Introduction
(Getty Images; iStock; AP)
According to conventional wisdom, some industries are "recession-proof," poised to ride out even the roughest of downturns. They're thought to be propped up either because they provide sins for the downtrodden to dabble in (like gambling), simply are indispensable (like hospitals), or enjoy a consumer base either so rich or so passionate that no number of frightening figures on the unemployment rate or gross domestic product can keep customers away (like luxury retailers). But as the recession deepens, even those popular doctrines are revealed to be about as reliable as an asset-backed security.
source: Introduction
(Getty Images; iStock; AP)
According to conventional wisdom, some industries are "recession-proof," poised to ride out even the roughest of downturns. They're thought to be propped up either because they provide sins for the downtrodden to dabble in (like gambling), simply are indispensable (like hospitals), or enjoy a consumer base either so rich or so passionate that no number of frightening figures on the unemployment rate or gross domestic product can keep customers away (like luxury retailers). But as the recession deepens, even those popular doctrines are revealed to be about as reliable as an asset-backed security.
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