Word of the Day
: July 19, 2008fire-sale
playWhat It Means
: heavily discounted
fire-sale in Context
"As holders of mortgage-backed securities and the like revalue their assets at fire-sale prices, they are running short of capital -- which can lead to further sales and more write-downs." (The Economist, March 2008)
Did You Know?
The term "fire sale" flared up in the late-19th century as the name for a sale of items damaged by fire. As you can imagine, much of the merchandise at a fire sale was sold at very low prices, which fanned the flames of the use of "fire sale" for any sale with discounted or low price tags. The extended meaning of the term sparked an adjective use that had burst into a full-blown blaze by the mid-20th century. Since then, people have embraced "fire-sale prices" in the marketplace, well aware that they won't get burned.
