When economists talk about discretionary income, they refer to things like recreational vehicles and vacations in Mexico. One would think firearms would come under this heading, but guns and related equipment are treated differently because it has been found, over the years, that the passion for shooting and hunting is so strong, it is one of the last things that a man will cut from his budget. The ATV will go long before the Model 70.

For this reason, listings on gun-sale websites, and the prices asked, will be one of the best indications of exactly how deeply any recession is biting into the average American household. When you see a man listing his dad's Browning or grandfather's Parker, you'll know things have hit rock bottom.

Bargains to look for, provided you have any cash left?

Pre-64 Model 70 prices were definitely in bubble territory two years ago, in the hiatus between New Haven shutting down and South Carolina starting production of new ones, and with the global credit party still swinging.

In a gunshop in Colorado, I saw one very used .30-06, with a stock like firewood, and an asking price of $1,895. I don't know if they got it then. I'm sure they wouldn't get it today.

The equally iconic Winchester Model 1886 sells for two or three times what a Model 70 brings, even in dreadful condition. While prices for near-perfect specimens will probably stay high (or still unaffordable--not the same thing), the tag for good shooting guns will probably come down considerably, since they are not owned by rich collectors, and the likely market is guys who just love rifles.

But everything is relative. Those Purdeys that were for sale for $100? In 1932, $100 would buy you a decent car. It was a couple of months' income for a family, and would pay rent, heat and buy food. Even then, not many people had it for discretionary income. Waiting to buy until there is blood in the streets is fine, as long as the blood is not yours.