Now that the U.S. has survived the debt-ceiling debate, the downgrade and the topsy-turviest Wall Street week in recent memory, we can get back to focusing on the gloomy big picture. Specifically, are we going to have a double-dip recession? More specifically, are we already in one?
General Motors Corp.’s bankruptcy, which wiped out shareholders and left taxpayers on the hook for billions of dollars, is generating a new wave of profit for hedge funds that supersized their claim by betting on an obscure pool of GM debt issued in the Canadian province of Nova Scotia.
Britons’ disposable income plunged the most in more than a quarter of a century in the first quarter, indicating continued pressure on the economy even as data showed the U.K. avoided a double-dip recession in 2012.
Bank of England policy maker Martin Weale said it would be “naive” to exclude the risk of a double dip in the U.K. economy, the German newspaper Handelsblatt reported, citing an interview with the policy maker.