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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Guess what? The U.S. economy stinks! That may not come as a surprise but it’s actually worse than the government first thought. While politicians in Washington bungle this debt ceiling debate the economy is mired in slow growth.

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The grimness of the recession is still ravaging certain US cities with the recovery having a long way to go. Increase on homeless communities, falling house prices along with a rising number in foreclosures are factors causing these cities to affected by any recovery. This list is based on Brookings Institute MetroMonitor Index
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Fifty-six-year old Ben Bernanke has won a second term as chairman of US central bank, the Federal Reserve.

The US Senate confirmed the appointment after it voted 77-23 in favour of Bernanke, whose current term ends on Sunday.
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