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BasketofPuppies · Apr 13, 2008, 08:59 AM

It doesn't make sense.

analogika · Apr 13, 2008, 09:04 AM

You don't understand the concept of "credible threat"?

design219 · Apr 13, 2008, 09:19 AM

Now if it was only an upside down home mortgage...

design219 · Apr 13, 2008, 09:28 AM

...you could just walk away. No harm. Agreed?

BasketofPuppies · Apr 13, 2008, 09:33 AM

Originally Posted by design219

Now if it was only an upside down home mortgage...

That's the thing. If you stop paying the bank, they punish you by taking away your house, but you don't owe them the money anymore. If you stop paying your bookie, he punishes you by breaking your fingers, and you still owe him the money.

ghporter · Apr 13, 2008, 09:45 AM

The bookie breaks your fingers to remind you that your collateral for your bet is your life. If you're willing to "walk away" from that, then it's all the same...

turtle777 · Apr 13, 2008, 10:24 AM

Originally Posted by ghporter

The bookie breaks your fingers to remind you that your collateral for your bet is your life. If you're willing to "walk away" from that, then it's all the same...

This is it. Glenn nailed it.

-t

Mastrap · Apr 13, 2008, 10:34 AM

"Every action has a reaction."

BlueSky · Apr 13, 2008, 11:53 AM

How come after the bookie breaks your fingers, you still owe him the money?

I wsa qwondernig teh samme thng mysefl.

analogika · Apr 13, 2008, 12:03 PM

Originally Posted by ghporter

The bookie breaks your fingers to remind you that your collateral for your bet is your life. If you're willing to "walk away" from that, then it's all the same...

I thought I said that, in so many words...

Chongo · Apr 13, 2008, 12:06 PM

you know you are in trouble when this guy shows up at work.

ghporter · Apr 13, 2008, 12:23 PM

Originally Posted by analogika

I thought I said that, in so many words...

Consider my post to be repetition and restatement for emphasis...

Apr 13, 2008, 06:10 PM

It's a late payment fee. Your fingers are only the fee, not the principle on your loan.

BasketofPuppies · Apr 13, 2008, 06:12 PM

Well then, why don't banks run ads explaining why their loans are better deals than the mob's?

Not only are our interest rates lower than the mob's, but we also promise not to injure you if you are unable to pay us back.

Chuckit · Apr 13, 2008, 06:23 PM

Originally Posted by BasketofPuppies

Well then, why don't banks run ads explaining why their loans are better deals than the mob's?

Not only are our interest rates lower than the mob's, but we also promise not to injure you if you are unable to pay us back.

They don't want to make promises like that.

Apr 13, 2008, 11:55 PM

Originally Posted by BasketofPuppies

Well then, why don't banks run ads explaining why their loans are better deals than the mob's?

Not only are our interest rates lower than the mob's, but we also promise not to injure you if you are unable to pay us back.

Because the banks injure you in other ways - you may prefer a broken finger to what the banks can do.

Seriously, I once read an article in the local paper where a journalist tracked down and interviewed a loan shark. He said (paraphrasing): "I wish we could charge the rates as high as the rates the payday loan stores charge. We could never get away with that."

ghporter · Apr 14, 2008, 08:42 AM

Payday "loans" are a menace. I'd like the mob to "look into" them and put 'em out of business. At least with a bookie or loan shark you can pay them off completely and be done with it. Most payday loans are structured to suck you in and keep you from ever paying off the "loan".

paul w · Apr 14, 2008, 09:55 AM

Originally Posted by Chongo

you know you are in trouble when this guy shows up at work.

If I'm a movie producer, sure....

BasketofPuppies · Apr 14, 2008, 10:18 AM

Originally Posted by paul w

If I'm a movie producer, sure....

Let me ask you something: What were you thinking when you made "Over The Top"?

I mean, you had to arm wrestle a guy for the custody of your son, for god's sake! Did you actually get that script and go around telling people, "Hey, this is a good one!"

You know, it was an excellent movie, now that I think about it. After all, you know, it does combine the emotional drama of a custody child hearing with, uh... arm wresting!

Hey, remember that movie "Kramer vs. Kramer"? Yeah, that was about child custody, too. Yeah, but it wasn't that good. I don't know, it was missing something, you know? Ah, what was it missing? I can't... oh, wait! I know! Arm wrestling!

SNL Transcripts: Sylvester Stallone: 09/27/97: Car Accident

osiris · Apr 14, 2008, 10:29 AM

Broken fingers are applied to the interest owed, not the principle.

Railroader · Apr 14, 2008, 11:25 AM

Originally Posted by hayesk

Seriously, I once read an article in the local paper where a journalist tracked down and interviewed a loan shark. He said (paraphrasing): "I wish we could charge the rates as high as the rates the payday loan stores charge. We could never get away with that."

I had a supervisor at my old job who owned one of those. He was young, only about 30-35ish. Of my 20 years in various careers, he was by far the worst scum sucking supervisor I ever had. He would backstab, lie, cheat, force workers to violate company and government policies on safety and environmental issues... and those were his good qualities.

Anyone getting into the paycheck loan business is of the lower ends of the societal spectrum if you ask me. The only people I come close to hating. Laws NEED to be changed to eliminate this specter.

ghporter · Apr 14, 2008, 05:22 PM

Originally Posted by Railroader

Anyone getting into the paycheck loan business is of the lower ends of the societal spectrum if you ask me. The only people I come close to hating. Laws NEED to be changed to eliminate this specter.

Wanna know what's worse than taking advantage of working stiffs who are a little down on their luck? These payday clowns actively market their "loans" to the youngest, lowest paid GIs. They are predatory in this; often offering incentives to get kids in the door just to hook them into their never ending payment schemes. The DoD is trying to get Congress to outlaw this practice explicitly; I want Texas and every other state to crack down on the whole so-called industry. For some reason, what works out to over 150% interest is not considered usury here... This just has to change.

Badger your state and federal officials to do something about it. This is a great time to do it-they all want to be reelected.

Andrew Stephens · Apr 14, 2008, 05:48 PM

If the bookie breaks two fingers do they come back a bit later and maybe just crush an extra joint as a penalty fee?