Word: default
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...Default Decade...
Overall, the sales cast further doubt on auction-house techniques. Sotheby's all but ceased lending money to buyers after it was so badly burned by Alan Bond's default on Van Gogh's Irises, bought but not paid for in 1987 for $53.9 million with the help of a $27 million loan from the auction house. But this fall's victim has been the equally controversial system of guarantees, a product of the fierce competition between Sotheby's and Christie's, whereby the auction house contracts to pay the seller a given price for artworks -- whatever the outcome...
Even so, the sheer size of the consumer debt burden remains a threat to the health of the economy. "The whole idea of stretching out debt maturities to provide a soft landing is a snare and a delusion," contends economist A. Gary Shilling. "When you go into default, the total size of the debt is all that matters...
...fastest route to default is unemployment, which is on the rise. The U.S. jobless rate has increased from 5.2% in June to 5.7% in October; in those five months the country has lost 336,000 jobs. One of the causes has been corporate debt, which has forced many companies to take drastic cost-cutting steps. While it may be beneficial for U.S. consumers to prepare for hard times by saving more and spending prudently, an overreaction would be dangerous, since consumer spending accounts for roughly two-thirds of the U.S. gross national product...
...must choose one of the new systems or by default you will be enrolled in a 9 am Organic Chemistry section meeting in Van Serg...