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Old 03-23-2023, 1:03am   #21
Anjdog2003
Due to inflation they are no longer free
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My first mortgage was almost 11%, plus PMI. That's loan shark territory.



They saw you coming
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Old 03-23-2023, 6:28am   #22
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My Dad would "floor plan" several small used car lots in Norfolk, VA. He'd front the money to the dealer to buy a car - never anything over $5,000 (decades ago mind you) and got $100/month until the car sold whereupon he got 10% of any profit... He kept that going for years and it was a damned nice income back in the 70's....of course taxes were paid on all of it; of course

Back then a used car dealer getting a legitimate bank loan was either non-existent or they had to mortgage their first born.

After this built up in a few years; figure 5 dealers and 10 each of their cars financed this way at $100/month - a damn good living back then and didn't even have to leave the house. In those days the money made like this was called "juice" or "cake".
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Old 03-23-2023, 7:17am   #23
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I'm no baller but thankfully my days of borrowing money are long gone.

I have never loaned anyone money and I never will.
This first shark borrowed 20k, was parlaid into 684,000! Real estate huge win, at the young age of 27!

He was slick, he had a lawyer show up at the first closing and had his name added to the deed.....No choice, I HAD to pay.

My FIL, was shocked that I completed the project and had to eat his words!
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Old 03-23-2023, 8:16am   #24
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They saw you coming
Two words: Jimmy Carter.
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Old 03-23-2023, 8:16am   #25
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Nobody cares ...Yadem....STFU
The above post makes no sense. Unless you consider it written by an irrational, spiteful person.
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Old 03-23-2023, 9:09am   #26
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I have seen loansharking. I worked part time at the port of Albany when younger and my main job was construction. Many of the people there were minorities and always behind the 8 Ball. On pay days a couple rather big mean guys would show up to collect. They normally did the $6 for $5 method.
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Old 03-23-2023, 9:38am   #27
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I have seen loansharking. I worked part time at the port of Albany when younger and my main job was construction. Many of the people there were minorities and always behind the 8 Ball. On pay days a couple rather big mean guys would show up to collect. They normally did the $6 for $5 method.
Were people paid in cash at the Port?
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Old 03-23-2023, 9:44am   #28
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Aw Man love that show....Going to have to watch it again... for the third time
I have watched all seasons three times.
The earlier episodes are funny, and focus on their business, and keep you interested.
The later episodes IMO are not as good, as get way too deep into many characters' personal lives, such as tony and the shrink, chris and his movie aspirations, paulie and his mommy issues.

Of course the greatest episode is Pine Barrens, I could watch it 100X, and feel it should have gotten an Oscar:

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Old 03-23-2023, 9:48am   #29
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Were people paid in cash at the Port?
No. There were a few places close by that many of the workers cashed their checks, many/most had no kind of bank account.
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Old 03-23-2023, 10:00am   #30
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No. There were a few places close by that many of the workers cashed their checks, many/most had no kind of bank account.
Yup - lived out of their pocket.
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Old 03-23-2023, 11:52am   #31
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Originally Posted by Anjdog2003 View Post
They saw you coming
You forget how old Yaddie is. 11% is a pretty good rate for 1980.
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Old 03-23-2023, 11:54am   #32
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Originally Posted by Yadkin View Post
Two words: Jimmy Carter.
Wrong-o.

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In both the 1970s and 1980s, the United States was pushed into a recession caused by an oil embargo against the country. The Organization of the Petroleum Exporting Countries (OPEC) instituted the embargo. One of the effects of this was hyperinflation, which meant that the price of goods and services rose extremely fast.

To counteract hyperinflation, the Federal Reserve raised short-term interest rates. This made money in savings accounts worth more. On the other hand, all interest rates rose, so the cost of borrowing money increased, too.

Interest rates reached their highest point in modern history in 1981 when the annual average was 16.63%, according to the Freddie Mac data. Fixed rates declined from there, but they finished the decade around 10%. The 1980s were an expensive time to borrow money.
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Old 03-23-2023, 12:05pm   #33
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Due to inflation they are no longer free
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Originally Posted by Yadkin View Post
Two words: Jimmy Carter.



Jimmy's rates were higher than that. And they still saw you coming.
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Old 03-23-2023, 7:02pm   #34
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Were people paid in cash at the Port?
My Dad was an accountant at a steel mill starting in the late 50s after he got out of the military from the Korean war. Every Friday, the management hired an armored car with armed guards to bring the payroll to the plant at closing time. All plant workers were paid in cash unless they had previously requested payment by check, which IIRC was basically no one.

In the mid '70s, the workers joined the Teamster's. That changed things.
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Old 03-24-2023, 9:12am   #35
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Originally Posted by dvarapala View Post
You forget how old Yaddie is. 11% is a pretty good rate for 1980.
A bit later than that. 1987 or 8. It took a long time for Reagan to climb out of the mess that Carter made.
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Old 03-24-2023, 9:15am   #36
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Jimmy's rates were higher than that. And they still saw you coming.
My mortgage then was cheaper than renting a house, when considering the tax benefit. Add in the savings on car insurance...
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