Учебное пособие по английскому языку для студентов неязыковых вузов специальности "Государственное и муниципальное управление". Касторнова О.Н. - 40 стр.

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extraordinary speculative explosions in history. It was not in stocks and shares,
in real estate or in fine paintings, as you might expect, but in tulip bulbs
1
. It has
become known by the name Tulipomania.
People from all classes invested in the bulbs. Many sold their property so
that they could pay for the bulbs they had bought in the tulip market. Foreigners
joined in the rush
2
to buy the flowers and money poured
3
into Holland from
other countries.
In 1637, the boom in the market ended. No one knows why, but people
began to sell. Soon there was a panic among investors and the tulip market
collapsed. Many people who had offered their property as security for credit
went bankrupt. People who had agreed to buy tulips at inflated prices were
unable to pay their debts. When sellers took legal action to recover their money,
the courts
4
were not helpful because they saw such investment as a kind of
gambling
5
.
It is not surprising that the collapse in prices led to a strict economic
depression in Holland.
Notes:
1. tulip bulbs - луковицы тюльпанов.
2. rush – наплыв, спешка.
3. to pour – течь, литься.
4. court – суд.
5. gambling – спекуляция, мошенничество.
The Wall Street Crash
The stock market crash in the United States in 1929 was huge and it led to
a severe
2
and lasting economic crisis in the world. Many bankers and
industrialists lost their money and reputations. Some went to prison
3
and others
committed suicide.
Share prices on the New York stock exchange had begun rising in 1924,
and in 1928 and 1929 they rocketed to unbelievable levels. In spring 1929 there
was a break in the rising prices when the Federal Reserve Bank said it might
raise interest rates to slow down the boom. However, a major bank, the National
City Bank, assured investors that it would continue to lend
4
money to them at
reasonable
5
rates.
Soon the market took off again. People could buy stock for 10% of its
value and borrow
6
the remaining 90%. The lending rate varied from 7% to 12%.
Almost everyone was optimistic. One economist, at the peak of the boom, said
that people generally agreed «stocks are not at present overvalued».
It all ended on 21 October, 1929. The market opened badly and there was
heavy selling. Confidence in the market disappeared. There was a story that the
big bankers were getting out of the market. Share prices fell dramatically and
kept on falling. The boom was over. But its cost would last for years to come.
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         extraordinary speculative explosions in history. It was not in stocks and shares,
         in real estate or in fine paintings, as you might expect, but in tulip bulbs1. It has
         become known by the name Tulipomania.
                People from all classes invested in the bulbs. Many sold their property so
         that they could pay for the bulbs they had bought in the tulip market. Foreigners
         joined in the rush2 to buy the flowers and money poured3 into Holland from
         other countries.
                In 1637, the boom in the market ended. No one knows why, but people
         began to sell. Soon there was a panic among investors and the tulip market
         collapsed. Many people who had offered their property as security for credit
         went bankrupt. People who had agreed to buy tulips at inflated prices were
         unable to pay their debts. When sellers took legal action to recover their money,
         the courts4 were not helpful because they saw such investment as a kind of
         gambling5.
                It is not surprising that the collapse in prices led to a strict economic
         depression in Holland.
                Notes:
                1. tulip bulbs - луковицы тюльпанов.
                2. rush – наплыв, спешка.
                3. to pour – течь, литься.
                4. court – суд.
                5. gambling – спекуляция, мошенничество.

                                     The Wall Street Crash
                The stock market crash in the United States in 1929 was huge and it led to
         a severe2 and lasting economic crisis in the world. Many bankers and
         industrialists lost their money and reputations. Some went to prison3 and others
         committed suicide.
                Share prices on the New York stock exchange had begun rising in 1924,
         and in 1928 and 1929 they rocketed to unbelievable levels. In spring 1929 there
         was a break in the rising prices when the Federal Reserve Bank said it might
         raise interest rates to slow down the boom. However, a major bank, the National
         City Bank, assured investors that it would continue to lend4 money to them at
         reasonable5 rates.
                Soon the market took off again. People could buy stock for 10% of its
         value and borrow6 the remaining 90%. The lending rate varied from 7% to 12%.
         Almost everyone was optimistic. One economist, at the peak of the boom, said
         that people generally agreed «stocks are not at present overvalued».
                It all ended on 21 October, 1929. The market opened badly and there was
         heavy selling. Confidence in the market disappeared. There was a story that the
         big bankers were getting out of the market. Share prices fell dramatically and
         kept on falling. The boom was over. But its cost would last for years to come.



         40
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