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Obama taps General Electric chairman to lead economic council

President Barack Obama announced Friday that General Electric (GE) Chairman and CEO Jeffrey Immelt will chair the President’s Council on Jobs and Competitiveness. The new council was to replace the Economic Recovery Advisory Board headed by Paul Volcker. In making his announcement, Obama said Volcker’s panel had pulled the economy…

Fed Chairman Ben Bernanke defends $600 billion shadow stimulus

Federal Reserve Chairman Ben Bernanke defended the Fed’s new $600 billion program to aid the economy on Saturday, rejecting concerns that it will spur runaway inflation. Critics, including some Fed officials, fear that all the money being injected into the economy could ignite inflation or speculative bubbles in the prices…

Likely gridlock in Congress could threaten economy

Post-election gridlock in Congress could pose threat to a fragile economy if little gets done Political gridlock is supposed to be good for business. If bickering lawmakers can’t agree on anything, the thinking goes, they can’t pass laws and regulations that make the economy worse. So will the midterm elections,…

Pelosi pushes foreclosure irregularities probe

WASHINGTON (Reuters) – California Democrats in the House of Representatives are calling for federal investigations into whether financial institutions broke any laws in their handling of foreclosures in the midst of the housing crisis. Reports from thousands of homeowners in their congressional districts show an “apparent pattern” of practices that…

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