We are in for more turbulence. The consequences are clearly spreading from Wall Street to Main Street. The recent performance of nonfinancial stocks indicates that investors are well aware of the fact.The Fed (美国联邦储备局) now, like the Fed in the 1930s, is very much groping in the dark. Every financial crisis is different, and this one is no exception. It is hard to avoid concluding that the Fed made a big mistake when deciding that Lehman Bros. could safely be allowed to fail. It did not adequately understand the possible consequences for other institutions of allowing a primary dealer to go bankrupt. It failed to understand that its own actions were bringing us to the brink of a destructive financial battle.If there is a defense, it has been offered by Rick Mishkin, the former Fed governor, who has asserted that the current shock to the financial system is even more complex than that of the Great Depression. Absorbing the shock is more difficult this time because it is internal to the financial system. Central to the problem are excessive power, lack of transparency, and risk taking in the financial sector itself. There has been a housing-market collapse, but in contrast to the 1930s there has been no general collapse of prices and economic activity. Corporate defaults have remained relatively low, which has been a much-needed source of comfort to the financial system. But this also makes resolving the problem more difficult. Since there has been no collapse of prices and economic activity, we are not now going to be able to grow or inflate our way out of the crisis, as we did after 1933.This time the Fed will provide however much liquidity (流动资金) the economy needs. There will be no tax increases designed to balance the budget against the economic slump.And what the contraction (收缩) of the financial services industry takes, the expansion of exports can give back, what with the continuing growth of the BRICS (金砖五国), no analogy for which existed in the 1930s. The ongoing decline of the dollar will be the mechanism bringing about this reallocation of resources. But the US economy is not going to be able to move unemployed investment bankers onto industrial assembly lines overnight.1. What does “Main Street” represent?A) The virtual economy and financial brokers.B) The newspaper publishing.C) The financial markets, major financial institutions and big corporation.D) Local businesses and working people. 2. What do we know about the Fed from the passage?A) It made a wrong decision in tackling the financial crisis. B) It is still groping in the dark and can do nothing to help.C) It couldn’t understand why other institutions would allow a primary dealer to go bankrupt.D) It failed to take us away from the brink of a destructive financial battle.3. What is the difference between the present financial crisis and that in the 1930s according to the passage?A) There was a housing-market collapse in the Great Depression in the 1930s.B) The prices and economic activity have not collapsed in this crisis. C) The current crisis is less complex because the corporate defaults have remained relatively low.D) The Great Depression was relatively easy to handle because all the problems were in the financial sector itself.4. Which of the following is not a consequence of the contraction of the financial services industry?A) The sources of the world will be fully explored. B) There is a decline of dollar.C) There will be fewer bankers in the USA.D) The exports will be expanded.5. What is the author’s overall attitude towards the American economy according to the passage?A) Optimistic.B) Pessimistic. C) Indifferent.D) Ambiguous.