Waiting on the cable guy wastes billions of dollars each year.
Billions spent by Americans waiting for the cable guy
According to the USA Today, Americans spend more than $37.7 billion each year waiting on the cable guy. This report comes from a Cost of Waiting study sponsored by TOA Technologies. The average wait time for the cable guy, and other delivery or repair services, is 4.3 hours. That is double the amount of time that is expected. Approximately fifty eight percent of individuals report experiencing fist pounding frustration with these services each year.
European and Asian shares down
European and Asian shares are down on Monday as investors await temporary resolution to the Greek debt crisis and react to poor US economic information released on Friday. The Dow lost 61 points on Friday closing at 11,983, as reported by Bloomberg.
Greece forms coalition government
After a dramatic weekend, Greek Prime Minister Papandreau and the opposition have formed a coalition government set to approve the Eurozone bailout, as reported by Reuters. Papandreau is expected to resign once the plan is in place. The EU gave Greece 24 hours to determine how to form a unity government to enact an implementation plan for the $130 billion emergency package Greece will be receiving shortly.
GroupOn IPO successfully launched
On Friday, GroupOn sold 6.3% of it shares as part of an $805 million offering, according to the Wall Street Journal. Most technology firms have sold an average of 21 percent of their shares. Closing price for GroupOn’s shares was $26.11, about 31 percent above the original IPO price. The market cap is estimated at $17 billion, or about 8 times next year’s projected revenue.
Small businesses will avoid Holiday Hiring
Small businesses do not plan on hiring extra employees this Christmas season, according to a report in USA Today. The Small Business Administration Advocacy Office indicates that only 7 percent of small businesses plan on hiring this holiday season because of fears that consumers will not be buying this year. The Advocacy Office emphasized that small businesses employ about half of all US workers and represent 43 percent of US payrolls. Small businesses have generated 65 percent of all new jobs in the past 17 years and their economic concerns have great impact.
Italy becomes the next European country in turmoil
Now that the Greek turmoil appears to reaching a resolution, the next European country facing turmoil has stepped into the forefront. European fears are now moving to Italy, according to the New York Times. One of the factors instilling fear is the increasing yields being offered on Italian bonds. The yield on an Italian 10 year note is currently at 6.35 percent. Once Greece and Portugal exceeded a 7 percent rate on their bonds, a bailout was needed. Italy’s economy is much bigger than those of previous countries needing bailouts and represents a greater threat to the Eurozone recovery. Fears increased after the recent G20meeting failed to supply any details on solutions to the European debt crisis. Cannoli, anyone?
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.