FOX Translator
No data currently available.
No data currently available.
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.
Home
Tuesday, August 19, 2008
Clear Inks Deal With Broncos to Provide Exclusive and Complimentary Fast Pass Entry to Broncos Barn for Clear Members
Comtex
NEW YORK, Aug 19, 2008 /PRNewswire via COMTEX/ ----Clear(R), the leader in providing fast pass access through airport security in major airports nationwide, announced today it has forged a partnership with the Denver Broncos that enables Clear to deliver its signature fast entry lanes to scores of the team's fans. With the partnership, all Clear card members will enjoy expedited and complimentary entry to the Broncos Barn pregame tailgate party prior to Broncos regular season home games at INVESCO Field at Mile High, as well as fast access through Clear's special security lanes at 18 airports nationwide, including Denver International Airport.
Participating Denver Broncos fans will receive a Clear membership card that grants them exclusive access to Clear's new "fast pass" entry lane which allows them to bypass the typical entrance line into the Broncos Barn. At its airport and hotel enrollment centers, Clear will provide fans with special offer coupons, such as 15% off non game day purchases at the Broncos Team Stores. Fans can purchase a one-year Broncos-Clear membership card for $128 and begin enjoying its benefits at the first home game on September 14, 2008.
"This agreement with the Denver Broncos is a key component of our marketing strategy in the Denver area and helps to further our expansion into sports and entertainment venues," said Clear's CEO Steven Brill. "Now, Denver Clear members will enjoy the benefits of speeding through crowds at both INVESCO Field at Mile High and Denver International Airport. Denver has been one of the busiest Clear markets since we launched our lanes at the Airport earlier this year. Today, we're delighted to bring exclusive Clear benefits to loyal Broncos fans for the 2008 season."
"We are very pleased to partner with Clear on an innovative program that adds value to Broncos fans who are Clear members," said Brady Kellogg, Director of Corporate Partnerships for the Denver Broncos. "We look forward to not only educating our fans on the advantage of using Clear lanes but also having Broncos employees use Clear cards to expedite their trips through airport security lines."
On game days, Clear will open a temporary enrollment center at INVESCO Field at Mile High where fans can apply for the membership card that provides access to the Broncos Barn pregame tailgate party and Clear's participating airports. Clear enrollment centers are located at Denver International Airport, as well. Beginning today, fans can also sign up for the card at http://www.flyclear.com.
Clear members are pre-screened and after application completion, which involves providing iris and fingerprint images, receive a card that allows exclusive access to Clear's security lanes nationwide. Clear lanes, which feature concierge staff whose assistance speeds throughput while making the experience far more pleasant, are already operating in airports in Cincinnati, Denver, Indianapolis, New York's JFK and LaGuardia, Oakland, Orlando, San Francisco, San Jose and Washington DC's Reagan National and Dulles airports, among others.
About Clear
Clear, operated by Verified Identity Pass, Inc., has signed up more than 200,000 travelers nationwide. Clear cards are accepted at 18 U.S. airports: Albany, Cincinnati, Denver, Indianapolis, Jacksonville, LaGuardia (Central Terminal B and Terminal D), Little Rock, New York JFK (Terminals 1, 2, 4 and 7), Newark (Terminal B1 and B2), Oakland, Orlando, Reno, Salt Lake City, San Francisco, San Jose, Washington, DC's Reagan and Dulles, and Westchester. And, soon, Clear lanes will open at Atlanta's Hartsfield-Jackson International Airport. Clear members are pre-screened and provided with a high-tech card which allows them to access designated security lanes nationwide for an annual fee of $128. Clear members pass through the security checkpoint faster, with more predictability and less hassle. Applicants start their enrollment at http://www.flyclear.com and complete the process at an enrollment location where their fingerprints and iris images are captured and their identification is validated. Clear's registered traveler program has been operational since July 19, 2005. For more information, please visit: http://www.flyclear.com.
SOURCE Clear
http://www.flyclear.com
Copyright (C) 2008 PR Newswire. All rights reserved
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
