Word: defaulting
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Dates: during 1990-1999
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...toward balancing the budget. But even if both sides can avoid that crack-up, which they probably will, the Republicans have started threatening a far bigger disaster: unless the President signs on to the G.O.P. schedule for balancing the budget, the Republicans are threatening to allow the U.S. to default on its debts, with all the ensuing market chaos it would create...
...trading floor is a large room with desks tightly packed all through it and has males sitting elbow to elbow, each with a computer and telephone. It was not only the complete absence of women that by default created a male-dominated culture, but also the atmosphere that said "women stay out." The lack of women was disturbing by itself, but the behavior the men exhibited was worse than I could have imagined...
...Moody's Investors Service called the county's behavior "outrageous and unprecedented." Says Zane Mann, publisher of the California Municipal Bond Advisor: "People are saying, 'Screw them. I'll never buy another Orange County bond as long as I live.'" This anger has larger financial implications. An Orange County default could push up the interest rate on all munis, so that taxpayers everywhere would be forced to pay more to build a school or a road...
...midweek some of the immediate edge had been removed from L.A. County's predicament. By obtaining a letter of credit (essentially, insurance against default) from a group of Swiss, German and U.S. banks, the county soothed enough investors to sell $1.3 billion in short-term bonds at a favorable rate. The Board of Supervisors agreed on $267 million in cuts, but put off a decision on County-USC until next month. Meanwhile, the Board of Supervisors will ask Governor Pete Wilson for relief from some costly unfunded mandates, as well as asking the state legislature for permission to levy...
...company of friends.But friends are not made overnight, and mine, forthe first time in my life, were exclusively male.We were all transfers, and we all lived in NorthHouse; it was inevitable that we all fell into thesame social group. In a way, it seemed we werefriends by default. The lack of congenial society,as it turned out, was not to be solved by tryingto meet people in the house. At least, not for me.The atmosphere at North simply did not suit me; itwas a quiet and studious house when I knew it.Many of my neighbors spent their Friday nightswatching "Star...