Posted on 08/05/2011 3:14:07 AM PDT by markomalley
Stock index futures pointed to a lower open on Wall Street on Friday, adding to the two-week slump as investors continued to sell, spooked by the prospect of another recession.
At 0900 GMT, futures for the S&P 500 down 0.48 percent, Dow Jones futures down 0.7 percent and Nasdaq 100 futures down 0.35 percent.
Investors braced for the all-important U.S. monthly non-farm payrolls as well as the unemployment rate, due at 1230 GMT on Friday, seeking more insight on the extent of the damage in the labor market following a string of bleak macroeconomic data.
Economists see payrolls up by 85,000, according to a Reuters survey, after a tepid 18,000 gain in June. The unemployment rate is expected to hold steady at 9.2 percent.
Japan's Nikkei average dropped 3.7 percent while European stock indexes shed 2 percent in morning trade on Friday, heading toward a weekly loss of more than 10 percent.
"The reality of a global economic contraction seems to have finally kicked in as the markets continue to plummet across Europe," ETX Capital senior trader Manoj Ladwa said.
(Excerpt) Read more at old.news.yahoo.com ...
This economy will continue to limp along until Obamer is outta there. It’s the elephant in the room, we all know it, thank me for pointing it out.
I suspect after this coming weekend the stock market will calm down though it might well go below 10,000. Then it will limp along with crossed fingers until 2012. If Obamer should somehow win again, forgetaboutit.
He will then have free rein to destroy this country as is his plan.
The stock market fall was but a culmination of a desultory economic climb capped off by that terribly poor showing in D.C. over America’s debt ceiling. The investing class is not happy but look on the bright side. The Blue Blood Ruling Class is delighted.
Hey, look at the bright side: after yesterday, 0.7% isn't as big as it used to be.
Hey, look at the bright side: after yesterday, 0.7% isn’t as big as it used to be.
...............
LOL
unemployment “down” to 9.1, not all that bad but I’ll wait for the revisions next week.
Prints at 9.1% and +117,000 in line with the 115,000 expectations.
fudged to high hell.
Obama and his administration's attack on our economy make the Enron white collar crooks look like amateurs.
This morning, in the first half hour, Dow fell over 200 points, then did a modest rally and slumped again. I’m glad I lost all my money and got out years ago, while the getting was still good.
“We didn’t have The Obama Depression under Bush.”
True and I voted for Bush twice. However, the standard of living for the average American family did not increase during the 8 years of Bush and the budget deficit doubled in his 8 years. Plus his lack of enforcement of immigration laws allowed millions of illegals into the country increasing the cost of government social services. He also added huge government costs in the form of “no child left behind”, Medicare prescription drugs, and two foreign wars with no end in sight. His Treasury Department, working with the Federal Reserve, pursued a “weak dollar” low interest rate strategy contributing greatly to the housing bubble and dramatically lowering the return on savings of millions of middle class retirees. Furthermore he perpetuated the one sided “free trade” policies of his father and Clinton which have resulted in the deindustrialization of this country and the destruction of millions of middle class jobs. As a conservative the biggest issue I have with Bush was him abdicating his responsibility during the September 2008 financial crisis resulting in Paulson and Bernanke allowing Wall Street to loot the Treasury and then acquiescing in passing TARP so the new Democrat administration would have a multibillion dollar slush fund to begin its reign over the American people.
From my perspective Bush was a mediocre to poor President. He failed to exercise any budget discipline. After 9/11 he got us into two wars with constantly changing objectives and no defined “victory”. He allowed his opponents to control the agenda by not fighting back. After Katrina he seemed to totally give up. George Bush was not up to the job because he had no clear vision for America and no understanding that the biggest threat to personal freedom was limiting the power and size of the federal government. Bush, aided the growth of government and failed to use his veto power to put a brake on the excesses of Congress. He may have loved his country but his administration perpetuated the growth of big government and his political ineptness established the conditions that resulted in the election of Obama and the super-Democrat majority in Congress which gave us accelerated runaway spending and Obamacare.
Bush may have been a “nice guy” but calling oneself a conservative does not make one a conservative. Bush was a believer in big government and a big spender. 1/3 of our current $14 billion national debt is attributable to his 8 years. Obama may be far worse but Bush was the biggest spender by far of all presidents up to Obama. Had he sustained the balanced budget he inherited, our economic mess would not be as bad as it is today. In fact, had he sustained the balanced budget the Republicans could have turned Obama/Pelosi/Reid’s profligate spending into a major and powerful political issue.
Great post. Don’t forget he signed the CFR bill too.
I know that sounds harsh to little girls who think we're still in the game, but the sooner we face facts the better off we'll be.
“a believer in big government “
Big government labor camp now, with the media as government “life-coaches.”
I completely lost confidence in the unemployment statistics when Clinton started messing with how they are calculated. Clinton's presidency made me a conservative; Obama made me Tea Party.
Spot on.
no way am I hiring until after obama and the democrats are out of power.
I wonder if it would be possible to create offshore microcountries to park profits? and oil rig with only banks.
I think the time has come for all the tarp banks. which is all of them, to write off all the mortgages and essentially fresh start all the loans up to say 200k. does it suck? yes. but we simply couple that with banker and lawyer perp walks.
No, we just had a near-meltdown in 2008, followed by a few big bailouts.
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