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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 06, 2008
Inspiring High School Senior and Cancer Survivor Leanna Elizade to Receive College Scholarship Award
Comtex
BOSTON, June 6, 2008 /PRNewswire-USNewswire via COMTEX/ ----Carolyn's Compassionate Children (CCC), a national 501(c)(3) non-profit organization, is proud to name high school senior and cancer survivor Leanna Elizade the recipient of the CCC Survivorship Award. Leanna will receive a $2,500 college scholarship, which will be presented on Saturday. Alex Oden, a 20-year-old two-time brain cancer survivor and CCC Scholar Alum will be there to present Leanna with the check after she crosses the stage.
"The CCC Survivorship Award honors a young adult cancer survivor who demonstrates leadership qualities and the strength to create change," said Carolyn Rubenstein, president and founder of CCC. "By standing up for what she believes in, Leanna gives a voice to all young adults with cancer. It's this voice that is going to inspire people to care and commit to change for this underserved population."
Diagnosed with cancer in October, Leanna has spent the last seven months fighting cancer, fighting to keep up with her studies, and lastly fighting to walk across the stage with her graduating class. Over the course of this battle, Leanna has decided to become a radiologist so she can give other young adults hope that they can get through this too.
"As a fellow cancer survivor and past recipient, I am honored to share this special day with Leanna and her family," said Alex Oden. "I know how much strength and courage it took Leanna to get here. We [CCC] feel that this is not just another happy ending, but the beginning of a bright future for Leanna."
About Carolyn's Compassionate Children (CCC):
CCC believes that every cancer survivor deserves a chance to receive a college education. Yet the burden of mounting medical debt, side effects of treatment, and limited access to financial resources leaves many young adult cancer survivors with little hope of attending college. CCC is a 501(c)(3) non-profit organization dedicated to improving the quality of life for young adult cancer survivors through our college scholarship program.
2008 College Scholarship Committee:
Chair: Carolyn Rubenstein
Dr. Catherine Bagwell, Associate Professor of Psychology at University of Richmond
Dr. Melanie Bonner, Assistant Professor of Pediatric Psychology at Duke University Medical Center and Director of Graduate Studies for Department of Psychology and Neuroscience
Dr. Ronald Brown, Dean of College of Health Professions at Temple University and Editor-in-Chief of Journal of Pediatric Psychology
Dr. Heather Conklin, Pediatric Neuropsychologist at St. Jude Children's Research Hospital
Dr. Barbara Fiese, Professor and Chair of Department of Psychology at Syracuse University
Amy Marcus, 2005 Pulitzer Prize winner, reporter for the Wall Street Journal with a focus on rare diseases, cancer, and patient advocacy & Robert Wood Johnson Investigator Award 2006 (Topic: Improving the Cancer Care Experience for Rare Cancer Survivors)
Dr. Laura Nabors, Associate Professor of Psychology at University of Cincinnati
Alex Oden, Brain Tumor Survivor and First Recipient of Lance Armstrong Livestrong Junior Spirit of Survivorship Award, Carolyn's Compassionate Children Scholarship Recipient 2006, Class of 2010 at Northern Arizona University
Dr. Seth Pollak, Distinguished Professor of Psychology at University of Wisconsin
Dr. Alexandra Quittner, Professor of Psychology at University of Miami
Dr. Jerilynn Radcliffe, Associate Professor of Clinical Psychology at University of Pennsylvania School of Medicine and Director of Assessment and Neuropsychology Service and Department of Psychology at Children's Hospital of Philadelphia
Dr. Sally Reis, Director of Educational Psychology at University of Connecticut
Dr. Kenneth Tercyak, Director of Pediatric Psychology Research at Georgetown University Lombardi Comprehensive Cancer Center
Jackie Waldman, author of five books about The Courage to Give, CNN millennium hero, and multiple appearances on Oprah
Dr. John Weisz, President and CEO at Judge Baker Children's Center at Harvard and Professor of Psychology at Harvard College of Arts & Sciences and Harvard Medical School
Dr. Donald Wertlieb, Professor of Psychology at Tufts University
Dr. Whitney Witt, Assistant Professor of Psychology at University of Wisconsin School of Medicine and Public Health
Dr. Lonnie Zeltzer, Professor of Pediatrics at UCLA School of Medicine and Associate Director of Patients and Survivors Program at UCLA Cancer Center
SOURCE Carolyn's Compassionate Children
http://www.childrencc.com
Copyright (C) 2008 PR Newswire. All rights reserved
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