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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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Wednesday, May 28, 2008
Fitworks Fitness Centers Responds to the Growing Adolescent Obesity Rate by Offering Free Summer Memberships to Teens 13-15 Years of Age
Comtex
RICHMOND HEIGHTS, Ohio, May 28, 2008 /PRNewswire via COMTEX/ ----Fitworks Fitness Centers is currently offering a free summer membership to teens 13-15 years of age as part of their Community Outreach Program designed to help combat ever-growing adolescent obesity rates. Teens are able to take advantage of the free summer membership anytime now through September 5, 2008 by visiting www.fitworks.com/freeteen .
Over the past three decades, adolescent obesity rates have more than doubled putting our young ones at risk of developing serious medical conditions and social burdens. With childhood obesity rates at an all-time high, Fitworks is offering this free summer membership program as a means of keeping teens moving. A critical component of weight loss is physical activity. And this is especially true for children. Not only does physical activity burn calories but it also helps to build strong muscles and bones. Executive Vice President & COO John Janszen explains, "At Fitworks we are in the business of changing lives and we feel there is no better way to give back to the communities in which we serve than by touching and influencing the lives of young people. Healthy habits formed early in life, lead to healthy habits later in life. And all of this leads to a reduced risk of serious medical conditions."
Fitworks free teen summer workout program is available absolutely free to teens 13-15 years of age during select weekdays. Parents do not have to be members in order for teens to take advantage of the free membership. A parent or legal guardian must, however, accompany teens to Fitworks on their very first visit to authorize the membership and required code of conduct, and a report card must be presented for age verification purposes.
Complete membership details on Fitworks free teen summer membership program can be found online at www.fitworks.com/freeteen or by calling the club nearest you at 1-800-348-8737.
Fitworks Fitness Centers is a Cleveland-based fitness chain with seventeen clubs in the Dayton, Cleveland, and Cincinnati markets. The corporate headquarters is located in Richmond Heights, Ohio.
Fitworks Free Teen Summer Membership Program at a Glance -- Available to teens 13-15 years of age -- Membership is valid now through September 5, 2008 at any Fitworks location -- There is absolutely NO cost associated with this free membership -- Parents do NOT need to be members -- First visits/workouts must be scheduled online at www.fitworks.com/freeteen & complete free membership details can be found here -- Parent or legal guardian must accompany teen on first visit whereupon they must authorize the membership and required code of conduct. A report card must be presented for age verification purposes.
SOURCE Fitworks Fitness Centers
http://www.fitworks.com
Copyright (C) 2008 PR Newswire. All rights reserved
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