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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 05, 2008
Keller Williams Realty Launches Innovative Mobile Marketing Program to Keep On-the-Go D.C. Metro Home Buyers in the Know
Comtex
ALEXANDRIA, Va., May 5, 2008 /PRNewswire via COMTEX News Network/ ----Real estate agents are continually looking for ways to stay ahead of the curve and provide potential home buyers with easy access to information regarding listed homes on the market. As competition in the real estate industry continues to increase, the team at Keller Williams Realty in Old Town Alexandria, Virginia, has recognized that a rise in the use of text messaging and mobile Web sites is presenting the firm with an opportunity to reach home buyers in a new and innovative way.
Today, Keller Williams is launching a mobile marketing program that combines SMS messaging and mobile Web sites to automatically respond to a potential home buyer's text message query with additional details about the home and a link to a mobile Web site created specifically for the available property. The technology, which will be available throughout the Washington, D.C. Metro area with the potential to expand nationwide, was developed by Proteus (http://www.proteus.com), a global mobile products company based in Arlington, Va. Keller Williams' mobile Web pages will be created using Proteus' Swift(TM) mobile Internet publishing platform.
"This program is not only beneficial to the home buyer, but also the home seller," explained Shane McCullar, Managing Broker of Keller Williams Realty. "It provides immediate information at the exact time a property piques the interest of a buyer. For the seller, the application represents an innovative tool to market his or her home in the digital age. At Keller Williams, the new standard in real estate is anything but standard."
The mobile marketing campaign, which works with any phone that can send and receive text messages and/or access WAP sites, is available immediately. When an individual sees a property in print, online or onsite, he or she is prompted to send a property-specific keyword to a mobile short code for more information. The potential home buyer instantly receives property data via Proteus' auto-responder technology, available 24 hours a day/7 days a week. The text message not only contains key property information, but also a link to a customized WAP site that provides additional details, property photos, realtor information and lead capture tools. The opt-in program provides Keller Williams realtors with contact information so that they can follow up with the interested party.
"In what we believe to be the deepest mobile integration with a real estate company ever, this is an exciting use of the Proteus mobile platform," said Guy Vidra, president of Proteus. "From the beginning, Keller Williams has been forward-thinking in embracing mobile marketing, and their clients -- both home buyers and sellers -- will benefit from its immediacy, convenience and marketing value."
About Keller Williams Realty Inc.
Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with more than 650 offices and more than 77,000 associates in the United States and Canada. The company's agent-centric culture emphasizes access to leading edge education and promotes an economic model that rewards associates as stakeholders and partners. Keller Williams Realty, which began franchising in 1990, places high value on professional education and a full-time commitment to real estate sales. For more information, visit Keller Williams Realty online at (www.kw.com).
About Proteus
Proteus is a veteran provider of mobile marketing products and solutions with deep carrier connectivity around the globe. From SMS messaging campaigns to mobile Internet sites to entertainment content storefronts, Proteus develops products to help companies create innovative marketing programs, connect with consumers, drive additional revenue and build their brands. Clients include such major media brands as FOX, HBO, Disney, NBC Universal, ABC, National Geographic, Scripps Networks and The Washington Post, as well as large corporations such as AT&T, MasterCard and Motorola. Based in Arlington, VA, with offices in New York, Buenos Aires, Mexico City and Bogota, Proteus is owned by U.K.-based 2ergo Group. For more information, visit www.proteus.com .
MEDIA CONTACT Michael Volpatt 415-994-8864
SOURCE Proteus
http://www.proteus.com
Copyright (C) 2008 PR Newswire. All rights reserved
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