What Do the Repo Business and Adult Web Site Business Have in Common? They're Both Booming
DETROIT NEWS --Fueled by an overvalued housing market and a spigot of easy credit, people overextended themselves on luxury items like automobiles, boats, Jet Skis and the like. If Jones got a Hummer, you got a Hummer. If Smith got a Corvette, you got a Cadillac. Now the punch bowl has gone empty and the bill for the good times has come due.
There are now more than 250 repossession companies across Michigan and scores of fly-by-night freelancers with pickups and crowbars prowling the streets from sundown to sunup looking for that Escalade in arrears.
Look at the numbers: Nationwide, auto loan defaults are up 22 percent since 2000 and auto repossessions are up 33 percent, topping 1.65 million in 2007. Some analysts believe we may be driving toward a foreclosure meltdown on rims.
Another industry doing well recently? Adult web sites, stimulated by the stimulus checks. Thanks to Division of Labour for the pointer.