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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 19, 2008
Fabulous New Kids' Show for Gay Families Sparkles in Chicago on June 7
Comtex
PORTLAND, Ore., May 19, 2008 /PRNewswire via COMTEX/ ----Pink Pea announced that Dottie's Magic Pockets -- the first children's program for kids in gay and lesbian families and their friends -- will be shown at a screening event in Chicago, Illinois, on June 7. It's Super-riffic Gay Family Fun for everyone! The event for kids ages 2-6 is being held at Center on Halsted and is the first time this history-making show will be screened for families in the Chicago area.
"We're excited to be screening Dottie's Magic Pockets at Center on Halsted," said the Center's Senior Director of Programs, Courtney Reid. "We've been working hard to include more family centered activities in our programming, and it's been gratifying to see the enthusiasm our families bring to the Center!"
Event Details: Dottie's Magic Pockets Screening Time: Saturday, June 7, 2008 at 10:00 AM Location: Hoover Leppen Theatre at Center on Halsted 3656 N. Halsted, Chicago, IL 60613 (773) 472-6469 Admission Cost: $5/family RSVP: Creid@centeronhalsted.org
Families attending the event will be entertained with the screening of a 25-minute episode from the first Dottie's Magic Pockets DVD, which is available for purchase only on-line at http://www.DottiesMagicPockets.com.
Created by independent production company Pink Pea, LLC, Dottie's Magic Pockets features Dottie, a lesbian mom, who leads her puppet friends as they sing, laugh, and help each other through wacky adventures. Dottie's Magic Pockets also includes images that represent gay families -- such as the cartoon with purplish-pink Princess and her two Dads -- as well as visits with real-life families to help all children understand and appreciate how unique everyone is.
With loveable puppets, fun cartoons, and catchy songs and dances, all kids are sure to love this program that Curve Magazine calls "a hip and zippy show that overflows with imagination...."
"One of the first organizations working for gay rights in the US was founded in Chicago, so it seems only fitting that the first kids' show for the LGBTA community is being shown there. And kudos to Center on Halsted for their fantastic programs that provide support to the many gay and lesbian families in the Chicago area," said Tammy Stoner, Creator of Dottie's Magic Pockets.
About the Center on Halsted
Center on Halsted, the Midwest's largest comprehensive center serving the lesbian, gay, bisexual, and transgender (LGBT) community of Chicago, offers support networks and programs that meet the cultural, emotional, spiritual, social, educational, and recreational needs of LGBT youth, adults, seniors, and families. The three-story, 65,000-square feet Center on Halsted includes a Whole Foods Market and cafe, conference and office space, a theater, a computer technology center, a multipurpose gymnasium, and a rooftop garden. For more information, visit http://www.centeronhalsted.org.
About Pink Pea, LLC
Pink Pea, LLC is an independent production company founded in 2007 to offer positive, fun children's programming that celebrates the fabulous diversity of non-traditional families. Dottie's Magic Pockets is Pink Pea's first production.
http://www.pinkpea.com
SOURCE Pink Pea, LLC
http://www.pinkpea.com
Copyright (C) 2008 PR Newswire. All rights reserved
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