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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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Friday, June 13, 2008
California Science Center's Discovery Ball Places Among Winners at the 2008 BizBash Events Style Awards
Comtex
LOS ANGELES, June 13, 2008 /PRNewswire-USNewswire via COMTEX/ ----The California Science Center's Event Services Department was awarded "Best Nonprofit Event Concept" for their 9th Annual Discovery Ball at the 2008 BizBash Events Style Awards held Thursday, June 5, 2008. The awards show took place at the Los Angeles Convention Center and was sponsored by LA INC.
"We were absolutely thrilled to win the Best Non Profit Event Concept category with our Star Wars themed Discovery Ball. We especially felt so privileged to be in such good company. The events that were showcased this year were nothing less than stellar and it reinforced how sincerely delighted we are to be part of the events industry in LA," said the California Science Center Vice President of Event Services, Chris Sion. The awards ceremony honored stand-out events in the Los Angeles area with awards that ranged from "Best New Venue" to "Best Overall Catering" in a total of 15 categories. The California Science Center was awarded top honors in a category that included 160 entries across Los Angeles County.
The award-winning gala's decor and entertainment were inspired by the exhibit Star Wars: Where Science Meets Imagination, which was showcased at the California Science Center at the time of the event. Guests walked a black carpet lined with Storm Troopers, and dined aboard the "Imperial Star Cruiser" as they were entertained by a light saber battle between Storm Troopers and Rebel Soldiers, and a special appearance from Darth Vader. Over 850 guests attended the event that broke all records when it raised $1.14 million.
The Event Services team, comprised of Sion, Event Services Sales Manager Lori Matsunaga, and Special Events Manager Jennifer Lorio, produces over 200 events each year, ranging from weddings to themed parties and film industry premieres.
About the California Science Center
The California Science Center's mission is as follows: "We aspire to stimulate curiosity and inspire science learning in everyone by creating fun, memorable experiences, because we value science as an indispensable tool for understanding our world, accessibility and inclusiveness, and enriching people's lives."
The California Science Center and IMAX Theater are located in historic Exposition Park just west of the Harbor (110) Freeway at 700 State Drive, Los Angeles. Open daily from 10 a.m. to 5 p.m., except on Thanksgiving, Christmas and New Year's Day. Admission to all permanent exhibit galleries is free. For recorded information, including IMAX show times, call 323.SCIENCE (323.724-3623). IMAX ticket prices range from $4.75 to $8.00. For advance ticket purchases, group rates, or to make reservations for any visiting group of 15 or more (required), call 213.744-2019. Parking is available in the guest lot at Figueroa and 39th Street at $6 per car, $10 for buses or oversized vehicles. Both the Science Center and IMAX Theater are wheelchair accessible. For further information, please visit our website at www.californiasciencecenter.org.
Media Contact: Kristina Kurasz
(213) 744-7446, kkurasz@cscmail.org
SOURCE California Science Center
http://www.californiasciencecenter.org
Copyright (C) 2008 PR Newswire. All rights reserved
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