USA: Pawn Shops Back In Business

While President Bush takes the so-called “victory lap” in Iraq and Afghanistan, his country folks reel under recession. It is a sad story of a mighty nation that is now groaning under unemployment, vanishing jobs and mortgage defaults.

The Reuters reports that “more and more Americans from all social classes are pawning their possessions to make ends meet.

“Pawn shop owners see strong business across the country, even in unexpected locales like Beverly Hills, the mecca of luxury living and shopping.

“There are as many as 15,000 pawnbrokers across the United States. As the U.S. recession deepens, pawnbrokers — long seen as a lender of last resort — are noting a rise in business.

“No national body keeps statistics for the sector, but proprietors across the spectrum say they are thriving as home foreclosures spiral and bank credit remains scarce.” More here…