Ken Cage isn't your typical repo man. Rather than snatch cars from an over-extended middle class, he takes back yachts, planes and other toys from the over-leveraged rich.
Business is thriving, even as the economy begins to improve. His company, Orlando-based International Recovery Group, repossessed more than 700 boats, planes, helicopters and other property last year valued at more than $100 million. Business, he says, is up six-fold from 2007.
He has reclaimed everything from $18 million Gulfstream jets and Bell helicopters to 110-foot Broward yachts, $500,000 recreational vehicles and even a racehorse. Before the financial crisis, most of the luxury items he pulled in were valued between $30,000 and $50,000. Today, they are valued at $200,000 to $300,000—meaning defaults are hitting people at a much higher income level.
The folly of the wealthy has been good news for an elite cadre of repo men. Nick Popovich, the self-proclaimed "Learjet Repo Man" and head of Indiana-based Sage-Popovich, and Michigan boat specialists like Harrison Marine report brisk business. Reality-TV producers have been knocking on their doors. Last year, says Mr. Cage, International Recovery's revenues soared to the eight figures, up from just a few hundred thousand when he and two partners bought the company in 2005.
Banks hire Mr. Cage to retrieve their collateral after a borrower has defaulted. Once he grabs the property, he cleans it up or makes needed repairs and sells it to a new buyer. He then gives the proceeds, minus his fees and expenses, back to the bank. While the standard commission for most repossessions is between 6% to 10% of the resale price, Mr. Cage has lowered his fee to as little as two percent as a way to beat back growing competition.
More Here..
Exactly why do these Americans need so many guns and ammuntion? This repo report reveals another piece of the American picture puzzle: to hold back the repo men working for banksters holding their mortgages! But since banksters can summon their armies, the same ones that secure the Bilderburger meetings and G20 conferences, no doubt there will be many, many deaf, bleeding, dying and dead Americans on their suburbian streets once the Dollar crashes. Shame that. Hopefully enough sentiment and resources remain to care for the orphans, widows and elderly - but then again, America does have its prisons and cotton fields.
ReplyDeleteWell 7:53, you do know there's a lot of tarnation indiginioes type folk out there in them sticks dontchya? HoooeEEEEEEEEEEEE. Country folk!
ReplyDeleteKnowen' how ta lives.
Better brush up on your singing slaves
ReplyDeleteChorus:
Swing low, sweet chariot,
Comin' for to carry me home!
I looked over Jordan and what did I see,
Comin' for to carry me home!
A band of angels comin' after me,
Comin' for to carry me home!
Chorus:
If you get there before I do,
Comin' for to carry me home,
Jess tell my friends that I'm acomin' too,
Comin' for to carry me home.
Chorus:
I'm sometimes up and sometimes down,
Comin' for to carry me home,
But still my soul feels heavenly bound
Comin' for to carry me home!
So with all the looming massive job cuts we can see coming at the state and local levels, I suppose we can anticipate a country where education is scaled back to basically non-functional , and police , fire, sewer, water etc will be scaled back dramatically.
ReplyDeleteOne reason to scale back education is if you have no more need of a large educated populace.
A big military brouhaha is best resourced from a pool of relatively ignorant young men and women with no other possible future.
8:39 - "bringing democracy to iraq..."
ReplyDeleteWith the travesty the Obama has just pulled off, America has no business telling any other government what to do, especially in regards to democracy. America is NOT a democracy, you now have facism.
" Business is thriving; even as the economy improves"
ReplyDeleteIs it now ?
America has always been an Oligarchy, at least as of 1913. When JP Morgan in 1912 put his three nemesis aboard the ship he built it was all over. That is why the death of America is celebrated on April 15th, tax day.
ReplyDelete9:44- I noted the same thing: "even as the economy improves".
ReplyDeleteThe TV and newspapers continue to report about the fake economy and the economy is improving. HA HA HA...
The dumbed down mind controlled TV addicted idiotic sheeple believe anything their TV tells them.
Welcome to reality!
Q, You do realize that the economy isn't improving, Mister President?
ReplyDeleteA. Well I think improvement is according to how one measures, and from where I'm standing we measure a positive movement.
Q. Mister President, unemployment is 28%, there are 40 million people on foodstamps, 45 million on social security, the commercial real estate market is imploding as we speak, and many states are starting to talk about municipal bond default. Are you sure the economy is improving?
A. Much of what we say is true because we believe it is true. Truth is a flexible thing, it can mold itself around most any statement you or I or anyone else makes. For instance, if I say 'The Sky is red' then it is true, it's true on Mars for instance, it's just a matter of perspective.
Q. Do you intend to run for a second term?
A. I don't know if I'll have to..that is to say if there's an electoral process then yes I'll be a part of that, otherwise it won't be necessary.
Q. Thank you Mister President
A. Anytime Oprah
Makes you really wonder at what point are the American people, as a whole, going to stand up and be counted. That is, begin protesting and taking measures against this willful undoing of their economy.
ReplyDeleteIt's quite obvious what the causes are, namely:
- Globalism
- Absence of any meaningful tariffs
- Insufficient deployment of known alternative energy devices
- Lack of measures against illegal aliens
The list just goes on and on.
2:36 Well; that's an easy one.
ReplyDeletebecause so far; the vast majority are not hurting
enough yet.
oh; there's a little pain going on here and there
but just look at the size and scope of the current entitlement programs as they are astounding. We are talking about hundreds of millions of people in this country that are cared for by Uncle Sugar.
Social Security - 72 Trillion unfunded Liability
Medicare - 43 Trillion unfunded Liability
damn near half the country is on food stamps; and a quarter on public assistance for energy/housing etc.
hell man - a neighbor of mine has 6 kids to 3 different women! he makes more money than I do and never leaves home!~ You oughta see his house
every other thursday - mailbox money baby - come and get you some O 'dis.
I been a pipefitter all my life and just before the new year we had the first layoffs since the
early 90's - one junior fitter I know personally
can collect almost 2years!!! unemployment !!
I am old now and have 2 knees that won't do what I want them 2 and eyes that play tricks on me and hands that have seen better days; but damn - it seems to me that when we had really hard times in the 70's; we sucked it up; rallied around and worked harder. Now it seems like most people are just interested in what Uncle sugar is handing out.
I read here not to long ago somebody said about not too many rowers left on the boat.
In my neighborhood; they would want Gucci gloves
from the Govt. before even considering grabbing an oar
Bank repo boats are often some of the best
ReplyDeleteboats on the market. Many people think
negatively when they see repo boats for sale.
repo boats
boat repos are a good option for people that
are looking for boats. For one, you can get
them for a low price without having to do much
work. Usually all that is required is that you
head to an auction and outbid others trying to
get the same boat as you
Wide range of boats to choose: mention types of boats like yatches etc : From the vast collection of repo boats, one gets the choice to select any kind of repo boats he has been looking for
ReplyDelete