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1 million stimulus jobs?

Editor and Publisher — Fri, 20 Nov 2009 18:04:48 +0000

House panel investigates

By Richard Simon

(The Los Angeles Times) Reporting from Washington – Hundreds of new jobs in phantom congressional districts. Nearly 500 new teaching slots in a Chicago school district that employs only 290.

As the White House tries to show that its massive stimulus package has created or saved 1 million jobs, media outlets and critics have contended that some of the administration’s numbers are faulty.

On Thursday, a congressional committee tried to sort out the questions: Are the flawed data the result of Democratic spin meant to show that President Obama’s economic policies are working? Or are they ... Continue Reading

US banks prepaying $45 billion in insurance fees

Editor and Publisher — Thu, 12 Nov 2009 20:32:25 +0000

(The Los Angeles Times) WASHINGTON — U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators.

The Federal Deposit Insurance Corp. board voted Thursday to mandate the early payments of premiums for 2010 through 2012. Amid the struggling economy and rising loan defaults, 120 banks have failed so far this year costing the insurance fund more than $28 billion.

To address concerns of small banks in weak financial condition, the FDIC also set up an exemption process for those that prove the prepaid fees would ... Continue Reading