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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Monday, May 05, 2008
'America's Next Top Model' Judge Nigel Barker and David's Bridal Crown Houston Teen 'Glamour Girl' for a Day
Comtex
CONSHOHOCKEN, Pa., May 5, 2008 /PRNewswire via COMTEX News Network/ ----Following a nationwide search to find the ultimate prom-goer, the David's Bridal "Glamour Girl" contest culminated this past week with Nigel Barker, everyone's favorite "America's Next Top Model" judge and celebrity fashion photographer, crowning a winner. The noted photographer partnered with David's Bridal, the leading bridal and special occasion authority, to give one lucky girl the opportunity to be the subject of a celebrity-style photo shoot with Barker and to receive the prom dress of their choice. Monica Lopez -- a senior at DeBakey High School for Health Professionals in Houston, TX -- was selected from over 25,000 entries submitted to davidsprom.com by contest hopefuls.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080505/NYM043 )
The deserving high school senior was chosen by the leading photographer -- who shot the David's Bridal prom campaign and served as their spokesperson -- based on her presentation style, creativity, fashion sense and overall personality. Citing her inspirations to become a model or doctor, Monica stood out from the competition because of her strong commitment to volunteer work, as well as integral role as the editor-in-chief of her high school yearbook. After narrowing down the impressive "prom court" to 10 semifinalists, Monica was then chosen as one of three finalists, following an online vote on davidsprom.com. She clinched the grand prize spot after charming Barker during a phone interview. To inform her of her win, Monica received a surprise phone call from Nigel Barker himself while shopping for her prom dress at the Houston David's Bridal location.
Following her senior prom, the excitement continued as Monica was flown to New York City this past week for the full star treatment at her very own photo shoot. After being pampered by Nigel's "Glam Squad" -- which included in-studio hair and make-up -- Monica was photographed in a glamorous David's Bridal prom dress for this once-in-a-lifetime experience. Fulfilling her life-long dream of becoming a model, she practiced her poses with her favorite photographer and worked the camera like a "top model." The picture-perfect images from her shoot will be posted on davidsprom.com.
"We received so many great entries, but we were really impressed with Monica's dedication to her studies, vivacious personality and passion to help others," said Nigel. "We feel that she is a true role model, so it was wonderful that David's Bridal and I were able to give her this opportunity to fulfill a dream. Not to mention that she was a natural in front of the camera -- we may have just discovered a new model for the ad campaign!"
The top ten semi-finalists of the "Glamour Girl" Contest also received a David's Bridal prom dress, along with a $50 gift certificate towards accessories. With over 280 locations nationwide and prom fashion and camera-ready tips from Barker available online, David's Bridal makes it easy for every girl to have an unforgettable "red carpet" prom experience.
With more than 50 years of experience, David's Bridal understands the importance of providing teens and brides-to-be with a vast selection of exquisitely crafted dresses, available at affordable prices. Today, with more than 280 locations nationwide, David's Bridal continues to expand its retail store locations, while maintaining its philosophy of superior quality, value and service. To locate a store nearby, consumers can call 1.877.706.PROM or visit www.davidsprom.com.
SOURCE David's Bridal
http://www.davidsprom.com
Copyright (C) 2008 PR Newswire. All rights reserved
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