Defaulted Quotes

In the 1970s, New York City defaulted on its debt, and yes, the consequences were painful. Enrollment plummeted at City University campuses, which until then had offered free education. Seven thousand police officers were laid off. Crime skyrocketed. Services for the poor disappeared. ~ Charles Duhigg

Bringing an 'emerging market' under the aegis of the British Empire was the surest way to remove political risk from investors' concerns.51 Even those outside the Empire risked a visit from a gunboat if they defaulted, as Venezuela discovered in 1902, when a joint naval expedition by Britain, Germany and Italy temporarily blockaded the country's ports. The United States was especially energetic (and effective) in protecting bondholders' interests in Central America and the Caribbean.52 ~ Niall Ferguson

Education is something that should not be organized on a for-profit basis, because in that case its purpose is not really to provide an education. It's not to teach students how to get better work, but how to provide banks with a free giveaway opportunity from the government, by making junk loans that are defaulted on. The effect may be to wreck the futures of the graduates that fall for the false promises that are being made. ~ Michael Hudson

Sure, we thought the acres
That we tilled were sacred,
But how could we have known
That wheat can haunt like ghosts ~ Sherman Alexie

To use a telling phrase of the Reverend Martin Luther King, we can say that we have defaulted on a promissory note and now is the time to honor it. ~ Pope Francis

The notion that people rose up to meet a crisis was wrong. They defaulted to what they'd trained to do. ~ Terry Mixon

LTCM lost money when Russia defaulted on a certain class of bonds, and then they had other investments like on the spread between two different kinds of shares of Royal Dutch Shell Oil Company. Now that seems completely unrelated to Russian bonds. But they were related because other hedge funds saw similar discrepancies and they were all making similar bets. ~ Richard Thaler

By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts. ~ Jean Chatzky

The Greek debt issue, for example, is such a threat because if that country ever defaulted, it might cause some bank that's 'too big to fail' to actually fail. ~ Jerry A. Webman

The big fear of the 1980s mortgage bond investor was that he would be repaid too quickly, not that he would fail to be repaid at all. The pool of loans underlying the mortgage bond conformed to the standards, in their size and the credit quality of the borrowers, set by one of several government agencies: Freddie Mac, Fannie Mae, and Ginnie Mae. The loans carried, in effect, government guarantees; if the homeowners defaulted, the government paid off their debts. ~ Michael Lewis

We need to have a modicum of faith in people's common sense, creativity and will to survive and prosper even in the face of great difficulties and obstacles. If people could keep society running in the aftermath of the Black Death, they could keep it running after the U.S. government defaulted on its debt. ~ Robert Higgs

THERE WERE four of them in the fire-team, and because shouting out things like, "FN-twenty-one eighty-seven, watch your back!" was a mouthful, especially when the blaster fire was searing the air around them, they'd defaulted to shorter versions. ~ Greg Rucka

A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money. ~ Michael Lewis