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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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Sunday, May 18, 2008
Following a Private Star-Studded Gala Celebration, The MGM Grand at Foxwoods(R) Officially Opened to the Public Shortly Before Midnight on May 17
Comtex
MASHANTUCKET, Conn., May 18, 2008 /PRNewswire via COMTEX/ ----The $700 million MGM Grand at Foxwoods, located adjacent to Foxwoods Resort Casino, North America's largest resort casino, opened to the public on May 17 following a star-studded gala celebration filled with one-of-a-kind entertainment and excitement.
The celebration kicked-off with an exclusive cocktail reception and dine-around highlighting celebrity chefs Michael Schlow of Alta Strada, Tom Colicchio of Craftsteak and Alan Rosen of Junior's, to name a few. The excitement continued with red carpets featuring a wealth of famed celebrities and a private David Foster production by world-renowned entertainers Josh Groban, John Mayer as well as Grammy Award-winning artist, Alicia Keys. At the stroke of midnight, Sean "Diddy" Combs hosted the ultra-exclusive late night "Diddy's Den" and DJ AM spun at the opening of Shrine, an Asian-inspired kitchen, lounge and nightclub.
"We are thrilled to have commemorated the highly anticipated opening of MGM Grand at Foxwoods with special guests of the casino, including close friends, family and renowned celebrities," said Gillian Murphy, Senior Vice President and General Manager of MGM Grand at Foxwoods. "With the opening, MGM Grand at Foxwoods has catapulted New England to incredible new heights in the world of luxury hospitality and entertainment," Murphy added.
Connected to Foxwoods Resort Casino by a covered moving walkway, MGM Grand at Foxwoods adds an additional two million square feet to the existing property. Guests can delight in the hotel's 825 luxurious guest rooms and suites, featuring top-notch technology in a comfortable and modern atmosphere. For further relaxation and enjoyment, the new resort casino offers the 21,000-square-foot G-Spa by Boston-based entrepreneur, Gretchen Monahan; the 4,000-seat MGM Grand Theater, featuring the world's hottest performances, including Gloria Estefan's premier three-day engagement over Memorial Day weekend; and a variety of gaming options, including 1,400 slot machines and 53 table games offering everything from blackjack and roulette to craps, Spanish 21 and 3-Card Poker. The property also provides guests with fresh outlets for retail therapy, with shops including Bally, Dunhill, MGM Grand Effects and MAC Appeal, an authorized reseller of all things Apple.
For more information about MGM Grand at Foxwoods, please visit www.mgmatfoxwoods.com or call 1-866-MGM-0050.
About MGM Grand at Foxwoods
The highly anticipated MGM Grand at Foxwoods features 825 luxurious guest rooms, 115,000 square feet of meeting space, a 4,000-seat MGM Grand Theater, 21,000-square-foot spa, celebrity chef restaurants, high-end retail and a state-of-the-art casino. A distinctive gaming and entertainment destination, the new MGM Grand at Foxwoods is Connecticut's third largest resort casino, evocative of the Las Vegas landmark: grand in every sense; classically elegant and refreshingly one-of-a-kind. The must-see MGM Grand at Foxwoods enjoys the same amenities as Foxwoods Resort Casino, including access to Lake of Isles(TM), featuring two, 18-hole championship golf courses designed by Rees Jones and a state-of-the-art Golf Academy. The property is easily accessible from Boston, New York, Hartford and Providence. For more information, call 1-866-MGM-0050 or visit www.mgmatfoxwoods.com.
SOURCE MGM Grand at Foxwoods
http://www.mgmatfoxwoods.com
Copyright (C) 2008 PR Newswire. All rights reserved
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