Stock index futures fall; all eyes on payrolls

Reuters ^ | 8/5/11 | Blaise Robinson

[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.

[rabscuttle385]

The economy under Pres. Bush was remarkably better

The Bush economy was nothing more than a massive credit bubble.

[rabscuttle385]

...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.

You win the award for most insightful post of the day.

[John W]

Except for this statement being pure bullshit-”Had he sustained the balanced budget he inherited, our economic mess would not be as bad as it is today.”

As if Obama wouldn’t have just spent whatever it took to destroy the country. Some folks blind hatred of Bush somehow makes them also blind to exactly what Obama is. Wouldn’t surprise me if some of the haters voted for Obama.

[stephenjohnbanker]

...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.

You win the award for most insightful post of the day.RABS

I would go one further. One of the best posts I have ever read at Free Republic.

A tip o the hat to you “Soul of the South!!

[stephenjohnbanker]

” Some folks blind hatred of Bush somehow makes them also blind to exactly what Obama is. Wouldn’t surprise me if some of the haters voted for Obama. “

Get off the “Hatred Bus” . Every solitary thing Soul of the South said was verbatim the truth. Bush was a lousy RINO POTUS, and Jim Rob posted so in red ink a couple years ago.

[John W]

Its interesting on what may very well be his worst day as president, Obama has freepers assisting him in blaming Bush for all the problems he has created himself. Amazing.

[rabscuttle385]

Obama has freepers assisting him in blaming Bush for all the problems he has created himself.

Not all of this is Obama's fault. The seeds of today's malaise were planted decades ago and nurtured under subsequent administrations.

That said, Obama is definitely guilty of prolonging the financial agony by screwing things up even more.

[stephenjohnbanker]

” Obama has freepers assisting him in blaming Bush for all the problems he has created himself. Amazing.”

Oh NO NO sir. Obama is a communist and an economic terrorist. You just refuse to face reality, and McCain was worse than Bush. When you run a slimeball like McCain, many conservatives (I said many CONSERVATIVES, won’t vote for him.

[stephenjohnbanker]

Ping to 48

[BufordP]

Great post Soul of the South. Books have been written.

Obama IS Bush's legacy.

John Derbyshire: Eight Wasted Years ...Margaret Thatcher used to talk about the “ratchet effect.” When the Left gets power, she said, they drive everything Left; when the Right gets power, they slow the Leftward drive, perhaps even halt it for a spell; but nothing ever gets moved to the Right. U.S. politics in the 21st century so far bears out this dismal analysis. What does the Right have to show for eight years of a Republican presidency? I supported George W. Bush in 2000 because I thought he had a conservative bone in his body somewhere. I supported him in 2004 because I thought him the lesser of two evils. At this point, I wouldn’t let the fool park his car in my driveway. Bruce Bartlett was right, every damn word... Bill Gertz interview on Hannity and Colmes Gertz: Well he casts himself as a compassionate conservative and I argue that he's neither. That his administration is neither. He's done tremendous damage to the conservative movement...

[stockpirate]

I never called Bush a conservative, I have always viewed him as a New world Order big government socialist.....

[Kimberly GG]

.....”low interest rate strategy contributing greatly to the housing bubble ....”

ahhhh yes....who can forget the “Ownership Society” plan for giving mortgages to folks with Section 8 housing vouchers and no jobs. WHAT was he thinking????

[stephenjohnbanker]

He waqs thinking re-election. He did the saqme with AMNESTY with chain migration. Thank GOD it failed!

[stephenjohnbanker]

He was thinking re-election. He did the saqme with AMNESTY with chain migration. Thank GOD it failed!

[Soul of the South]

Bush’s first Secretary of the Treasury, Paul O’Neil tried to stand up for the dollar and fiscal discipline. He was fired by Bush for his efforts.

Bush and his father were big government internationalists. Any President, including the current one, who tolerates and facilitates the invasion across the southern border is not living up to his oath to support the Constitution. Two Bushes, Clinton and Obama are responsible for the open warfare that exists today in the border area.