The European debt crisis is raising the odds of a U.S. recession, with economic contraction more likely than not by early 2012, according to research from the San Francisco Federal Reserve Bank.

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The Ayn Rand Institute held its annual "Atlas Shrugged Revolution" dinner Thursday night in New York City.

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The ranks of U.S. poor swelled to nearly 1 in 6 people last year, reaching a new high as long-term unemployment woes left millions of Americans struggling and out of work. The number of uninsured edged up to 49.9 million, the biggest in over two decades.

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Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group’s implosion nearly three years ago.

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What a difference a month — and a brewing financial crisis — makes.

In early July, Moody’s economist Mark Zandi told The Daily Ticker the U.S. economy was poised to "reaccelerate," predicting GDP growth close to 3% growth in the third quarter and approaching 4% in the fourth.

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