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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
CBC'S HOCKEY NIGHT IN CANADA to introduce $100,000 search for new theme song
Comtex
TORONTO, Jun 6, 2008 (Canada NewsWire via COMTEX) ----National songwriting contest open to all Canadians
After more than 13 months of negotiations, CBC is saddened to announce that a deal has not been reached with the rights holders for an extension of "The Hockey Theme" - CBC'S HOCKEY NIGHT IN CANADA theme song.
"We share with all Canadians the disappointment of this news, as we feel as strongly about the theme as they do," said Scott Moore, executive director of CBC Sports. "We are proud of the association with the former theme song and are saddened that we were unable to reach a deal, especially when we presented an offer which we believe was not substantively different from what the rights holders had proposed to us. We love the song and know this is a huge disappointment for us and for millions of Canadians. As of today, CBC Sports is moving forward with our plan to have the Canadian public compose the new Hockey Night in Canada theme song."
CBC, in conjunction with leading music producers Nettwerk Music Group, will conduct a nationwide search, inviting Canadians to write and record an original song for CBC'S HOCKEY NIGHT IN CANADA. Then, in a debate that is certain to dominate conversations throughout the country, fans and a jury of experts will choose the best new composition. CBC will offer $100,000 for the winning song, which will then become the new "official theme song" of CBC'S HOCKEY NIGHT IN CANADA and will be heard in every broadcast. A portion of the new theme song's royalties will be donated to minor hockey in Canada. Details surrounding the contest will be announced next week.
"This contest will generate passionate interest among Canadians," said Moore. "The winning theme promises to be an anthem for a whole new generation to kick off our coverage every Saturday night and beyond."
This is not the first time CBC'S HOCKEY NIGHT IN CANADA has introduced a new theme song. Since the show's debut in 1952, numerous pieces of music have been used to welcome viewers to hockey on Saturday nights. The program's most recent theme, "The Hockey Theme," made its debut on CBC'S HOCKEY NIGHT IN CANADA during the 1968 season.
"It will be amazing to hear how Canada's musical artists will interpret the show and to follow the contest through which the new song will be selected," Moore continued. "We'll have more details on the new contest next week."
About CBC'S HOCKEY NIGHT IN CANADA
CBC'S HOCKEY NIGHT IN CANADA has been a national institution since 1952. Now entering its 56th season on CBC TV, it remains the most popular weekly sports program on Canada, averaging more than a million viewers every Saturday night.
SOURCE: Canadian Broadcasting Corporation
SOURCE: CBC SPORTS
SOURCE: CBC'S HOCKEY NIGHT IN CANADA
SOURCE: News - Media
Chris Ball, Media Relations, (416) 205-7831, chris.ball@cbc.c
Copyright (C) 2008 CNW Group. All rights reserved.
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