Should government bail out the current troubled financial market, including the stock market, to prevent economy slowdown or even meltdown?
Please write down your opinions and rationale. Prepare to present it in the coming session.
2008年10月22日 星期三
2008年10月18日 星期六
Commentary: Bankruptcy, not bailout, is the right answer
CAMBRIDGE, Massachusetts (CNN) -- Congress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here's why.
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.
Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.
(Being) Given the implicit promise of federal backing, the industry was happy to oblige and subprime lending soared.
This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.
Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets.
…defaults and delinquencies soared, and left the industry which holds large amounts of…
The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.
In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.
Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.
Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.
Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.
The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.
If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.
The bailout has more problems. The final legislation will probably include numerous side conditions and special dealings that reward Washington lobbyists and their clients.
Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.
So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.
The right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.
The opinions expressed in this commentary are solely those of the writer.
About the writer:
By Jeffrey A. Miron Special to CNN
Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.
This bailout was a terrible idea. Here's why.
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.
Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.
(Being) Given the implicit promise of federal backing, the industry was happy to oblige and subprime lending soared.
This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.
Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets.
…defaults and delinquencies soared, and left the industry which holds large amounts of…
The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.
In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.
Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.
Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.
Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.
The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.
If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.
The bailout has more problems. The final legislation will probably include numerous side conditions and special dealings that reward Washington lobbyists and their clients.
Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.
So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.
The right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.
The opinions expressed in this commentary are solely those of the writer.
About the writer:
By Jeffrey A. Miron Special to CNN
Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.
2008年10月13日 星期一
Questions to discuss for the news article one
Questions:
1.Which software products will be challenged by Google’s free web browser that has just been released, called Chrome?
2.What are the Google’s typical web-based software that are free alternative to Microsoft’s lucrative desktop software?
3.Why does Google not have to win the browser war with Microsoft, strategically speaking?
4.What was the historic event happened on May 18, 1998 between Microsoft and the United States Department of Justice? And how was it eventually settled?
1.Which software products will be challenged by Google’s free web browser that has just been released, called Chrome?
2.What are the Google’s typical web-based software that are free alternative to Microsoft’s lucrative desktop software?
3.Why does Google not have to win the browser war with Microsoft, strategically speaking?
4.What was the historic event happened on May 18, 1998 between Microsoft and the United States Department of Justice? And how was it eventually settled?
2008年10月1日 星期三
Microsoft Faces New Browser Foe in Google
Microsoft Faces New Browser Foe in Google
By STEVE LOHR
Published: September 1, 2008
New York Times
(Lead)
The browser war is back on.
This time, Microsoft’s opponent is Google, a familiar foe.
On Tuesday, Google will release a free Web browser called Chrome that the company said would challenge Microsoft’s Internet Explorer, as well as the Firefox browser.
(Body)
The browser is a universal doorway to the Internet, and the use of Internet software and services is rapidly growing. Increasingly, the browser is also the doorway to the Web on cellphones and other mobile devices, widening the utility of the Web and Web advertising. Google, analysts say, cannot let Microsoft’s dominant share of the browser market go without a direct challenge.
Google already competes with Microsoft in online search and Internet advertising. They both make operating software for cellphones. Google is increasingly competing with Microsoft head-on in software that handles basic productivity like word processing, spreadsheet, presentation and e-mail programs. Google has Web-based software in these markets that are low-cost or free alternatives to Microsoft’s lucrative desktop software.
Web-based software
In software engineering, a web application or webapp [1] is an application that is accessed via web browser over a network such as the Internet or an intranet. It is also a computer software application that is coded in a browser-supported language (such as HTML, JavaScript, Java, etc.) and reliant on a common web browser to render the application executable.
Web applications are popular due to the ubiquity of a client, sometimes called a thin client. The ability to update and maintain web applications without distributing and installing software on potentially thousands of client computers is a key reason for their popularity. Common web applications include webmail, online retail sales, online auctions, wikis, discussion boards, weblogs, massively multiplayer online role-playing games and many other functions.
Google document, spreadsheet, presentation, google mail
Despite the frequent clashes with Microsoft — including the role Google played in thwarting an attempted acquisition of Yahoo — Google has come out on top only in search and search advertising. But Google does not have to win the browser war. Strategically, opening yet another front against Microsoft forces it to divert resources to defend franchises.
Now, Chrome heightens the rivalry and marks a shift for Google, which has strongly backed Firefox, the open-source browser that has gained about a fifth of the market against the dominant Internet Explorer.
Google’s browser project has been under way for more than a year, a person close to the company said.
In a brief statement, Microsoft welcomed the new entry and expressed confidence that people would prefer Explorer, which is on every Windows PC sold.
