Tiffany's Little Blue Box Keeps Recession Out

But there are still lots of unanswered questions, writes Glenn Kessler

(NEWSER) - Newt Gingrich's "Tiffany Time Account" has a zero balance, and all his payments to the jeweler “were made in a timely manner,” a rep tells the Washington Post . In his Fact Checker column, Glenn Kessler digs into exactly what that means (with apologies for "dealing with trivia in exploring this issue in such depth"). Apparently Gingrich had a Tiffany Time Account, which is available to customers who already have a Tiffany credit card and offers no interest for up to one year on purchases of engagement rings over $1,000 or other merchandise over $5,000—so Newt’s purchases of up to $500,000 would most certainly apply. More»

Jay-Z, Young Jeezy, Lil Wayne among those referencing sour economy

(NEWSER) - The ugly economy is making more than a cameo in today’s hottest rap music, with Young Jeezy taking the cake by naming his latest album The Recession. Rap’s often been a barometer of such huge swings, Sara Libby writes, noting the impact last year of Barack Obama’s rise. Now, Jeezy, Jay-Z and others have their mind on their money, and their money on their mind. More»

Effects felt worldwide as Americans stop buying bling

(NEWSER) - The worldwide slowdown in spending is making for rough times in all facets of the jewelry business, reports the Washington Post. More than a thousand jewelers in the US—which buys almost half the world's polished diamonds—have gone bust, and the effects are being felt from the mines of Botswana to the polishers in India. More»

(NEWSER) - Pawn shops are turning from the shady realm of the lower class to a place for rich people to get loans, the Wall Street Journal reports. The typical household income of a pawn shop customer is $29,000, but new middle- and upper-class clients are surging. One such client pawned a $9,000 fur coat to buy private-school uniforms. Some pawn shop owners are reporting 30%-40% increases in transactions. More»

(NEWSER) - Up and down the East coast, cash-strapped shoppers are trading in gold and silver, not at pawn shops, but at the mall, the Boston Globe reports. Merchants at kiosks buy the precious metals for less than half of market value, but customers are still pouring in. “It's certainly something that was done in the days of the Depression,” said one expert on commodities investing. More»