Give credit to Sal Arnuk, the co-manager of trading at Themis Trading, for encapsulating Friday's lousy economic data, slumping stock market and clueless American president.
In a nutshell, this is the great goose egg economy -- a big zero, a big nothing, he said.
In what should have been a quiet day on Wall Street, the day before Americans celebrate Labor Day weekend, the Big Board plummeted on early morning trading as Uncle Sam reported that unemployment remained flat. Throughout all of this mess, Obama has scurried around from political stump speech to stump speech doing his best do avoid looking like a deer in the headlights.
The glimmer of hope? Last week, Obama's embattled economics czar Austan Goolsbee stopped blaming former President Bush and instead whined that the East Coast earthquake and hurricane were to blame for the economic slump. Not very enouraging.
There is a plethora of bad news, says the financier Arnuk, whose office is across the river from Wall Street in New Jersey. You have what is going on in Greece, you have lawsuits potentially coming ... against the banks. You have the Fed in a Wall Street Journal article ... asking Bank of America if they are going to be OK if things get really bad. There are a lot of confidence issues in the marketplace, the jobs number only made things worse and people wonder about this jobs number and its correlation with Philly Fed. That is scary.