Word: billion
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Dates: during 2000-2009
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Luxury sector sales almost doubled to $80.4 billion in 2008 from $44.1 billion in 2003, said Neil Hendry, global director of consulting for consumer and financial services at Datamonitor Group, a research and analytical company...
...paid the same low credit- and debit-card swipe fees as consumers in Australia pay, then the net benefit for American consumers would have totaled $125 billion over the last four years," the report says...
When the Australian government started reforms in November 2003, fees fell 0.45 percentage points, and a 2007-08 review of the reforms indicated that the changes had saved Australian merchants $1.1 billion [AU] that year, the coalition's report said...
However, Piper Jaffray analyst Robert Napoli says it's merchants - not consumers - who will benefit from lower fees. "To suggest that American consumers could have saved $125 billion is very misleading," he says. "Interchange fees are paid by the merchant, and there have been studies done in Australia that said that consumers have not saved a penny by lowering interchange rates - that the merchants have not reduced prices...
...calling for shared sacrifice by administrators. Geoff P. Carens, a Harvard librarian and union member who frequently organizes such vocal protests, ridiculed the University for saying that it was in the midst of a fiscal crisis and had to lay off workers when the endowment still stands at $26 billion...