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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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Thursday, July 17, 2008
/C O R R E C T I O N -- Jaguar North America/
Comtex
IRVINE, Calif., July 17, 2008 /PRNewswire via COMTEX/ ----In the news release, "Jaguar Is Tops for the Second Consecutive Year in J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM)," issued earlier today by Jaguar North America over PR Newswire, we are advised by the company that the quote from Mike O'Driscoll, managing director of Jaguar Cars, in the third paragraph, should read: "'I am delighted that Jaguar placed number one in Customer Satisfaction for the second successive year,' said Mike O'Driscoll, managing director of Jaguar Cars. 'The J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM) is the benchmark of customer satisfaction, and Jaguar and its dealers have been recognized once again for providing a level of service that is unparalleled in the auto industry.'" The original quote in the third paragraph was issued inadvertently. Complete, corrected release follows:
Jaguar Is Tops for the Second Consecutive Year in J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM)
Maintaining its reputation of providing superior dealer service in the U.S., Jaguar North America is proud to announce its number one ranking in the J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM).
For the second consecutive year, Jaguar claims the number one position in the study which measures customer satisfaction with dealer service during the first three years of ownership.
"I am delighted that Jaguar placed number one in Customer Satisfaction for the second successive year," said Mike O'Driscoll, managing director of Jaguar Cars. "The J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM) is the benchmark of customer satisfaction, and Jaguar and its dealers have been recognized once again for providing a level of service that is unparalleled in the auto industry."
"Customer service excellence requires an outstanding team and commitment," said Gary Temple, senior executive vice president North American operations. "Jaguar's number one ranking again in the J.D. Power and Associates Customer Service Index (CSI) Study(SM) is a reflection of the passion of our employees, our dealers, and their personnel."
"To rank top in customer service, following our recent ranking in the 2008 J.D. Power and Associates APEAL Study(SM) demonstrates again that Jaguar offers products that customers enjoy and that our dealers are committed to delivering an outstanding customer service experience."
The Study, now in its 28th year, measures the customer satisfaction of vehicle owners who visit the dealer service department for maintenance or repair work during the first three years of ownership. The 2008 CSI Study is based on responses gathered between January and April 2008 from 87,302 owners and lessees of 2005 to 2007 model-year vehicles and measures service initiation, service advisor, in-dealership experience, service delivery, service quality and user-friendly service.
About Jaguar
Since the company was founded in 1922, Jaguar Cars has evolved from the production of motorcycle sidecars to become one of the world's premier manufacturers of luxury saloons and sports cars.
Jaguar designs, engineers and manufactures all its three model lines -- the XF and XJ saloons and the XK sports car -- in the UK at the company's Castle Bromwich plant in Birmingham.
Jaguar, which employs some 7,000 people, is a major wealth generator for the UK, exporting 70% of production to 63 countries around the world.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
------
Jaguar Is Tops for the Second Consecutive Year in J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM)
IRVINE, Calif., July 17 /PRNewswire/ -- Maintaining its reputation of providing superior dealer service in the U.S., Jaguar North America is proud to announce its number one ranking in the J.D. Power and Associates 2008 Customer Service Index (CSI) Study(SM).
For the second consecutive year, Jaguar claims the number one position in the study which measures customer satisfaction with dealer service during the first three years of ownership.
"This is an outstanding performance by our dealers," said Mike O'Driscoll, managing director of Jaguar Cars. "When you consider the current economic situation in the U.S., our dealer network has again proved they can rise to the challenge and provide what we believe is regarded as the best customer service in the business."
"Customer service excellence requires an outstanding team and commitment," said Gary Temple, senior executive vice president North American operations. "Jaguar's number one ranking again in the J.D. Power and Associates Customer Service Index (CSI) Study(SM) is a reflection of the passion of our employees, our dealers, and their personnel."
"To rank top in customer service, following our recent ranking in the 2008 J.D. Power and Associates APEAL Study(SM) demonstrates again that Jaguar offers products that customers enjoy and that our dealers are committed to delivering an outstanding customer service experience."
The Study, now in its 28th year, measures the customer satisfaction of vehicle owners who visit the dealer service department for maintenance or repair work during the first three years of ownership. The 2008 CSI Study is based on responses gathered between January and April 2008 from 87,302 owners and lessees of 2005 to 2007 model-year vehicles and measures service initiation, service advisor, in-dealership experience, service delivery, service quality and user-friendly service.
About Jaguar
Since the company was founded in 1922, Jaguar Cars has evolved from the production of motorcycle sidecars to become one of the world's premier manufacturers of luxury saloons and sports cars.
Jaguar designs, engineers and manufactures all its three model lines -- the XF and XJ saloons and the XK sports car -- in the UK at the company's Castle Bromwich plant in Birmingham.
Jaguar, which employs some 7,000 people, is a major wealth generator for the UK, exporting 70% of production to 63 countries around the world.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
SOURCE Jaguar North America
http://www.JDPower.com
Copyright (C) 2008 PR Newswire. All rights reserved
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