Story by Morgan Heath
“There is a feeling of the duty of government to get there own spending down somehow that would restore confidence to the rest of us.” – said Floyd Norris, New York Times chief financial correspondent Floyd Norris went back in time to explain modern day financial economical complications. He opened his Wednesday lecture by talking of Andrew Mellon who was the Economic Secretary of Treasury who was known for being a very influential man in American history; While in office for twelve years “it was said that three presidents worked under him,” Norris said as he then explained the history of the stock market crash in 1929.
Norris said that the Great Depression has a lot to do with recent economy complications. Almost as if the American people didn’t learn the first economical crisis; or maybe we didn’t really known what really happened from the beginning. Norris explained, “ We never really reach a consensus of what happened and is why we failed again. After it started if the authorities knew what to do a lot of unnecessary suffering could have been avoided.”
While speaking of Mellon, Norris compared the Mellon’s ideology of “government should keep its hand off and let things work themselves out –liquidate labor liquidate stocks. Liquidate the farmers, liquidate real estate.” While still on the topic of Mellon’s ideology Norris spoke about another influential man. Herman Cain a Republican Candidate this election. A recent quote given by Cain with talks of the economy Cain replied,“ Don’t blame Wall Street, don’t blame the big banks, if you don’t have a good job you’re not rich blame yourself!” This goes back to what Norris argues in the first place stating maybe the American people didn’t learn from the previous mistake of the first economical crisis.
Kent Ava, a U of U senior studying strategic communication was pleased with the lecture.“ I felt the forum provided a personal insight on how the fix on the economy will play out in the near future.”
Another University of Utah student Sean Gustafson studying news journalism questioned Norris and asked the question “Why should college students be concerned about the economy-why bother?” Norris replied explaining the importance the economy does have to providing more jobs and after leaving the university students will want a job. “I think people assume in that sometimes assume a well operating economic and a financial system and if assume it you don’t pay attention to it and that is what was happening a few years ago and then it blew up. -Obviously there is no real need to worry about the economy if you have happened to have somehow found a good career and where you can get a job now.“ Said Norris. Norris ended the question with acknowledging that 91 percent of Americans are now working.