Word: discounted
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...Making that calculation, of course, requires placing a dollar value on human life, which can mean getting into some sensitive areas. Sunstein has written in support of what some people call the "senior death discount," the statistical practice of taking into account years of life expectancy when evaluating a regulation. By that measure, for example, it would be harder to justify spending to correct an environmental hazard that posed more of a threat to the elderly than one that was more dangerous to children, who have many more years ahead of them...
...cruise industry, once thought recession-proof, is rolling out the deep-discount gangway in this crisis. Chicagoan Shirlee Yeary says she and her husband "were going to forget our winter getaway this year because of the economy." But her travel agency, Cruise Holidays, saw a deluxe cabin for a week in the Caribbean on a brand new ship, the Celebrity Solstice, at almost half price. For $1,100 per person, Yeary, who says she's never experienced the swank side of cruising, also gets a veranda, complimentary champagne, daily hors d'oeuvres and preferential treatment on shore excursions. "I wasn...
...Then there's the challenge of filling rooms, both new and old. The Wall Street meltdown has reduced visits by big-spending bankers, mainstays of the luxury-hotel business. So far, Shangri-La is avoiding widespread discounting of room rates to protect its image. "If you look at all the top brands in the world at the high end - the Louis Vuittons, the Rolls-Royces - they never discount," says Greg Dogan, Shangri-La's chief operating officer. Instead, Shangri-La is targeting new customers, including corporations that might benefit from government stimulus packages, like construction companies, or are recession-resistant...
Then there was the appliance salesman who offered to carry my bags as we toured the microwave aisle. When I called my husband to ask him to check some specs online, the salesman offered a pre-emptive discount, lest the surfing turn up the same model cheaper at Best Buy. That night, for the first time, I saw the Hyundai ad promising shoppers that if they buy a car and then lose their job in the next year, they can return it. (See 25 people to blame for the financial crisis...
...Implementation is the most difficult part of this proposal. While many financial institutions would immediately discount the plan, ultimately persuading them to accept it is not unreasonable. It is true that for those institutions that hold physical mortgages, their maximum potential profit will go down. For a 30% decrease in principal, the math works out to some $3 trillion potentially lost on residential mortgages as of mid-2008, according to the Federal Reserve. But if Americans keep defaulting on these mortgages and asset values continue to crash, the total loss to the financial world will be far greater than...