Word: hock
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...HARVARD (hock...
...worst weeks yet in the region's financial turmoil, fears that the IMF's largest-ever handout would not salvage matters dragged down every Asian market and currency, especially Seoul's. That situation could reverberate ruinously in Japan. Not only is Korea in hock to Japan for at least $24 billion, but a further deterioration of the Korean won--which has lost a staggering 50% of its value against the U.S. dollar this year--would make it harder for Japanese products to compete with Korean exports, from cars to steel to electronics. That in turn would plunge Japan deeper into...
...beautiful sound. The solo by Concertmistress Jen Burney '99 was one of the best parts of the first movement and, incidentally, authored the most entertaining program note: "young Antonin's musical talent was discovered early during his apprenticeship as a butcher." Was this a rhythmic knock-the-ham-hock knack? Or did Dvorak's vegan soul have him whistling carrion dirges...
...Speculators move in and out of it with swashbuckling abandon. As in any once volcanic, now cold-as-ice market, when the selling gets to be so great, the leveraged speculators have to raise capital to meet margin calls on stocks they bought on credit. This week the in-hock guys with the worst balance sheets liquidated, and markets worldwide got banged...
...going to the poorhouse, with great confidence. That's the message being sent by a pair of seemingly conflicting indicators. The first, which is consumer debt, shows that Americans are deeper in hock than ever; the average household owes more than $52,000. Yet a widely watched index of consumer confidence issued by the Conference Board, a business research group, soared in August to a six-year high. It all makes perfect sense to board economist Delos Smith, who says, "People are using plastic to buy all sorts of things, and they feel good about it." But as that debt...