Word: junk
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...century, vagabonds and fools flocked west seeking their fortune, and in some places, like mining towns, they built a virtually lawless society. Only later, when sheriffs and judges arrived, did these areas begin to achieve a degree of civilization. In the 1980s, Wall Street invented new financial instruments like junk bonds and mortgage-backed bonds, only to abuse these Byzantine new securities because no one else understood them. When the courts caught on, men like Michael Milken went to jail, but not before these new securities had been so well proven that they remained useful despite the indiscretions of their...
...familiar DMB theme, and it surfaces on Everyday. When Matthews was 10, his physicist father John died of cancer; in 1994, Matthews' elder sister Anne was murdered. Says Matthews: "It had an effect on my outlook. Statements like, 'They're in a better place'--all that stuff is just junk food. Her death and the death of my father made me stand up and pay attention. It makes you not want to forget--not want to forget to live...
...article "How Do You Junk Your Computer?" about ways to recycle computer parts [TECHNOLOGY, Feb. 12], included a diagram of a PC with a part identified as a "monitor yolk." I may not be a computer expert, but I do know the difference between the yoke on a cathode-ray tube and that of an egg, which is what's on your faces. HANNAH TANENBAUM Manlius...
Another worry: it's getting hard for weaker U.S. companies to borrow. Courtis showed what he called a frightening chart depicting bond yields. In early January corporate junk bonds yielded 9 percentage points more than a 10-year Treasury bill. (In other words, lenders demanded that much more from risky borrowers.) That "spread" is higher than it has been since the U.S. banking crisis a decade...
...VALUABLE JUNK The high-yield bond-fund market climbed out of its trough last month, gaining 6.4% but leaving analysts scratching their head. Junk, which in 2000 suffered its worst year in the past dozen, tends not to do well when the economy slows. Fund managers remain guardedly optimistic, given the continued tightness of other types of credit...