http://www.latimes.com/business/la-fi-lazarus23mar23,0,5733881.columnDavid Lazarus:
Consumer Confidential
Things are looking up -- at the pawn shop
March 23, 2008
The economy is tanking, banks are scrambling for cover, the Fed is repeatedly cutting interest rates . . . and business is booming at pawn shop Crown City Loan & Jewelry in Old Pasadena.
Standing behind a display case brimming with hocked watches and jewelry, owner Doug Robinson can only smile when asked how things are going.
"Business is very good," he said. "The loan business is very good."
These aren't just any loans, of course. Robinson said the money he hands out -- no questions asked -- in return for people's collateral typically comes with an annual interest rate of about 60%.
Poll with article:
What's your prognosis for the economy?
9.3 %
Two chickens in every pot.
42.9 %
I'll be happy just paying my bills.
47.9 %
What was the name of that pawn shop again?