primitives cash in at pawnshops

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4715100

Oh my.

Liberal_in_LA  (1000+ posts)      Thu Dec-25-08 01:32 AM
Original message
 
Pawnshops are cashing in

http://www.latimes.com/business/la-fi-pawn25-2008dec25,...

The stores are seeing a rise in customers as more financially strapped people seek quick loans.

Reggie Pendleton was laid off last week and needed money to buy his wife and two young children Christmas gifts. So he turned to an increasingly popular option in this deepening recession -- a pawnshop.

On Tuesday, the former technology firm recruiter walked into Collateral Lender Inc. in Beverly Hills clutching a stainless-steel Rolex he had bought in better times for $3,300.

After an inspection by one of the store's appraisers, Pendleton was offered a $400 loan. He can buy back the timepiece within 4 1/2 months at a monthly interest rate of 18%.

Pendleton, 43, was hoping for more money, but a holiday without presents was unthinkable. So the Culver City father took the cash and headed for the mall to buy toys and jewelry for his family. "This will be the toughest Christmas," he said.

----------------------

Traditional lenders have seized up, and people of all walks of life are handing over their diamonds, purses and golf clubs to make their next mortgage payment or, in some cases, pay their employees for the holiday season, pawnshop workers say.

"This whole period now is nuts," said Tal Shmargal, owner of Collateral Lender. "We have people taking loans just to keep their business afloat."

It's a trend that's been reported nationally as the nation's economy continues its downward spiral.

TechBear_Seattle  (1000+ posts)        Thu Dec-25-08 01:35 AM
Response to Original message
 
1. Can anyone explain to me how this is NOT a depression?

I work in the financial sector (granted, in information technology) and I can't understand why people who should know better keep cooing about things are really not so bad.

Well now, this is funny.

Ever since January 21, 2001, the primitives have explicitly and blatantly hoped for some sort of depression.

And now that they think they have one, they're unhappy.

Donnachaidh  (1000+ posts)      Thu Dec-25-08 01:41 AM
Response to Reply #1
 
2. I had some Goober salesguy at BestBuy try to claim the economy was fine

Because he had run out of the CHEAP laptops (the tiny acer ascribes that are the rage at $300). Of course, he had three endcaps and a table filled with the regular sized laptops that he hadn't moved, because people just don't have the cash.

It was sad shopping tonight. Last year, Xmas eve shopping was insane, people everywhere, carrying out big ticket items by the bucketloads. Tonight - just a bunch of people milling around looking at things, but NOT buying. You could literally walk to the front of the store and find OPEN checkout counters. On Christmas EVE.

The tambourine Bambi primitive ages herself:

Tangerine LaBamba  (1000+ posts)      Thu Dec-25-08 02:29 AM
Response to Reply #1
 
5. Of course it's a depression

The "commentators" aren't saying it, that's all, because they're afraid people will flip out.

As if we had the energy.

Just like ****face calls white black, so do these people think that calling it something will make it that thing.

Nominal linguistics just don't cut it.

We're in a depression. My parents married during the last Depression. I cannot believe that I'm seeing this in my lifetime.

The lying lorelei primitive must've used a paycheck advance place or two:

Lorien  (1000+ posts)      Thu Dec-25-08 02:09 AM
Response to Original message
 
4. Geez, $400 for a $3,300 Rolex?

eBay would have been a much, much better move.

Worse than pawnshops are those awful payday advance outfits (like Amscot). Yet another way to screw to poor into greater poverty!

Tunkamerica (1000+ posts)      Thu Dec-25-08 03:07 AM
Response to Reply #4
 
6. well on ebay you can't get the watch back a month later for $472 either.

Liberal_in_LA  (1000+ posts)      Thu Dec-25-08 03:12 AM
Response to Reply #6
 
7. Most likely someone who has been laid off won't buy the watch back in a month so ebay

still would have been a better deal. He might have been able to sell it for $1000 or more.

Tunkamerica (1000+ posts)      Thu Dec-25-08 03:46 AM
Response to Reply #7
 
8. I'm just saying why it seems like a better deal to get a loan because if things pick up next week then nothing is gone, you're only down a hundred bucks or so.

The reality is different and pawn shops make a killing in times like these, or rather after times like these.

Wow.  The salacious primitive has some words of authentic wisdom:

Selatius  (1000+ posts)      Thu Dec-25-08 05:29 AM
Response to Original message
 
9. A holiday without presents is unthinkable? We've had several holidays without presents in my world.

What world are some of these people living in?

In my world, all we have are the company of close and fun friends and family. That's enough reason to live for the next ****ing day. Start looking at what you do got and stop looking at what you don't got.

I know that poverty sucks, but Jesus H. Christ, how detached have some people become from what is really important in this world???

LeftyMom  (1000+ posts)        Thu Dec-25-08 05:32 AM
Response to Reply #9

10. The world where not long ago it seemed reasonable to spend 4K on a watch. 

Okay, again I have to repeat.....this is funny, this is hilarious.

For years and years, especially election years, the primitives have openly longed for some sort of financial depression.  One could jam a couple of computer hard-drives to capacity, bookmarking such primitive bonfires.

Now that the primitives think we have one, the primitives are unhappy.

[LC EFA]

Lorien  (1000+ posts)      Thu Dec-25-08 02:09 AM
Response to Original message
 
4. Geez, $400 for a $3,300 Rolex?

eBay would have been a much, much better move.

