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America slides deeper into depression as Wall Street revels

Posted By admin On January 11, 2010 @ 11:29 am In Featured Stories | Comments Disabled

Ambrose Evans-Pritchard
London Telegraph [1]
Monday , January 11th, 2010

December was the worst month for US unemployment since the Great Recession began.

The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.

Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism.

The home foreclosure guillotine usually drops a year or so after people lose their job, and exhaust their savings. The local sheriff will escort them out of the door, often with some sympathy –– just like the police in 1932, mostly Irish Catholics who tithed 1pc of their pay for soup kitchens.

Realtytrac says defaults and repossessions have been running at over 300,000 a month since February. One million American families lost their homes in the fourth quarter. Moody’s Economy.com expects another 2.4m homes to go this year. Taken together, this looks awfully like Steinbeck’s Grapes of Wrath.

Full article here [2]

“When the people find they can vote themselves money, that will herald the end of the republic.”Fall Of The RepublicBuy the DVD here [3]

America slides deeper into depression as Wall Street revels  FOTR 340x1692 [3] 

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6962632/America-slides-deeper-into-depression-as-Wall-Street-revels.html

[2] Full article here: http://www.breitbart.com/article.php?id=CNG.5d946b06d1504d59eb2b0f21a6a9d808.221&show_article=1

[3] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[4] Mockupy Wall Street: ‘Law & Order: SVU’ Filming At Foley Square Draws Occupy Wall Street Protest: http://www.prisonplanet.com/mockupy-wall-street-law-order-svu-filming-at-foley-square-draws-occupy-wall-street-protest.html

[5] The Economic Recovery Is Moving Along Quite Well – For The Boys Down On Wall Street: http://www.prisonplanet.com/the-economic-recovery-is-moving-along-quite-well-%e2%80%93-for-the-boys-down-on-wall-street.html

[6] Wall Street plunges towards worst month since the Great Depression of the early 1930s: http://www.prisonplanet.com/wall-street-plunges-towards-worst-month-since-the-great-depression-of-the-early-1930s.html

[7] Occupy Wall Street: Mass Economic Riots Are Now Here And America Will Never Be The Same: http://www.prisonplanet.com/occupy-wall-street-mass-economic-riots-are-now-here-and-america-will-never-be-the-same.html

[8] America faces new Depression misery as financial crisis worsens: http://www.prisonplanet.com/america-faces-new-depression-misery-as-financial-crisis-worsens.html

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