Posted on 07/30/2010 9:05:09 AM PDT by OldDeckHand
NEW YORK (Dow Jones)--U.S. stock futures fell Friday after data showed the U.S. economy slowed in the second quarter and the government said the recession was deeper than earlier believed, adding to concerns over the recovery's strength.
Dow Jones Industrial Average futures were recently off 70 points at 10339, while Standard & Poor's 500 futures dropped 8 points to 1089 and Nasdaq Composite futures declined 15 points to 1842. Prior to the data, Dow futures had been off 42 points, S&P 500 futures were down 5 points and Nasdaq futures were off 9 points. Changes in stock futures do not always accurately predict early stock moves after the open.
The Commerce Department Friday said U.S. gross domestic product, or the value of all goods and services produced, rose at an annualized seasonally adjusted rate of 2.4% in April to June. In its first estimate of the economy's benchmark indicator, the government report showed growth was lifted by business investments and exports. Consumer spending, a key growth engine for the U.S. economy, made a smaller contribution to growth.
(Excerpt) Read more at online.wsj.com ...
I guess the PPT cannot buy enough Citigroup and Bank of America stocks to pull it out of the dive.
obamonomics communist DEPRESSION.
LLS
Hilarious to see Joe, the aneurysm , Biden running around the country telling everyone it`s the summer of recovery !
2.4 will be revised down as the data comes in and if one subtracts the Trillions being pumped in by the messiah AND after that well goes dry look for even weaker GDP numbers.
America is failing big time and Obama is doing all he can to make sure as much damage as he can do is done in record time.
Recovery summer!!!
People need to finally learn that taxes and spending ARE NOT CONNECTED! Tax relief helps the economy and Tax hikes kill it. Spending can either go up or down depending on the Congress. If you don't want to owe so much,.......STOP SPENDING! If you want the economy to bounce back, CUT TAXES! The two ARE NOT CONNECTED. Trying to lower the deficit by raising taxes is CONTRARY to job expansion. Company XYZ doesn't care about Obama's stupid plans and WILL NOT pay for them. They will continue to shrink their business till they finally move offshore to save themselves,....Not American Jobs! Saving jobs is not what they are paid to do, but making money is.
Obama is just a socialist moron that believed what he taught in school. He is pouring over the book Hugo Chavez gave him trying to figure out what he should do next to make America as successful as Venezuela.
God help us.
I agree with everything you've said, with the exception of this. While spending - especially deficit spending - has probably negligible effect on the immediate economy, long term is a different story. Reckless increases in the money supply, and all the negatives effects associated with those increases, aren't helpful to the long-term health of this economy, or any economy.
You can't keep printing money and expect that at some time in the future, you're not going to be left without a chair when the music stops; Just ask Greece how that worked out.
You are on the right track, but you’re missing the real point. It isn’t the amount of money printed, it is the impact of government on the economy, how much production they siphon off. A country with zero taxes which printed all the money it spent would be better off if it limited spending to 10% of GDP than a country that ran a balanced budget but soaked up 25% of GDP. That’s why the taxes/spending argument is specious, it’s the percent of GDP that matters.
More green shoots.
+++++++++++
You could not have described it better !!
Obama ......either Jimmy Carter STUPID or EVIL smart !!
God Bless the USA ...it’s going to need all the help it can get !!
In a vacuum, that might be true. However, this economy is but one of hundreds in a global economy, and the relative value of our currency to other currencies in the global economy, is an important variable, as the citizens of Zimbabwe would likely attest to. If our currency is worthless even though our government spending is but a fraction of our economy, that's not "healthy" either.
I understand and agree with what you're saying about government spending relative to GDP, and clearly the Japanese during the "lost decade" would attest to that.
SURPRISE,, Surprise... GOllee!! Who'd a thunk it :)
That’s what they get for listening to Biteme.
It’s like a tea partier said on Beck, this stuff was going on long before osama. There was no change, it was just the same old stuff, but on speed. We are going to have to take it down before we can build it back up. Sad sad trooff, dirty low down.
It’s not that deficits don’t matter, it’s just that the spending is so far beyond what can be raised in taxes that the two things aren’t really related any more.
Any more whenever this administration is brought to my attention the theme to "The Three Stooges" comes to mind.
Small wonder why a lot of people are "sitting on the sidelines" and not investing in the stock market.
May the force be with you,, invest in ammo... always worth something.......gold?? not so much...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.