Global Crisis

Larger-than-expected improvements in U.S. housing prices and consumer confidence on Tuesday lent new weight to signs the economy is emerging from the longest and deepest recession since the 1930s. U.S. home prices rose for the second month in a row in June, according to a closely watched S&P index, and consumer confidence jumped in August. In addition, President Barack Obama nominated Ben Bernanke to a second term as chairman of the Federal Reserve, removing some niggling doubt from investors' minds as the decision promised a consistent approach to monetary policy in the years ahead. The developments helped buffer the blow of projections for the U.S. budget deficit to reach its highest level in 2009, relative to the total economy, since World War 2. "The recession appears to be over, with consumer attitudes lagging behind broad economic developments," sai

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