本篇第一部分是该文章的双语阅读;
第二部分是经济方面重要的单词、词组解析，以及介绍如何考生如何将这篇文章中的词语和知识点运用到托福、雅思、GRE等作文考试中。
文章原文如下：
New research suggests it is debt, not frothy asset prices, that should worry regulators most
新研究发现，最让监管者担心的是债务，而非膨胀的资产价格。
WHEN Chinese shares plunged earlier this month, the government tried frantically to limit the damage. It pumped cash into the market, capped short-selling and ordered share buy-backs. Although China was unusually heavy-handed, it was hardly the first country to try to bolster stock prices for fear of the economic harm a crash could bring. Alan Greenspan, as chairman of the Federal Reserve, famously created the “Greenspan put” by giving investors the impression he would cut interest rates to stop stockmarket routs.
中国股市本月早些时候遭遇暴跌，政府疯狂扑救以控制损失。政府还向市场注入资金，限制卖空，号召股份回购。虽然这次中国实行了超乎寻常的严厉手段，但它绝不是第一个为避免崩溃带来的经济损失而努力稳住股价的国家。美联储主席艾伦·格林斯潘早就发明了著名的“格林斯潘对策”，即给投资者造成他将降息的印象从而达到阻止股票崩盘的目的。
The underlying rationale for these interventions is an idea that until recently received surprisingly little scrutiny—namely, that stockmarket busts are very damaging for the economy. The link seems clear enough in the case of the crash of 1929, which led in short order to the Depression. But it is also easy to point to contrary examples. The bursting of America’s dotcom bubble in 2000wiped out $5 trillion in market value, equivalent to half of GDP. Yet it was followed by a shallow recession.
这些干预背后的依据是一个最近才受到审视的理论，即股市受挫对于经济具有非常大的杀伤力。1929年由于股市崩盘而立即导致了经济大萧条，这两者之间的关系显露无疑。但是想找到反例也易如反掌。美国2000年互联网泡沫的破裂导致五万亿美元的市值蒸发，相当于当时国内生产总值的一半。然而随之而来的仅仅是轻微的经济衰退。
Not all bubbles, it would appear, are equally bad. According to two new papers*, the crucial variable that separates relatively harmless frenzies from disastrous ones is debt. In many cases, though certainly not all, stockmarket manias fall into the less worrying category.
如此看来，并非所有泡沫都同样恶劣。根据最新的两篇论文*，无伤大雅的市场热度和灾难性的市场膨胀，两者的关键区别在于债务。很多时候，股票市场的狂热属于不那么让人担忧的行列，但这不是绝对的。
【精美词语解析、运用】
plunge: fall suddenly and uncontrollably 骤降 (n. / v.)
类似的词还有： plumet (n. / v.), slump (n. / v.), downturn (只是下降，程度没有以上词严重)
frantically: 指的是狂热地，疯狂地，形容词是frantic。文中还出现了名词形式的疯狂、狂热frenzy，mania。They made a frantic search for the missing child; Recently the frenzy for Apple products emerged again after the company released some new features on their press conference.
heavy-handed: 严厉的手段、重拳、重压。比如作文中写道教会对人民的反抗施以重压：The churches made heavy-handed efforts to muzzle social protests.
bolster: bolster the price 就是我们中文中经常提到的提振价格，bolster这个词很好用，比如振奋信心bolster someone’s confidence，这个词核心意思是support or strengthen。He wished to bolster up his theories with hard data 他想用硬数据来支持自己的理论。
underlying rationale背后的原理、依据，这个词在GRE的analytical writing中好用上手。
damaging: 有害的。借此机会我们总结一下有害的单词，damaging, harmful, detrimental, unfavorable, destructive, malign, adverse, unhealthy, undesirable, disatrous. 这些词可以在很多作文题目中帮我们说清立场，比如“政府对科研的管控是有害的” The government’s control over science is detrimental; “逆境成长地更快“ People who are in adverse environment evolve at a faster pace. “群龙无首对于一个队伍来说杀伤力巨大” Leaderless is extremely destructive to a team. “模仿别人对自己的成长并无益处” Imitation turns out to be unfavorable to one’s own growth.
scrutiny: 审视、审查。“重新审查我们的审美观是有必要的” It is necessary to make a scrutiny once again at our aesthetics.
in short order: 马上，立即。After the chaos the organization took actions in short order. Lead in short order to 立即导致了…的发生
contrary examples: 反例。原文用的句子放在我们自己的作文里也很好用，可以作为我们划分两个观点的分水岭：It is also easy to point to contrary examples.
the crucial variable that separates Element A from Element B is C: 这是一个很有用的句型，在分析性作文中我们可以用这句话指出A和B的不同点是C。在任何作文里，我们可以用这句话来表示我们要分情况讨论：“无所限制的科学发展和健康的科学发展之间的区别是对道德原则的遵守。” A crucial variable that separates healthy science development from unguided ones is the adherence to moral principles.
