Word: defaults
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...companies often match contributions--free money, as it were. As a result of Thaler's work, many firms have switched to automatic enrollment. In the language of Nudge, the plans have moved from "opt in" to "opt out." That turns people's inertia-like tendency to stick with the default option--whether or not it's a good one--into an advantage...
...decided that none were qualified enough to warrant further housing strain, the decision not to admit transfers would have seemed warranted. Instead, the admissions officers set an a priori cap rather than reading each application and evaluating each individual on his or her own merits. This decision is a default rejection of some students who may have proven to be among Harvard’s best, both for this year and many years to come, undermining the many recent admissions initiatives with the explicit purpose of attracting the strongest, most diverse, and most interesting students as possible.This move also undoes...
...funds to offer new health- and child-care tax credits Yes He would instead provide a $1,000 income tax credit for families to offset payroll taxes No Wants to make the tax cuts permanent MORTGAGE HELP The government is bailing out banks. Should it rescue home owners facing default? Yes Favors a 90-day halt on subprime foreclosures and a five-year freeze on subprime interest rates Yes Would help people refinance, using a $10 billion fund from stiffer fines on fraudulent lenders Maybe Would help those who were bilked but not others who can't afford their mortgages
...also become more reliant on their credit cards than ever. Overstretched consumers might be forced to bail on their mortgage - even if it means losing their home - but they'll continue to make the minimum payment on their credit cards, because that is their only safety net left. While default rates on subprime mortgages can be as high as 30%, the highest default rates being reported by card issuers is just 5%. Despite fears that the credit-card industry is poised to become the next subprime debacle, it is still highly profitable. "All the players are making money...
...situation is exacerbated by the heavy trading volume of the instruments, the secrecy surrounding the trades, and - most importantly - the lack of regulation in this insurance contract business. "An original CDS can go through 15 or 20 trades," said Miller. "So when a default occurs, the so-called insured party or hedged party doesn't know who's responsible for making up the default and if that end player has the resources to cure the default...