“The browser landscape is highly competitive,” said Dean Hachamovitch, general manager of the Internet Explorer group. “But people will choose Internet Explorer 8 for the way it puts the services they want right at their fingertips, respects their personal choices about how they want to browse and, more than any other browsing technology, puts them in control of their personal data online.”
Google has clashed with Microsoft before, saying it had designed IE to gain ground in search, a market where Google is the runaway leader.
After Microsoft introduced IE 7 in 2006, Google complained that the browser’s search box favored Microsoft’s search service. Microsoft responded and made modifications, and a federal judge overseeing the antitrust consent decree against Microsoft determined that the browser design was not anticompetitive.
The antitrust consent decree against Microsoft
United States v. Microsoft, 87 F. Supp. 2d 30 (D.D.C. 2000) was a set of consolidated civil actions filed against Microsoft Corporation on May 18, 1998 by the United States Department of Justice (DOJ) and twenty U.S. states. Joel I. Klein was the lead prosecutor. The plaintiffs alleged that Microsoft abused monopoly power in its handling of operating system sales and web browser sales. The issue central to the case was whether Microsoft was allowed to bundle its flagship Internet Explorer (IE) web browser software with its Microsoft Windows operating system. Bundling them together is alleged to have been responsible for Microsoft's victory in the browser wars as every Windows user had a copy of Internet Explorer. It was further alleged that this unfairly restricted the market for competing web browsers (such as Netscape Navigator or Opera) that were slow to download over a modem or had to be purchased at a store. Underlying these disputes were questions over whether Microsoft altered or manipulated its application programming interfaces (APIs) to favor Internet Explorer over third party web browsers, Microsoft's conduct in forming restrictive licensing agreements with OEM computer manufacturers, and Microsoft's intent in its course of conduct.
In its 2008 Annual Report Microsoft stated:[1]
“ Lawsuits brought by the U.S. Department of Justice, 18 states, and the District of Columbia in two separate actions were resolved through a Consent Decree that took effect in 2001 and a Final Judgment entered in 2002. These proceedings imposed various constraints on our Windows operating system businesses. These constraints include limits on certain contracting practices, mandated disclosure of certain software program interfaces and protocols, and rights for computer manufacturers to limit the visibility of certain Windows features in new PCs. We believe we are in full compliance with these rules. However, if we fail to comply with them, additional restrictions could be imposed on us that would adversely affect our business.
The first round of the browser wars in the 1990s led to a sweeping federal antitrust suit against Microsoft for the tactics it used to stifle competition from the commercial pioneer in browsing software, Netscape Communications. A federal appeals court ruled in 2001 that Microsoft had repeatedly violated the nation’s antitrust laws. Microsoft later reached a settlement with the Bush administration, which included some sanctions but left the company free to bundle browsing software with Windows, which runs more than 90 percent of all personal computers.
Microsoft recently stepped up its own browser development efforts, given the increasing importance of the browser and signs that Firefox is nibbling at its lead. Microsoft released a new version, IE8, last week to generally favorable reviews.
Microsoft still holds 73 percent of the browser market, according to Net Applications, a research firm. The market share for Firefox has climbed to 19 percent, while Apple’s Safari has 6 percent.
Chrome also puts Google in competition with an ally, the Mozilla Corporation, which manages the Firefox project. Just last week, Google renewed its deal with Mozilla. Under the arrangement, Google Search is the home page for Firefox and Google is its default search bar, and Google makes substantial payments to Mozilla. The agreement runs through November 2011, and will continue.
Given the increasing importance of the browser and its widening competition with Microsoft, Google’s entry into the market is not surprising, said John Lilly, chief executive of Mozilla.“It would be more surprising to me if Google didn’t do something in the browser space,” Mr. Lilly said. “After all, Google is 100 percent on the Web.”Google’s move, he said, would put “more competitive pressure on us to keep coming up with great browser technology. But having more smart people competing to improve browser technology and the user experience is a good thing.”
Mr. Lilly also noted that Mozilla, while a private company, is entirely owned by the Mozilla Foundation. The browser project was begun to provide an alternative to Microsoft’s browser. “The mission of Mozilla is to keep the Web open, a pure public benefit,” he said. “Others have other motivations and Google’s move also serves to highlight our position in the marketplace.”
Chrome will be available to download in a test, or beta version on Tuesday, Google announced on its Web site Monday afternoon. The browser will run on Windows. Google is also working on Chrome versions for Apple’s Macintosh, as well as Linux, an open source operating system.
According to Google’s Web site post, by Sundar Pichai, an engineering director and vice president for product management, Chrome is designed for speed and ease of use.
But the other design goal, it seems, was to make sure Google could control how well the growing range of Web-based software it is developing will perform, instead of having to run on a Microsoft browser.
