The pawn-shop index, recession-proof stuff and the iPhone 3G

By John Hockenberry, Adaora Udoji, Corey Takahashi, Kent DePinto

July 11, 2008, 09:20 AM

Is there such a thing as recession-proof stuff? If we’re all being tight with our wallets, then why, in this time of economic turmoil, are certain industries thriving? The Takeaway turns to Columbia business professor Cheryl Einhorn then goes to Stockton, Calif., (dubbed “the foreclosure capital” by 60 Minutes), where sometimes a bad turn can mean good business — for pawn shops.

Guests: Cheryl Einhorn, Adjunct Professor of Business, Economics, and Financial Journalism at Columbia University, and Annette Hoag, founder and co-owner of Annette’s North Stockton Jewelry and Loan. Hoag’s clients include former homeowners and realtors, and the shop has seen an increase in telltale items such as Rolex watches, bought at the height of the national housing bubble. Takeaway Culture Critic Mary Elizabeth Williams reports from an Apple Store in New York City.