It is amusing to watch economists toss around ridiculous terms like "technical recession" to justify their poor forecasts. The entire eurozone is now in recession and the UK was sure to follow because so much of its trade is with the eurozone. This was easy to predict, yet few did.
For the past four years, fighting a global economic crisis has been the U.S. Treasury Secretary’s top priority. Though the U.S. economy seems to be entering a period of recovery, President Obama’s Treasury Secretary nominee, Jacob “Jack” Lew, would still face enormous challenges in office.
Britain risks falling back into recession unless its banks increase the amount they are lending to businesses and individuals, Business Secretary Vince Cable said in an interview with The Sunday Times."The top priority now, to boost growth and jobs and avoid a double dip (recession), is making the banks lend again," he told the newspaper, as the Bank of England was on Wednesday expected to downgrade its forecasts for British economic growth.
WASHINGTON – U.S. President Barack Obama will nominate White House chief of staff Jack Lew as his next Treasury secretary on Thursday, replacing Timothy Geithner, according to a source familiar with the matter.
Lew had been widely expected to be tapped for the role. He has served as budget director for Obama and for former President Bill Clinton.