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Utah could see thousands of jobs eliminated

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jct | 1:31 a.m. Sept. 20, 2008
Welcome to the party Local papers. The Alterative media told us this was going to happen since 2005
Anonymous | 1:54 a.m. Sept. 20, 2008
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?
Bob G | 4:15 a.m. Sept. 20, 2008
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.
Comments continue below
Jacob | 6:00 a.m. Sept. 20, 2008
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.
Anon | 6:24 a.m. Sept. 20, 2008
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.
Anonymous | 6:37 a.m. Sept. 20, 2008
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!
oldman | 6:58 a.m. Sept. 20, 2008
hey lets vote for the same stuff for four more years. Go get them utah conservatives.
G | 6:56 a.m. Sept. 20, 2008
My grandchildren will have to pay off this debt. Thanks government. It would be nice to blame Bush, but this mess is truly bipartisan.
Gee, really? | 7:53 a.m. Sept. 20, 2008
"...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.
Anonymous | 8:14 a.m. Sept. 20, 2008
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!



What a mess | 8:29 a.m. Sept. 20, 2008
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. Isn�t it great to live in a socialized country run by a �fiscal conservative�?
Still Unsure... | 8:27 a.m. Sept. 20, 2008
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.
Re: Bob G | 8:33 a.m. Sept. 20, 2008
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.
Re G: | 8:39 a.m. Sept. 20, 2008
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.
Hey Oldman | 8:54 a.m. Sept. 20, 2008
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.
Republican Hypocracy | 9:20 a.m. Sept. 20, 2008
❝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?
illegal | 9:23 a.m. Sept. 20, 2008
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
UNCGrad | 9:32 a.m. Sept. 20, 2008
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 nation�s 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)
Tyler | 9:37 a.m. Sept. 20, 2008
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.
Stewart | 9:47 a.m. Sept. 20, 2008
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.
re: Hey Oldman | 9:52 a.m. Sept. 20, 2008
To Hey Oldman: What kind of meadering line of baloney is that? Last time I looked President Bush has been in office for the last eight years so I can't help but put most of the blame for this mess at his feet. He has taken a hands-off approach to economic regulation that has enboldened those in the financial sector who want to profit at the expense of others. Further, Reagan was responsible for much of the deregulation that has allowed this type of financial madness and ruin.
re: re: Hey Oldman | 10:06 a.m. Sept. 20, 2008
It is what it is. Clinton approved the every two year rule to run from 1998 to 2010. Funny how that is a perfect set-up for the next president to deal with. Good Job Clinton. If Clinton had NOT approved the 1998 Equity rule then the prices of our homes would still be affordable. It really is the Real Estate bubble that caused this and it started in 1998 with Clinton at the helm. The prices of homes seriously inflated from then until now. Today we are seeing the fall of greed that several investors jumped into the bubble. Now they are falling and they want to be saved. Again, it all started because of the approval of the new tax law on capital gains taxes. You can't argue that. Clinton steered the ship towards the waterfall then stepped on the gas by allowing that stupid tax law.
Anonymous | 10:17 a.m. Sept. 20, 2008
For those of you who want to put the blame on Bush, remember this is a house of cards that has been stacking up for years...just because it begins to crumble during Bush's administration doesn't mean it was his fault. The policies that led to this catastrophe were set in place way before Bush got into office.
Knowah | 10:26 a.m. Sept. 20, 2008
Six months ago I predicted this would happen by the end of this year when it was publicized by our governor that yet another financial services call center was coming to town...I missed by three months.
Karl...a genius. | 10:56 a.m. Sept. 20, 2008
Karl Rove did get chicken to vote for Col. Sanders.

Of these 3000 who will get axed and the others; did you care when you read about layoff at the Deseret News?
To: UNC GRAD | 11:22 a.m. Sept. 20, 2008
Where does it say in his statement that he is a Conservitive Republican? You liberal democrats are always so much more empathetic. Thank you for your love. You guys al with your blamestorming, trying to point your finger at which side of the the isle is responsible all need to realized it was from both sides that harbored the greed and the irresponsible decisions that resulted in the fiasco.
Personal Responsibility | 11:22 a.m. Sept. 20, 2008
Don't blame the government or look for the government to fix your problems. Take personal responsibility. It's all about spending less than you earn. All these bad loans came about because people were trying to have more "stuff" than they needed, trying to keep up with their neighbors and co-workers. The crisis will continue until people start living financially responsible lives.
US manufucturing.... | 11:43 a.m. Sept. 20, 2008
....basically consists only of homebuilding -- so Bush created "the ownership society". Anyone who wanted a home, could get one. NINJA loans sprung up.

Why? Because every person along the purchasing chain made a commission.

Then, instead of owning a home, homes became an "investment opportunity"...and people started flipping them -- and soon, people without decent cars OR furniture, were living in huge McMansions. OR...they refinanced to get more money, to furnish their home with Chinese-made schlock.

Are you listening, Utah McMansion owners? You got that "giant clock" in your living room? It's ticking, ticking, ticking....and the energy crisis means you're going to pay, pay, pay to heat that awful monstrosity with the too-high ceilings.