“Under the hood,” Mr. Pichai wrote, “we were able to build the foundation of a browser that runs today’s complex Web applications much better.”
Later, he wrote, “we improved speed and responsiveness across the board. We also built a more powerful JavaScript engine, V8, to power the next generation of Web applications that aren’t even possible in today’s browsers.”
The V8 JavaScript engine
It is an open source JavaScript engine developed by Google in Denmark and shipping with the Google Chrome browser[1].
It increases performance by compiling JavaScript to native machine code before running it, rather than to a bytecode or interpreting it. Thus, JavaScript applications will run at the speed of a compiled binary.
Chrome is based on an open-source rendering engine, WebKit, and an open-source version of Google’s Gears technology. Chrome will also be able to run in a privacy mode, InCognito, so that no information about a person’s browsing is collected. With IE8 last week, Microsoft added a privacy mode of browsing, called InPrivate.
The privacy features, analysts note, could undercut the Internet advertising business of Google, but also Microsoft, Yahoo and others that depend on ads aimed at users based on their browsing behavior. But it is unclear, analysts say, how large a share of users will opt for the privacy browsing mode and give up the convenience of having a browser store sites recently visited in tabbed settings for easy navigation.
Tabbed 設標簽的；被監視的
By STEVE LOHR
Published: September 1, 2008
New York Times
(Lead)
The browser war is back on.
This time, Microsoft’s opponent is Google, a familiar foe.
On Tuesday, Google will release a free Web browser called Chrome that the company said would challenge Microsoft’s Internet Explorer, as well as the Firefox browser.
(Body)
The browser is a universal doorway to the Internet, and the use of Internet software and services is rapidly growing. Increasingly, the browser is also the doorway to the Web on cellphones and other mobile devices, widening the utility of the Web and Web advertising. Google, analysts say, cannot let Microsoft’s dominant share of the browser market go without a direct challenge.
Google already competes with Microsoft in online search and Internet advertising. They both make operating software for cellphones. Google is increasingly competing with Microsoft head-on in software that handles basic productivity like word processing, spreadsheet, presentation and e-mail programs. Google has Web-based software in these markets that are low-cost or free alternatives to Microsoft’s lucrative desktop software.
Web-based software
In software engineering, a web application or webapp [1] is an application that is accessed via web browser over a network such as the Internet or an intranet. It is also a computer software application that is coded in a browser-supported language (such as HTML, JavaScript, Java, etc.) and reliant on a common web browser to render the application executable.
Web applications are popular due to the ubiquity of a client, sometimes called a thin client. The ability to update and maintain web applications without distributing and installing software on potentially thousands of client computers is a key reason for their popularity. Common web applications include webmail, online retail sales, online auctions, wikis, discussion boards, weblogs, massively multiplayer online role-playing games and many other functions.
Google document, spreadsheet, presentation, google mail
Despite the frequent clashes with Microsoft — including the role Google played in thwarting an attempted acquisition of Yahoo — Google has come out on top only in search and search advertising. But Google does not have to win the browser war. Strategically, opening yet another front against Microsoft forces it to divert resources to defend franchises.
Now, Chrome heightens the rivalry and marks a shift for Google, which has strongly backed Firefox, the open-source browser that has gained about a fifth of the market against the dominant Internet Explorer.
Google’s browser project has been under way for more than a year, a person close to the company said.
In a brief statement, Microsoft welcomed the new entry and expressed confidence that people would prefer Explorer, which is on every Windows PC sold.
“The browser landscape is highly competitive,” said Dean Hachamovitch, general manager of the Internet Explorer group. “But people will choose Internet Explorer 8 for the way it puts the services they want right at their fingertips, respects their personal choices about how they want to browse and, more than any other browsing technology, puts them in control of their personal data online.”
Google has clashed with Microsoft before, saying it had designed IE to gain ground in search, a market where Google is the runaway leader.
After Microsoft introduced IE 7 in 2006, Google complained that the browser’s search box favored Microsoft’s search service. Microsoft responded and made modifications, and a federal judge overseeing the antitrust consent decree against Microsoft determined that the browser design was not anticompetitive.
The antitrust consent decree against Microsoft
United States v. Microsoft, 87 F. Supp. 2d 30 (D.D.C. 2000) was a set of consolidated civil actions filed against Microsoft Corporation on May 18, 1998 by the United States Department of Justice (DOJ) and twenty U.S. states. Joel I. Klein was the lead prosecutor. The plaintiffs alleged that Microsoft abused monopoly power in its handling of operating system sales and web browser sales. The issue central to the case was whether Microsoft was allowed to bundle its flagship Internet Explorer (IE) web browser software with its Microsoft Windows operating system. Bundling them together is alleged to have been responsible for Microsoft's victory in the browser wars as every Windows user had a copy of Internet Explorer. It was further alleged that this unfairly restricted the market for competing web browsers (such as Netscape Navigator or Opera) that were slow to download over a modem or had to be purchased at a store. Underlying these disputes were questions over whether Microsoft altered or manipulated its application programming interfaces (APIs) to favor Internet Explorer over third party web browsers, Microsoft's conduct in forming restrictive licensing agreements with OEM computer manufacturers, and Microsoft's intent in its course of conduct.
