Re: shuttle disaster

[Ron Johnson <ron.l.johnson@cox.net>]

On Sat, 2003-02-08 at 22:58, David P James wrote:
> Ron Johnson wrote:
> > On Sat, 2003-02-08 at 15:12, David P James wrote:
> > 
> >>Ron Johnson wrote:
> >>
> >>>On Sat, 2003-02-08 at 12:18, David P James wrote:
[snip]
> Contraire is correct :)

Thanks.

> That's true in one sense but not in others. It's true for a bond only if 
> the issuer fails to meet their obligations. But if they do meet their 
> obligations then you can't just take your bond back to the corporation 
> that issued it and demand it be redeemed before it matures nor can you 
> in most cases sell your stock back to the corporation. So it really 
> depends on your point of view as to whether unredeemable assets are 
> "backed" by anything.

You are confusing "secured" & "liquid".

Corporate bonds are secured (by that factory), and partially liquid
(since,as you say, I can't arbitrarily go back to the company to
redeem them, but I can quite easily sell them on the open market).

-- 
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