{"id":168693,"date":"2010-01-12T04:53:48","date_gmt":"2010-01-12T09:53:48","guid":{"rendered":"http:\/\/nw0.eu\/2010\/01\/12\/america-slides-deeper-into-depression-as-wall-street-revels.html"},"modified":"2010-01-12T04:53:48","modified_gmt":"2010-01-12T09:53:48","slug":"america-slides-deeper-into-depression-as-wall-street-revels","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/168693","title":{"rendered":"America slides deeper into depression as Wall Street revels"},"content":{"rendered":"

Ambrose Evans-Pritchard
\nLondon Telegraph<\/a><\/a>
\nMonday , January 11th, 2010<\/span><\/p>\n

December was the worst month for US<\/a> unemployment since the Great Recession began.<\/p>\n

The labour force contracted by 661,000. This did not
\nshow up in the headline jobless rate because so many Americans dropped
\nout of the system. The broad U6 category of unemployment rose to
\n17.3pc. That is the one that matters.<\/p>\n

Wall Street rallied. Bulls hope that weak jobs data will postpone
\nmonetary tightening: a silver lining in every catastrophe, or perhaps a
\nfurther exhibit of market infantilism.<\/p>\n

The home foreclosure guillotine usually drops a year or so after
\npeople lose their job, and exhaust their savings. The local sheriff
\nwill escort them out of the door, often with some sympathy
\n\u2013\u2013 just like the police in 1932, mostly Irish Catholics who
\ntithed 1pc of their pay for soup kitchens.<\/p>\n

Realtytrac says defaults and repossessions have been running at over
\n300,000 a month since February. One million American families lost
\ntheir homes in the fourth quarter. Moody\u2019s Economy.com expects
\nanother 2.4m homes to go this year. Taken together, this looks awfully
\nlike Steinbeck\u2019s Grapes of Wrath.<\/p>\n

Full article here<\/strong><\/a><\/p>\n

\n

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