Oh, I really do grade them. Something I've noticed, though, is that when I really read a stack of general-ed astronomy term papers, I tend to grade more strictly then when I do it in a hurry.
I'm with Frod: I, too, really do grade them, and if anything I'm a bit too generous to balance out the fact that I'm both exhausted and in a rush. There's also the feeling that, somehow, I'm responsible for what they didn't learn (even if I distinctly remember saying it multiple times in class).
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