In its 2008 Annual Report Microsoft stated:[1]
“ Lawsuits brought by the U.S. Department of Justice, 18 states, and the District of Columbia in two separate actions were resolved through a Consent Decree that took effect in 2001 and a Final Judgment entered in 2002. These proceedings imposed various constraints on our Windows operating system businesses. These constraints include limits on certain contracting practices, mandated disclosure of certain software program interfaces and protocols, and rights for computer manufacturers to limit the visibility of certain Windows features in new PCs. We believe we are in full compliance with these rules. However, if we fail to comply with them, additional restrictions could be imposed on us that would adversely affect our business.
The first round of the browser wars in the 1990s led to a sweeping federal antitrust suit against Microsoft for the tactics it used to stifle competition from the commercial pioneer in browsing software, Netscape Communications. A federal appeals court ruled in 2001 that Microsoft had repeatedly violated the nation’s antitrust laws. Microsoft later reached a settlement with the Bush administration, which included some sanctions but left the company free to bundle browsing software with Windows, which runs more than 90 percent of all personal computers.
Microsoft recently stepped up its own browser development efforts, given the increasing importance of the browser and signs that Firefox is nibbling at its lead. Microsoft released a new version, IE8, last week to generally favorable reviews.
Microsoft still holds 73 percent of the browser market, according to Net Applications, a research firm. The market share for Firefox has climbed to 19 percent, while Apple’s Safari has 6 percent.
Chrome also puts Google in competition with an ally, the Mozilla Corporation, which manages the Firefox project. Just last week, Google renewed its deal with Mozilla. Under the arrangement, Google Search is the home page for Firefox and Google is its default search bar, and Google makes substantial payments to Mozilla. The agreement runs through November 2011, and will continue.
Given the increasing importance of the browser and its widening competition with Microsoft, Google’s entry into the market is not surprising, said John Lilly, chief executive of Mozilla.“It would be more surprising to me if Google didn’t do something in the browser space,” Mr. Lilly said. “After all, Google is 100 percent on the Web.”Google’s move, he said, would put “more competitive pressure on us to keep coming up with great browser technology. But having more smart people competing to improve browser technology and the user experience is a good thing.”
Mr. Lilly also noted that Mozilla, while a private company, is entirely owned by the Mozilla Foundation. The browser project was begun to provide an alternative to Microsoft’s browser. “The mission of Mozilla is to keep the Web open, a pure public benefit,” he said. “Others have other motivations and Google’s move also serves to highlight our position in the marketplace.”
Chrome will be available to download in a test, or beta version on Tuesday, Google announced on its Web site Monday afternoon. The browser will run on Windows. Google is also working on Chrome versions for Apple’s Macintosh, as well as Linux, an open source operating system.
According to Google’s Web site post, by Sundar Pichai, an engineering director and vice president for product management, Chrome is designed for speed and ease of use.
But the other design goal, it seems, was to make sure Google could control how well the growing range of Web-based software it is developing will perform, instead of having to run on a Microsoft browser.
“Under the hood,” Mr. Pichai wrote, “we were able to build the foundation of a browser that runs today’s complex Web applications much better.”
Later, he wrote, “we improved speed and responsiveness across the board. We also built a more powerful JavaScript engine, V8, to power the next generation of Web applications that aren’t even possible in today’s browsers.”
The V8 JavaScript engine
It is an open source JavaScript engine developed by Google in Denmark and shipping with the Google Chrome browser[1].
It increases performance by compiling JavaScript to native machine code before running it, rather than to a bytecode or interpreting it. Thus, JavaScript applications will run at the speed of a compiled binary.
Chrome is based on an open-source rendering engine, WebKit, and an open-source version of Google’s Gears technology. Chrome will also be able to run in a privacy mode, InCognito, so that no information about a person’s browsing is collected. With IE8 last week, Microsoft added a privacy mode of browsing, called InPrivate.
The privacy features, analysts note, could undercut the Internet advertising business of Google, but also Microsoft, Yahoo and others that depend on ads aimed at users based on their browsing behavior. But it is unclear, analysts say, how large a share of users will opt for the privacy browsing mode and give up the convenience of having a browser store sites recently visited in tabbed settings for easy navigation.
Tabbed 設標簽的；被監視的
訂閱：
文章 (Atom)