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SAVINGS DEPOSITS: Accounts maintained by banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money. These accounts, also termed transactions deposits, let customers set aside a portion of their liquid assets that COULD be used to make purchases. But to make those purchases, savings account balances must be transferred to checkable deposits or currency. However, this transference is easy enough that savings accounts are often termed near money. Savings accounts, as such constitute a sizeable portion of the M2 monetary aggregate.
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BUSINESS TRANSFER PAYMENTS Payments by the business sector to the household sector without any corresponding production. Business transfer payments are essentially gifts, or subsidies, made to the household sector from the business sector. At the aggregated level, this is one of several key differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). Business transfer payments (BTP) tend to be quite small, invariably less than 1 percent of gross domestic product.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for letters from the Internal Revenue Service.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"You don't have to see the top of the staircase to take the first step.¾ " -- Martin Luther King, civil rights leader
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LTT
Long-Term Trend
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