Boies team hopes for a ruling that will transform the legal and social landscape nationwide, something on the order of Brown v. Board of Education, in 1954, or Loving v. Vir
A. the San Francisco court cannot make the final decision
B. only the Supreme Court has the authority to rule for or against the case
C. it’s very hard to win the case for same-sex marriage in the San Francisco court and probaly they would have to file the case in the Supreme Court
D. they would certainly win the case for same-sex marriage in the Supreme Court

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Information channeling is undergoing remarkable progress in various sectors of society in industrial activities, public services and, more recently, in daily living.
In the sector of industrial activities, automation is continuing with the aim of increasing productivity—introduction of computers for process control by the manufacturing industry, and introduction of numerically controlled machine tools, industrial robots, computer-aided design systems and, more recently, flexible manufacturing system by processing and assembling industries.
(46)Meanwhile, in offices rapid office automation is presently in progress, stimulated by the popular acceptance of computerized systems, expansion of communications networks and the remarkable technological progress achieved in related equipment such as Japanese word processors. Rapid automation and efficiency improvement are also being achieved in the sector of commodity distribution through the introduction of ad

[单项选择]The American antelope possesses remarkable powers of sight and can pinpoint potential danger at tremendous distances.（　）
A. spot
B. relay
C. attach
D. sustain