Counter-cyclical asset: Safes

Here is the anecdote:

…sellers of safes said that business was up as customers confront new fears, be they losing money in failing banks or being robbed by desperate fellow New Yorkers. …”We’ve had customers come in who are putting half a million to a million dollars in cash in a safe in their home,” said Richard Krasilovsky, 58, of Empire Safe in Midtown…

and here is the data.  (Paul Krugman pointed out this data in a very good talk (slides) he gave at a symposium in CA on Friday (Larry Ball and myself also spoke).)



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