A Good (and Depressing) Summary of the Economy

Leave it to Evan Ambrose-Pritchard to summarize what few other people will tell you. Do you think that things are getting better in the economy? Think again.

* Labor force conraction in December - 661,000

*True unemployment rate - 17.3%

*One million Americans lost their homes in the 4th quarter

*MZM contracting at 3% annual rate

*Broad money supply contracting at 5% annual rate

*Wall Street - Party on, baby!

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.