VOCABULARY EXERCISE on this video
Some of the language, if case you need help (in order of appearance):
- an investment bank
- you have your fingers right on the pulse of the financial market
- two things about the financial market: it is made up of very sharp and sophisticated people and it's driven by sentiment.
- out of the blue
- shall I jump out of the window?
- in August when the market absolutely plunged in London
- he said, and I quote
- mature wisdom
- granting vast numbers of mortgages to people who can't afford them
- properties that are dimishing in value
- the so-called subprime situation
- a mortgage salesman. His income depends entirely on the number of mortgages that he can arrange
- a package of dodgy debts /ˈdɒdʒɪ dets/
- what's in it? I haven't got the faintest idea
- the hedge funds (a limited partnership of investors that uses high risk methods) have very good names
- Bear Stearns announced that they would have to put in 3.2 billion dollars into one of the funds to try to keep it afloat
- it sounds very trustworthy, I mean, it has very good words in it: high, structured, enhanced
- alarm bells might sound
- what was stupid is that at some point somebody asked how much money these houses are actually worth. If they hadn't bothered to ask that question, then everything would have gone on perfectly normal.
- financial meltdown
- rewarding greed and stupidity
- if the worst came to the worst
- market crash
- pension fund
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