NY Times: "Times Are Tough, Except in the Repo Biz"
Just between you and I, you know, being a Repo Man is not something I'd want to do. Whilst there'd definitely be something soul-satisfying about repossessing a yacht named "Bally Hoo," the threat of violence and/or gunfire from Downtrodden Dave and Misunderstood Mary as I absconded with their stuff — the bank's collateral — well, it just doesn't suit my personality.
The guys who do this gig — and I've run into a few of 'em over the years — are a different breed. They tend to be burly, determined, and gruff. And they wear ill-fitting Grateful Dead t-shirts.
Here's a clip from the article. Truly, I dig this. We hear about this uber-consumer, a guy by the name of Robert Dahmen, whose silly spending contributed mightily to the Bush Economy. "He is one of the millions of reasons the consumer-powered American economy did so well for most of this decade," we're told, "and one of the reasons its prospects look so bleak now."
And this, which boxes it all up so nicely:
The merriment came at a price, though. Toy Box [Mr. Dahmen's boat] cost $175,000. With the trade-in and a down payment, Mr. Dahmen ended up with a $125,000 loan. “You pay the interest up front,” he observed, “and the principal never goes down.” After seven years he still owed $111,000, about twice what the boat is worth. Meanwhile, he lost his condominium when his mortgage readjusted and those payments went up. His 401(k) is down to $9,000.
“I oversaturated myself with long-term debt,” he said. “It was a risk, a calculated risk. I obviously lost.” He is declaring bankruptcy.
“I oversaturated myself with long-term debt,” he said. “It was a risk, a calculated risk. I obviously lost.” He is declaring bankruptcy.
Yeah. Yeah.
Anyone wanna bet that Dahmen's boat salesman called that boat "investment" no less than five times during the sales deal?
What a world.
