Word: defaulters
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...reason for the higher spread is that we're in a recession and junk-bond default rates have been rising well beyond the average 3.5% a year. Nearly 1 in 10 junk-bond issues has stopped paying interest, and Martin Fridson, chief high-yield strategist at Merrill Lynch, predicts the rate will rise further next year--probably narrowly topping the record default rate of 10.3%, in 1991. But that will be the worst of it, he says, and he notes that "the last time we had record default rates, we had record returns...
...debt levels that can be sustained by developing countries, and the role of the International Monetary Fund. "Senior officials at the Fund argue that the Fund is caught in a trap. If it refuses to support the government, it will be blamed for the chaos that follows a default. If it agrees to support the government, it will be blamed for any failure. It cannot win." In the short term, however, the country will have to default on its debts and balance its budget, having exhausted its credit. "Once the maximum of politically feasible pain has been imposed on residents...
...convoluted path must be considered a blessing in disguise. Six different sets of roommates have produced a handful of friends I know will last a lifetime. Every job and internship I didn’t get left the door open to explore new options, even if only by default. And though I’m graduating three semesters late, I, unlike many of my friends, actually know what I want to do with my life. At least for the next fifteen years...
...trouble with grade inflation is that it makes it impossible to standardize evaluations within and across departments. Some teachers see a B as a default grade for those who don’t receive A’s. A different teacher may distribute B’s according to a Bell curve. Not only does this penalize students who happen to take courses with tougher-grading professors, it also creates incentives for students to select courses with easier-grading instructors. And this in turn puts pressure on tougher-grading professors to inflate their grades, or else face dwindling enrollment...
Still, the school defends the use of loans and term-time jobs. “We encourage students to work in order to keep their indebtedness at a reasonable level. Our graduates have excellent prospects for jobs and a very low default rate on their loans so we feel that some use of student loans is a reasonable way to help cover costs...