Comments about ‘Utah could see thousands of jobs eliminated’

Welcome to the party Local papers. The Alterative media told us this was going to happen since 2005

jct, the local media have been reporting the credit crisis for years, who are these so called alternative medias? Fox, CNN , MSNBC? and how has there reporting been any diffrent from the Local papers?

The fact is america is out of money and has been living on debt and credit. This is exactly what caused the crash of 1929 with more variables added in. And those with 401(K) accounts don't bet on them being there after its all said and done. The financial world is scared that workers will withdraw funds and stop paying any 401's and other stock related retirement funds. Who do you think has been footing the bill for wall street to act irresponsibly? Wall Street has counted on workers funds as their only source of cash since it was started. All this has put any and all retirement stock accounts at the highest risk. With blind obedience millions of workers have fed this hog on false hopes of a decent retirement. Their fears only proves how irresponsible they have been with your retirement and how much they have abused it. We americans are the ones that have been bailing out wall street for many years. Hopefully the american people are smart enough to cancel their 401's as they are going to need this money to battle inflation, loss of jobs, and the further devaluation of the dollar.

The alternative media? Seriously. At sleep at the switch. Why is no one writing about the fact that Utah could have led on this issue by not repealing its naked shorting ban? What is more ironic, is that these same banks that are cutting these jobs are the ones that fought the legislation and bullied our Governor and legislature into repealing our naked shorting law.

My husband lost his job two and a half years ago and has been unemployed or underemployed ever since. He has a college education but he went to get a job stocking grocery shelves and they told him he was "overqualified" and would not give him the job. He now has a job but who knows how long it will last. I just keep thinking how scary it all is and how it is going to get worse.

I'm SO SICK of the doom and gloom coming form the media these days.

I'm better off financially than I have ever been. This year I got a 10% raise to take me up to $62,000 a year.

I only drive 3 miles to work so the gas increase doesn't hurt me much except at the grocery store where things have gone up a bit. Even with that increase my family is still doing very well.

My job is not in jeopardy from the economy.

LIfe is better than ever.

NO DOOM!

NO GLOOM!

hey lets vote for the same stuff for four more years. Go get them utah conservatives.

My grandchildren will have to pay off this debt. Thanks government. It would be nice to blame Bush, but this mess is truly bipartisan.

"...Utah will probably lose about 3,000 jobs..."

2,995 will be:
mortgage brokers
realtors
loan officers
home builders
other speculation-related jobs

The remaining 5? The five people making money from the latest Utah County pyramid scheme.

Does anyone remember how the banks and broker/dealers did everything to kill Utah's naked shorting bill? Republican and Democrat voted against the bill--and the governor's office did nothing to fight for it!! Just think--Utah could have helped to prevent financial collapse. But politics and personal favors got in the way. For shame, governor!

I can remember not too long ago when many people were saying that globalization is good for the United States. I remember Mr. Bush himself stating on television that
jobs leaving the country is actually good for the U. S. Many educated people used to tell workers displaced by illegal immigration to become educated and stop complaining. Now, the educated are becoming displaced and globalization is at the root of the problem. This is just the beginning. Isnt it great to live in a socialized country run by a fiscal conservative?

I can't see how this is the fault of the little guy and why the little guy will have to pay a higher tax to bail-out the big guy. The big guy wasn't there to help the little guy when he was behind on a house payment. In fact, the big guy sent out his attorney's to collect on the little guy. I say, "Let the big guy fall" and don't cast the burden on the little guy.

Actually America was not living on debt and credit prior to the crash of 1929. We were a creditor nation at that time. I do agree that many of the regular folks had debt obligations. Why should we listen to your opinions when you can't give us an accurate historical account of your basic premise. Your advice to cancel our 401k accounts is a sure fire recipe for economic disaster. Perhaps it is inevitable, but your advice will see that we get to the Great Depression II for sure.

You are right and to take it one step further, we are all to blame for enjoying the good times without complaining about those good times, knowing that this will ultimately cost those who come after us. Shame on all of us.

Clinton was in office at the time the finacial plug was pulled. He steered the financial ship towards a waterfall. In 1998 congress approved the cap gains tax so you could buy a home, sell it and keep the equity "tax-free". Suddenly people started buying and selling like crazy. The Real Estate bubble inflated. Now you put your blinders on and want that Clinton influence back by voting for Obama? REAGAN was our best president EVER. Bush hasn't been the best but we can't give the helm back to another democrat. I'd like to think that McCain is another Reagan. The Clinton's are to much in the scene with Obama. I think that should show America that the Clinton's will be operating the White House through Obama.

❝I agree with Steve Moore and Alan Greenspan that the correct capital gains tax rate is zero if you want maximum economic growth.❞
Newt Gingrich 1998
One of Clinton's main faults was that he always let the Republicans have their way with legislation. You simply can't blame all Democrats for everything that Clinton let the Republicans get away with. Why is it so hard to accept that the ideas which are causing the current crash were grown in the CONSERVATIVE think tanks like the CATO Institute and drafted into legislation by the Republicans like Phil Graham and backed by Republican senators like John McCain. How many times do you have to get kicked in the head before you stop riding this horse?

its totally against the constitution. the bailout of bad loans is bein shouldered by all the middle class and poor. we are not responsible for the lenders giving bad loans..we should let them fail. we are notresponsible. and to you idiot that said this is doom gloom..this is reality pal wake up and dont get too comfy in your bubble because it will burst! the dollar with all the money being made from thin air will be worth nothing soon say keep ya 65G's they'll be worth nothing but maybe fiber soon

Anonymous at 6:37 confirmed for me my long held hypothesis about conservative republicans. What is that you ask? We'll they simply lack the ability to empathize with their fellow human beings and can only envision the world as it relates directly to them. Anonymous wrote "I'm better off financially than I have ever been.I only drive 3 miles to work so the gas increase doesn't hurt me" "My job is not in jeopardy from the economy." Well, our nations financial institutions are on the brink of collapse, people are loosing their homes left and right but this is just smoke and mirrors to anonymous because in their words "life is better than ever".

Sadly this appalling example of indifference is not an isolated instance. In fact it runs rampant among the republican elite (to the inclusion of John McCain).

"The fundamentals of our economy are strong"-John McCain

"You've heard of mental depression; this is a mental recession," "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline." - Anonymous (oops sorry that was Phil Gramm McCain's top Economic Advisor)

Of course our traditional media is lazy. Weren't these industrial banks the same people who fought against and pushed to have Utah repeal the nation's only law banning naked shorting and attaching financial penalties to it? Where is that story? We could have been the leaders and maybe help lessen some of the damage that is now being done to our economy and tax dollars? Instead our legislature buckled under pressure -- Democrat and Republican alike. Oh well. These people laid off can write those very same legisaltors who repealed their own law.

The spike in oil prices is hard to take, but it could have been dealt with. Most of the problem was caused by speculation and greed in the futures market.

On the other hand the collapse of the financial and stock market is very similar to the 1929 collapse. It also is being caused by speculation and greed. Back then the problem was caused by "buying on margin" where stock was being bought with very little of the buyers own money, being driven by uncontrollable greed. The only difference is now we have been calling it leverage, but it is the same.

This time however it extended so far into the home buyer market that both borrowers and lenders were so involved with the margin/leverage mortgages on homes that they drove the price of homes far above their actual value, just as they did the stock market prior to 1929.

Loans were written that had no possibility of being repaid, unless the price of the home increased substantially. This was all being done in the financial markets with other people's money, where greed was also rampant.

The comparison to 1929 is unmistakable. I hope we can stop it this time.