Ten years ago in May, Federal Reserve Chairman Ben Bernanke said the problems in the U.S. subprime mortgage market probably would not hurt the economy or the banking system. Erm, no. To put it mildly, that call was a misjudgment of epic proportions. It has taken a full 10 years since the onset of the global financial crisis for the world economy to show clear signs of recovery. And according to Reuters, progress remains halting even now. In the United States, the unemployment rate is at its lowest in a decade, but pay is growing only slowly and a string of recent economic data has been weaker than expected. Friday brings the second reading of U.S. gross domestic product in the first quarter. It’s expected to show the weakest growth in three years.
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