Matt Hutchins, who runs a business rebuilding muscle cars in East New Market, Maryland, had a similar story, minus the medical problems:

“We were going to just pay it right off. We didn’t expect to drag it out,” he said. “And then the whole economy just dropped off.”

What I like are the quotes from these salt-of-the-earth businesspeople:

“They accused me of operating a separate terminal,” he said. “I was like, ‘Whoa. I don’t even know how in the heck to even do that.’”

Oh, and this business is not mostly but entirely unregulated.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.