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Current Events & Hot Topics Current Events & Hot Topics

'Pawn Stars' Co-Star Rick Harrison: Over-Regulation Must End

Posted by on Jun. 29, 2013 at 4:52 AM
  • 21 Replies

Rick Harrison, co-owner of the Gold & Silver Pawn Shop and a co-star of the History Channel reality series "Pawn Stars," told CNBC on Friday that over-regulation is creating a bad business environment and that a policy change is needed before anything can get better.

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Harrison also said the current economy is being fueled by cheap money. "Basically, you have the government regulating and making business more difficult, and you have the Fed trying to compensate for it. It can't go on forever that way," he added.

"If we keep on printing forever, things will get bad. It's just a matter of math," he told "Squawk on the Street."

"Eventually we have to make a good business environment in this country," or strategies such as the Fed's proposed plan to reduce asset purchases can't be implemented, Harrison said. 

"I think that we should slowly taper, but the Fed is not going to be able to taper unless we have ... less regulation and make it easier for business to actually do business," he said. "If you make it difficult to do business, there's not going to be any business."


Pawn shops are considered a good consumer indicator. Harrison said he has an influx of sellers in bad times, whereas buyers dominate in a good economic environment. Right now, he said, "it's right around the middle."

Though the price of gold has dropped precipitously over the past few weeks, Harrison said that he's seeing high demand for the precious metal itself.

"I'm having a real difficult time right now getting physical metal," he said. "It's the crazy world of gold and silver: Sometimes the paper market is going down but you can't find actual physical items. There's just a shortage of the physical metal. The private mints and the government mints are just behind, and there's a lot of demand for the physical out there."

His shop generally pays the spot price for physical gold, Harrison said, but because the market price is below miners' production cost, he doesn't expect to see the price drop much more.


"I think [gold] is still a good thing to have around," he said. "It's an insurance policy—hopefully you don't need to cash it in right away. It's a long-term investment. Governments have a tendency to screw up currencies."


Harrison is "considering" selling some gold, he said, taking a loss on his holdings to get a tax benefit. He then might buy it back a month or so.

by on Jun. 29, 2013 at 4:52 AM
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Replies (1-10):
-Celestial-
by Pepperlynn on Jun. 29, 2013 at 4:53 AM
2 moms liked this

Lol. Pawn Shops and Check and go's need to be regulated..

stormcris
by Christy on Jun. 29, 2013 at 5:03 AM

He is somewhat right.

Carpy
by Ruby Member on Jun. 29, 2013 at 5:18 AM
1 mom liked this

He is quite right.

Quoting stormcris:

He is somewhat right.


Minnow Slayer

stormcris
by Christy on Jun. 29, 2013 at 5:20 AM

Well I question his decision to sell the gold right now.

Quoting Carpy:

He is quite right.

Quoting stormcris:

He is somewhat right.



Carpy
by Ruby Member on Jun. 29, 2013 at 5:30 AM
2 moms liked this

I was actually, referring to the regulations part.

Quoting stormcris:

Well I question his decision to sell the gold right now.

Quoting Carpy:

He is quite right.

Quoting stormcris:

He is somewhat right.




Minnow Slayer

meriana
by Platinum Member on Jun. 29, 2013 at 8:40 AM
I guess it pretty much depends on what kind of business one is and what regulations businesses would like done away with. Some businesses want one or two gone, other's want a bunch of them gone and then there are those who think all regulations should be done away with. If one and two that businesses A and B don't like are done away with, then businesses C and D will be saying they need to get rid of regulations 3 and 4. They'll all be yelling it's not fair. There are businesses that wouldn't act responsibly without being regulated, which does make it hard for those that would and do.
tanyainmizzou
by on Jun. 29, 2013 at 8:42 AM

There are regulations for pawn shops.  What do you want them to regulate?


Quoting -Celestial-:

Lol. Pawn Shops and Check and go's need to be regulated..



AlekD
by Gold Member on Jun. 29, 2013 at 8:58 AM
2 moms liked this

Oh, well if HE said it, it must be true.

romalove
by Roma on Jun. 29, 2013 at 9:39 AM
1 mom liked this


Quoting AlekD:

Oh, well if HE said it, it must be true.

This actually made me LOL for real.  :-)

idunno1234
by Silver Member on Jun. 29, 2013 at 10:08 AM
6 moms liked this

Business regulations came into being because where profit/loss possibilities are concerned, people don't always act warm and fuzzy and ethical.  They actually tend to do things to screw their customers, stockholders, employees, the environment, are often even blatant about it. For some, the possible negative fallout potential is far outweighed by the addictions to greed and power.  This is the sucky reality of human nature.

Wall street is a perfect example of a regulated environment that obviously had the regulators in their pocket, convinced them somehow to do a little "wink wink", even when located on the premises, right in the face of the businesses they were supposed to be regulating.  So much shit going on, complicated as hell, so complicated that no one really understood what was going on, just that it was great, people literally rolling in the dough and the participants in it were grinning ear to ear when it all seemed so easy, so justifiable as they were laying the groundwork for blowing up an entire economy.  Nothing has really changed.  Not at all. 

Pharmaceutical companies are the same way.  New drugs take a ton of money to test and get to market and big companies, the ones who have all that money from that extremely profitable business are oddly uncomfortably cozy with the FDA.  If you are a scientist who has come up with a cure for cancer, something new and on your own, we won't know about it. Not unless that scientist can come up with obscene amounts of money.    The major drug companies are the gatekeepers to our medicine cabinets and their decisions are based entirely on their own gain.

Not sure about taking advice from Pawn Star dude, although I love that show and he's undoubtedly pretty smart.  I don't know which specific regulations he is referring to because its short sighted to say that all regulations are bad but I do agree with him about the cheap money.  The whole federal reserve thing, the way we borrow and print....its all fucked up.   I am nowhere near enough of an expert on the subject, apparently either is anyone else, because we are still being stupid and no one has come up with a better, common sense solution to get our finances in order.

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