In the spring of 1720, when all of London was clamoring for shares in the South Sea company, Sir Isaac Newton was asked what he thought about the market. "I can calculate the motions of the heavenly bodies, but not the madness of the market," the scientist and master of the mint is reputed to have replied.
【B1】 Newton should have considered seriously his own wise words. Having sold his ￡7,000 of stock in the company, he later bought back in at the top of the boom and went down for ￡20,000. Like all the other mug punters in every bout of speculative fever, Newton was cleaned out when the crash came.
Little has changed in the intervening 280 years.
【B2】 Common to every bubble is the deeply-rooted belief that this time it will be different, that the rise in the price of an asset is rooted in the sound common sense rather than in recklessness, stupidity and greed.
Take the crash of 1929, for example. In his excellent book charting the sad history of bubbles, John Moody, the founder of the credit agency intoned in 1927 that "no one can examine the panorama (全貌) of business and finance in America during the past half-dozen years without realizing that we are living in a new era."
The Yale economist Irving Fisher declared a few weeks before the October crash that stock prices had reached a "permanently high plateau". Why was this？ Simple. The creation of the Federal Reserve in 1913 had abolished the business cycle, while technological breakthroughs had created a "new economy" that was much more profitable than the old.
【B3】 As share prices continued their heady rise, traditional methods of stock market valuations were abandoned. It did not matter that many of the start-up companies of the late 1920s were not making any money: what counted was that some day they surely would. So share prices were justified by discounted future earnings.
【B1】
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The influence of the moral standards of the home is evident. If there is no recognition of the difference【46】right and wrong, it is hard for the child to acquire the qualities which are necessary【47】good citizenship. Unwise discipline is, almost equally obvious,【48】factor often found in the background of the young offender.
But important【49】these two factors are, they do not cover the whole field. The experience of those who work with juvenile delinquents has shown us【50】greatly behavior. is influenced by the emotional relationships within the family circle. The extent to which【51】is affection between the【52】and the child, and in the early stages especially between the mother and the child, is evidently of fundamental【53】to his development, lack of love is more【54】to produce delinquency【55】bad material conditions.
(46)
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韦尔奇并非出身富贵之门，也决非一夜成名，他是靠自己的奋斗脱颖而出。
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Most scientists and engineers find careers in three general sectors of society: colleges and universities, industries, and federal and stale agencies. Their work includes an array of activities, from the conduct of basic and applied research to the design and application of new commercial products to the operation and maintenance of large engineering systems.
You can make your planning more effective by appreciating the direction in which professional careers are shifting within that larger picture.【66】But more than half the students who receive PhDs in science and engineering obtain work outside academe—a proportion that has increased steadily for 2 decades. And full-time academic positions in general are more difficult to find than they were during the 1960s and 1970s, when the research enterprise was expanding more rapidly.
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A. Powerful changes have swept through the universities.
B. All those trends 'affect the universities' ability to hire scientists and engineers.
C. For example, increasing numbers of physicists, mathematicians, and engineers find their skills valued in the financial arena.
D. International companies now draw employees from many nations, seeking out valued experts from a global pool of labor to work project by project.
E. For example, for many students, a PhD will mean a career as an academic researcher.
F. As our society changes, so too do the opportunities for careers in science and engineering.
(66)
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