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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.
Home / Markets / Industries / Technology
Tuesday, May 06, 2008
Leading Web Development Firm Rockfish Interactive Selects Internap to Deliver High-Quality, Interactive Applications Online
Comtex
ATLANTA, May 06, 2008 (BUSINESS WIRE) ----Internap Network Services Corporation (NASDAQ: INAP), a global provider of end-to-end Internet business solutions, announced today that Rockfish Interactive, a leading, full-service Web development firm, has selected Internap's Managed Server and Content Delivery Network (CDN) to rapidly deploy interactive, Web-based applications for its expanding portfolio of Fortune 500 customers.
Rockfish Interactive's cutting-edge technology and award-winning design deliver innovative products and services to major brand names, some of which include Tyson Foods, Inc., Abbot Laboratories and Wal-Mart. The company builds online applications, including Web sites, blogs, Intranets and extranets, helping its customers meet their business goals creatively.
"In this day and age, it's critical to present customers with an engaging online presence that commands their attention," said Kenny Tomlin, founder and chief executive officer at Rockfish Interactive. "Internap's CDN makes it possible for us to ensure our customers' experiences are consistently of the highest quality, so they can succeed by standing out from the competition. Its open APIs (application programming interfaces) integrate well with our existing infrastructure, enabling us to focus on maximizing usability and design for the applications we create. We've found an ideal technology provider in Internap."
Internap's global 100 percent Service Level Agreement (SLA)-supported CDN, which recently expanded by 12 new points of presence (PoPs) to a total of 21 PoPs in North America, Europe and Hong Kong, provides customers with the ability to efficiently deliver online content. The open API allows Rockfish Interactive to seamlessly combine Internap's CDN with existing systems and programming languages. The company's fully scalable Managed Server solutions, including its streaming services, enable Rockfish Interactive to ensure a high-quality user experience despite the geographic location of its customers.
"Rockfish Interactive's impressive customer base reflects the firm's great achievements in the Web-development space," said Tim Sullivan, chief technology officer at Internap. "For today's enterprises, every Web-based application is mission-critical; downtime equals money lost. We're glad to be a trusted provider to an innovative company such as Rockfish Interactive, and we're proud our CDN can help the company extend its tradition of delivering reliable, entertaining experiences to an ever-growing online audience."
About Rockfish Interactive
Rockfish Interactive leverages cutting-edge technology and award-winning design to deliver interactive marketing and technology solutions for industry-leading brands. A full-service interactive agency, Rockfish Interactive provides the full breadth and depth of creative ideation, strategic marketing and interactive technology solutions. Rockfish Interactive's client roster includes Wal-Mart, Sam's Club, Edelman, JB Hunt, Tyson Foods and Abbott Laboratories. Learn more at www.rockfishinteractive.com.
About Internap
Internap is a leading Internet solutions company that provides The Ultimate Online Experience(TM) by managing, delivering and distributing applications and content with unsurpassed performance and reliability. With a global platform of data centers, managed Internet services, a content delivery network (CDN) and content monetization services, Internap frees its customers to innovate their business and create new revenue opportunities. More than 3,500 companies across the globe trust Internap to help them achieve their Internet business goals. For more information, visit www.internap.com.
Internap "Safe Harbor" Statement
Certain information included in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, including, among others, statements regarding the performance of our products, business strategy, projected levels of growth and projected costs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Internap and members of our management team, as well as the assumptions on which such statements are based. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by forward-looking statements. Other important factors that may affect Internap's business, products, results of operations and financial condition include, but are not limited to: our ability to sustain profitability; our ability to respond successfully to technological change; the availability of services from Internet network service providers or network service providers providing network access loops and local loops on favorable terms, or at all; failure of third party suppliers to deliver their products and services on favorable terms, or at all; failures in our network operations centers, network access points or computer systems; and our ability to protect our intellectual property.
Our Annual Report on Form 10-K/A, any subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss the foregoing risks, as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. We undertake no obligation to revise or update any forward-looking statement for any reason.
SOURCE: Internap Network Services Corporation
Internap Press contacts: Katie Eakins / Wanda Soler 619-677-2700 internap@lewispr.com or Investor contact: Andrew McBath, 404-865-7198 amcbath@internap.com
Copyright Business Wire 2008
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