Nonbeliever | 11:56 a.m. Sept. 20, 2008
This article is pure speculation. This should be on the opinion page, not front page.
rob | 12:19 p.m. Sept. 20, 2008
According to some figures, 40% to 50% of working people pay no taxes. But they get tax refunds. Thats the chosen one's plan to steal from the people who really do pay taxes. "It's your patriotic duty to steal from your own family and give it to people who won't work".
Hey | 12:20 p.m. Sept. 20, 2008
I say those who don't normally play the stock market should get in RIGHT NOW! AIG's stock has plummeted, but with the government's bailout...they're gonna pick back up. This is a great time to make some extra money! Take advantage!!!
democrat? | 12:45 p.m. Sept. 20, 2008
And those being laid off, voted????? republican...

sheeese louise....................

Vote demo and get us away from these greedy people.
How can Utahns vote repub. when they can see what the gop just did to our country?

Come on............. this isn't the fault of the democrats my friends.
brains | 12:50 p.m. Sept. 20, 2008
If you have any brains, any ounce of common sense, you will vote the robbers out... throw them out!!!!

Go Obama. At least you are hope, and change, and educated.

Throw the gop and the robber barons out!!!
Voting is good | 1:23 p.m. Sept. 20, 2008
This election is critical. Please, please, please study up on the issues and look at the bigger picture. Don't vote based on single issues that are not immediately pressing or because you've always voted this way or that way.

At this point, blaming really isn't useful. Sure, it's important to examine the facts surrounding this mess to begin figuring out how to fix it, but does it do any good to blame anyone?

We need positive change. All of us. If something catastrophic happened and we were all without the luxuries we've never considered luxuries, would we be sitting around, pointing fingers, and saying, "You godless liberals" or "You neocon sheep"? Or would we be working together because we cared about our fellow citizens and wanted to ensure a good future for the generations to come?

Think outside whatever box or boxes you're accustomed to thinking in. Perhaps we need to imagine a life different than the one we're living now. Perhaps we need to imagine politics in a different way. Given the current situation, what can each of us do?
Anonymous | 2:45 p.m. Sept. 20, 2008
You know what? i also live a short distance from work. have a secure job. Life if good, and I feel secure with a large amount of equity in my reasonably purchased home.

I am a liberal democrat. We are also childless.

So my attitude these days is this: there will be ups and downs, but the world will still be intact by the time I die, which is probably at least 30 years from now.

So its the folks with kids and grandkids who get to decide how this goes, as far as I am concerned.
My future is fine. I have fought as hard as I could, and I don't even have an investment in our future 50 years down the road. I will be okay.

The rest of you: hash it out. You're the only ones who are going to care what its like for your children. And you have voted very differently from me.

I can't stay up at night's worrying about how your children and grandchildren are going to pay for the coming collapse.

I hope you make some changes, for your children's sake.
TexasUte | 3:22 p.m. Sept. 20, 2008
Ummm.....Not the fault of the Democrats?

Read this:

An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.

The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated.

Both parties are responsible, as well as many greedy Americans.

Here are some books I recommend, they will make you nervous: The Long Emergency; Financial Armageddon; and, The Creature From Jekyll Island.

Prepare now, and fear not.
To Texas ute | 3:45 p.m. Sept. 20, 2008
Clinton couldn't buy a veto in the last two years of his term.

What you expect? he'd fight the greedy Republicans on every single greedy bill they were passing?

Your selective interpretation of history allows you to continue making poor choices. That's unfortunate.
TexasUte | 4:10 p.m. Sept. 20, 2008
Well now we have a Democratic congress and its approval rating is below 10% I believe...

That's not History, that's real-time my friend.
LOL | 5:02 p.m. Sept. 20, 2008
"Well now we have a Democratic congress and its approval rating is below 10% I believe..."

Democrats have held congress 22 months out of the last 12 years and it's your contention the low approval ratings for congress are solely caused my a one vote democratic majority?

Please enlighten us. If, people hate congress, why do they reelect the same people to congress from their districts?

The last three congressional elections democrats were elected, including a democrat being elected to a district in Mississippi that Bush carried by 27%

Please support your view that democrats are the problem with the low congressional ratings.

The facts cast a lot of doubt on you conclusion.
THE TRUTH | 6:11 p.m. Sept. 20, 2008
For the absolute truth about what caused the collapse of 1929 and the upcoming disaster of today GOOGLE ZEITGIESE-THE MOVIE:FEDERAL RESERVE
To LOL | 7:01 p.m. Sept. 20, 2008
If, "Democrats have held congress 22 months out of the last 12 years", as you said, why is the rating progressively worse? Based on your argument wouldn't it be getting better?
KNOCK IT OFF!!!!! | 1:21 p.m. Sept. 21, 2008
The Republicans didn't do this.
The Democrats didn't do this.
Every financially ignorant sap and ego-driven, greedy consumer who just had to have that six bedroom, two-garage McMansion is to blame. Sure, the greedy financers and real estate speculators had a lot to do with this mess, but as the consumer we can always say "NO," or "I'm not going to pay a lot for this muffler." The power to fix our economy lies in the hands of the consumer aka we of the lower and middle classes. We are under no obligation to bow down in obedience to the fat cats who sit behind the desk and try to convince us that it is their way or the highway. If they can't lower the price, we can't buy, and we won't until they do. Knock 'em down a peg.

The politicians? They didn't cause the mess, but they have no right to intervene and bailout the greed-mongers. We should passionately oppose, and remove from office any clown who calls himself a true servant of the public who takes it upon himself to give OUR money to the irresponsible and greedy without overwhelming public approval.

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Alvina and Roy Slaughter of Kearns weathered the Great Depression but are worried that their children might lose money now.

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