  The effect of the charge fluctuations on the electronic spectrum and the
Raman spectrum of high temperature superconductors is examined within the slave
boson approach. Instead of using the saddle point approximation for slave
bosons, we confine ourselves to the non-crossing approximation (NCA) in summing
the diagrams for the Green functions, thus obtaining the renormalized hole
spectrum and its lifetime on equal footing. The electronic Raman spectrum is
calculated, showing the characteristic featureless behaviour up to the
frequency of the order of renormalized $\Delta_{pd}$ parameter. The dependence
on the polarization of the incident and the scattered light agrees with
experiments.