Worse than pawnshops are those awful payday advance outfits (like Amscot). Yet another way to screw to poor into greater poverty!

I like to think of this as a tax on stupid.

Quote
Selatius  (1000+ posts)      Thu Dec-25-08 05:29 AM
Response to Original message
 
9. A holiday without presents is unthinkable? We've had several holidays without presents in my world.

What world are some of these people living in?

In my world, all we have are the company of close and fun friends and family. That's enough reason to live for the next ****ing day. Start looking at what you do got and stop looking at what you don't got.

I know that poverty sucks, but Jesus H. Christ, how detached have some people become from what is really important in this world???

Heh. It's funny, the primitives are usually the ones bitching the loudest about us living in such a materialistic world.

[TheSarge]

Obviously the DUmmies are oblivious to what a stretch the LA Time is having to make to give the impression we're in a depression/recession.


Poor guy had to pawn his Rolex.  Cry me an effin river.  I'd love to be able to afford that kind of watch.

[Miss Mia]

Obviously the DUmmies are oblivious to what a stretch the LA Time is having to make to give the impression we're in a depression/recession.


Poor guy had to pawn his Rolex.  Cry me an effin river.  I'd love to be able to afford that kind of watch.

Just like my boss complaining that they're having to sell their boat.   

[TheSarge]

Just like my boss complaining that they're having to sell their boat.   

The NY Times ran a story the other day trying to highlight the "recession" by telling readers about a family forced to sell their second house and their kid having to drop his private tutors.

[Miss Mia]

The NY Times ran a story the other day trying to highlight the "recession" by telling readers about a family forced to sell their second house and their kid having to drop his private tutors.

Now that just breaks my heart.  Idiots. 

[Vagabond]

Funny thing is that this looks suspiciosly like a period where investments now will pay off huge later.  I got at least a twenty year horizon, I ain't worried.

[Lacarnut]

I don't know why the dummies have all this doom and gloom; wasn't the Messiah supposed to fix the economy overnight by winning the election. Looks like the land of milk and honey is going to turn into sour grapes for these losers.

[RobJohnson]

The NY Times ran a story the other day trying to highlight the "recession" by telling readers about a family forced to sell their second house and their kid having to drop his private tutors.

Oh the shame! 

[BlueStateSaint]

I don't know why the dummies have all this doom and gloom; wasn't the Messiah supposed to fix the economy overnight by winning the election. Looks like the land of milk and honey is going to turn into sour grapes for these losers.

Even though his track record on predictions is pretty bad, this is why Dick Morris predicts that the Obamessiah's numbers will be south of President Bush's by this time next year.

[Chris_]

Donnachaidh  (1000+ posts)      Thu Dec-25-08 01:41 AM
Response to Reply #1
 
2. I had some Goober salesguy at BestBuy try to claim the economy was fine

Because he had run out of the CHEAP laptops (the tiny acer ascribes that are the rage at $300). Of course, he had three endcaps and a table filled with the regular sized laptops that he hadn't moved, because people just don't have the cash.

It was sad shopping tonight. Last year, Xmas eve shopping was insane, people everywhere, carrying out big ticket items by the bucketloads. Tonight - just a bunch of people milling around looking at things, but NOT buying. You could literally walk to the front of the store and find OPEN checkout counters. On Christmas EVE.

Maybe my memory isn't too good, but I seem to remember LAST Christmas the DUmmies proclaiming that the economy was so terrible that the stores were empty because no one could afford to spend any money. As a matter of fact, I think they've done the same thing EVERY year since W took office.

[BlueStateSaint]

Maybe my memory isn't too good, but I seem to remember LAST Christmas the DUmmies proclaiming that the economy was so terrible that the stores were empty because no one could afford to spend any money. As a matter of fact, I think they've done the same thing EVERY year since W took office.

And the stores will be filled for the next few Christmas Eves, or however long the Obamessiah is in the WH.

[TheSarge]

Maybe my memory isn't too good, but I seem to remember LAST Christmas the DUmmies proclaiming that the economy was so terrible that the stores were empty because no one could afford to spend any money. As a matter of fact, I think they've done the same thing EVERY year since W took office.

No you've got a good memory.  It's the DUmmies that want us to forget.  Picked up my wife from Kohls Christmas Eve parking lot was packed.  So was the Wal-mart next to it...and Toys R Us and the Shopping Center across the street.

[jukin]

DUmbasses have wanted a recession ever since 2001.  Now they have one.  Be very careful what you wish for DUmmy.

I think we all know that minorities, women, children, and people living on section 8, ssdi, and welfare will be hit hardest.

[Peter3_1]

Well, my Barrick Gold closed up $1.54 today, my Exxom/Moblile up $1.41 and my oil / gas pipeline stocks are doing well too. I just wish I had more money to invest, in, say , Freeport-MacMoran Copper and Gold up $1.01 today.

Yes, they are starting back, and I just would like very much to have more cap. to spend. You'd better believe that if I didn't need the divident income, I'd DRIP it all!

This is a GIANT period in which to make your fortune in the market, but you need a decade, two decades better, to sit on some stocks, plus you need to be able to walk away from some.

Hell, lOOk at MMM, there's one that will come back after a few years. Alternately, look as Trump's stock, and this guy gets to do the "You're FIRED" thing on the tube? Hell, the DONALD  ashould be fired!