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Wednesday, January 13, 2010


Obama is expected to announce details of bank fee Thursday
U.S. President Barack Obama is set to announce details of a plan to levy a fee on banks to recoup money the government spent through the Troubled Asset Relief Program. Officials said the effort, which could return as much as $120 billion worth of losses, is expected to last several years. The Washington Post (13 Jan.)

FHA investigates 15 lenders with unusually high default rate
Fifteen mortgage lenders with a default rate that is more than twice the average for their area were subpoenaed as part of an investigation by the Federal Housing Administration. Officials are seeking documents on defaulted loans to determine whether the FHA-approved lenders engaged in wrongdoing, said Kenneth Donohue, inspector general of the U.S. Department of Housing and Urban Development. The Washington Post (13 Jan.)

Stimulus has added as many as 2 million jobs, White House says
The U.S. economy has between 1.5 million and 2 million more jobs because of President Barack Obama's $787 billion economic stimulus, the White House Council of Economic Advisers said in a report. The stimulus increased the GDP between 1.5 and 3 percentage points in the fourth quarter, according to the report (13 Jan.)

Analysis: China aims to stop investment bubbles, inflationary pressure
The People's Bank of China increased the reserve-requirement ratio for commercial banks to prevent investment bubbles and inflation, according to an analysis by People's Daily. "The central bank, the People's Bank of China, hopes cooling the pace of lending will keep its economy growing without creating inflation and overheating," according to the analysis. People's Daily (China) (13 Jan.)

*great article
Analysis: Financial-crisis inquiry echoes Depression-era crusade
The Financial Crisis Inquiry Commission in the U.S. is modeled after the group that investigated the Sept. 11, 2001, attacks, but it follows in the footsteps of the Pecora Commission of the 1930s, according to this Economist analysis. An inquiry by that commission brought to light vast misconduct on Wall Street. A similar "stoning" might await bankers during this year's investigation, according to The Economist. The Economist (07 Jan.)

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