"Marginal Revolution" Blogger James Surowiecki is quite amused that Former Nebraska star running back Lawrence Phillips recently pawned one of his Big Eight championship rings for $20. (Phillips reportedly told shop owner Steve Gibson that he was “stuck in Las Vegas” and “needed to get out of town.” Gibson went on to sell the ring on ebay for $1700.) Surowiecki commented:
Perhaps that's the definition of desperate: accepting a price that represents a 99% discount to market value. The inevitable next question is: Has Phillips learned from experience and put his other rings up for auction? (As of now, no.)
As one who always defends victims of elitist criticism, let me question Surowiecki’s analysis. Exactly what was Phillips supposed to have learned? That you should always hawk your Big Eight rings on ebay? Presumably, Phillips needed to get out of town quickly. That’s the reason people go to pawn shops, after all: they give you money fast.
And, now that he’s safely removed from the pickle into which he got himself in Vegas, why in the world would Phillips sell his other rings? Phillips found himself to be very illiquid, not broke.