Category Archives: Business and Economy

Financial prospects dim, lottery sales up

Posted on by

While the financial markets may be tense, lottery sales in Illinois are expected to go up for the seventh consecutive year. Besides consistent marketing campaigns, another dynamic may be at play:

“Lottery’s a dollar — it’s like buying a lipstick during a recession versus a whole new outfit,” said Jodie Winnett, acting superintendent.”

So it seems like a small outlay – just a dollar or two – but the odds of winning a major prize are astronomically low. Keep adding up those dollars or two, multiple across thousands of people, and the lottery has rising sales.

Best home improvement payoff: a little less junk

Posted on by

A look at the returns sellers can expect from certain home improvements. The best: decluttering. The worst: a family room addition. And deeper in the article: “All this is anathema to retailers like Home Depot, Lowe’s, Bed, Bath & Beyond, Williams-Sonoma and Lumber Liquidators. They all benefit from the myth that pumping money into your house pays off later on the auction block.”

Odds not good for IL and CA finances

Posted on by

From CNNMoney.com:

“How ugly are the state budget problems?

Nasty enough that traders are betting that two big U.S. states, California and Illinois, are just as apt to default on their bonds as Portugal — and almost as likely as Iraq…

The going rates in the CDS market say traders believe there is an equal chance — about 1-in-4 — that California, Illinois, Portgual or Iraq will default on their obligations within five years.”

Banks to cut free checking?

Posted on by

Some of the major banks are looking to end free checking accounts:

“The transformation of checking accounts comes at a time when banks are bouncing back from the steepest financial losses in a generation and are facing new regulations. To accelerate that recovery and recoup losses from new banking rules, financial institutions are increasingly leaning on customers who don’t now generate enough revenue for the bank.

More than half of all checking accounts are currently unprofitable, according to a report issued last month by Celent, a unit of Marsh & McLennan Cos. It costs most banks between $250 and $300 a year to maintain one of the roughly 200 million checking accounts, according to industry estimates. ”

As someone once said, there’s no such thing as a free lunch.

How can you get a job if you are told not to apply?

Posted on by

Interesting trend? Article claims more companies telling applicants that they must be employed to apply.

Kind of like the conundrum for many college graduates: how can you get experience if no one will hire you?

Updated version for 2010: how can you apply for a job if you don’t have one right now?