At the age of 27, Holly Halpin began her 3-year law school degree at the University of Utah.” At the time I viewed it as a huge step forward for my future,” said Halpin. But what was promised to be a sound investment in her future will likely delay financial stability and will likely not come with the elite title and job security promised her.
Halpin graduates in a few short weeks from law school and will soon become a lawyer. However, whether she will actually practice law upon graduating is uncertain. What is often an exciting time for many has turned into a dubious future for Halpin.
Not only will she be graduating with debt of $25,000 in books and tuition alone per year, she is left without a job to help repay the monetary investment of her education.
Yet surprisingly, Halpin is only one of many who will be graduating law school without a law job, or a job all together.
As of 2010, the Bureau of Labor Statistics reported that the number of new lawyer positions available is expected to be fewer than 60 percent of the number of graduates out of law schools.
Anneliese Booher, Director of Professional Development at S.J. Quinney College of Law, attests to this statistic. “I would agree that there are more graduates than jobs right now. Many people have been attending law school in the past few years. Add that to the state of the economy, and law jobs aren’t as accessible as they once were. However, Utah has a surprisingly high record of graduates immediately entering the [law] job force,” said Booher.
According to a 2009 annual report of the Association for Legal Career Professionals, Booher isn’t far off. The ALCP reported that approximately 45 percent of all graduates said that they were working. But this low statistic is often not what law schools around the country promote.
“When I started law school, and even before, when I was looking into the prospect of becoming a lawyer, what was really appealing to me was the fact that I would not only have job security, but receive great pay as well,” said Halpin. And the law schools she looked into, and the one she eventually attended, all promised her this luxury. “Every school you apply to paints this picture of working bliss after graduation. No one tells you that you might not be able to find a job.”
This unsettling situation of empty promises is happening at many law schools across the country, leaving many students with high hopes and dreams with little return.
In fact, some students have been so outraged by false advertising by law schools that they took the situation in their own hands by ironically using the education gained from their institutions.
In 2011 a class action lawsuitwas filed by Anna Alaburda, a graduate of the Thomas Jefferson School of Law, against her school. The lawsuit was seeking damages for misrepresentation and fraud regarding the school’s published employment statistics and salary information.
Although Halpin will likely never file a lawsuit against S.J. Quinney, she understands the frustration of being misled.
86 percent of the lawyers interviewed in the ALCP poll reported that their start dates for work were pushed to more than 6 months after passing the bar. This statistic rings especially true to Halpin. “I am part of the vast majority of my graduating class that will be leaving law school with no job,” said Halpin.
However, there are still plenty of students graduating with jobs. Garreth Long is one of them. “I have been lucky when it comes to the job front. I not only have a great job, but have had options: a luxury that I know many of my fellow students haven’t had,” said Long.
And although Halpin is without a job, she might soon be joining those who have law-practicing jobs. “I am not going to let the fact that I don’t have a job hinder my dreams. In fact, I am thinking of starting my own law firm. It may be 6 months down the road, but I’m not going to let time or intimidation stop me,” Halpin said.
So although she was given false promises, Halpin, like many lawyers across the country, is letting her dreams and ambition pave the way to financial and professional success, something her institution failed to provide her.
Category Archives: Economy
Human rights conference brings up controversial topics among academics
Richard Miller brings to the U his expert knowledge as well as his controversial ideas about global power and America.
Rachael Boettcher, a law student at the University of Utah, stood in the hallway after class and chatted with a group of friends. Like many students at the U, she worked hard during the week so she could spend her weekends as she pleased. Today she was planning a worry free weekend with some of her law school friends.
Boettcher has always enjoyed the freedoms America has to offer. She was able to attend university as a woman, something many women in other nations simply aren’t allowed to do. Beyond that, Boettcher often walks alone downtown late at night with little worry or harm.
“I am lucky that I am able to do what I want on the weekends, or everyday for that matter,” Boettcher, 25, who often lets loose when not in school, said.
Yet, her freedoms, at least her views of what she had always taken for granted, were about to be challenged.
“I’d like to propose an idea, one that I believe is an inevitable truth: that we are so indebted to China that we will eventually lose our power as a country and a global power,” Richard W. Miller, renowned author and professor of philosophy at Cornell University, said Thursday at an event hosted by the University.
The United States is in a great amount of debt and China holds a large portion of that deficit. This number continues to grow with time.
According to the Federal Reserve, as of January 2011, foreigners owned $4.45 trillion of the U.S. debt. That is approximately 32 percent of the total debt of $14.1 trillion.
And as of May 2011 the largest single holder of our governments debt was China, with 26 percent of all foreign-held U.S. Treasury securities: 8 percent of the total public debt.
The topic of America’s debt to China has long been debated, but along with debate often comes humor, something that seems to accompany similar prominent subjects.
image courtesy of about.com
However, Miller did not bring much humor to his lecture that was part of the Human Rights Conference. Instead he brought controversial ideas.
“I’d like to go even further…I suggest that we surrender to China before the inevitable occurs. I believe this is in our best interest as a country,” said Miller.
There are many people who would agree with Miller when it comes to the nations debt to China. Those in agreeance would likely argue that the numbers do the talking.
“To put China’s ownership of U.S. debt in perspective, its’ holding of $1.2 trillion is even larger than the amount owned by American households. U.S. citizens hold only about $959 billion in U.S. debt, according to the Federal Reserve.” (usgovinfo)
Yet, simply because America owes a debt, it does not mean that our nation must surrender, many disputed after the lecture. There were many students and attendees who were not afraid to voice their opinions, even if they were disapproving of Millers controversial views.
“I respect Miller, and think he is an exceptionally well educated man, but that doesn’t mean I have to agree with him,” said Garreth Long, a law student at the U.
Fellow student Joseph Taggart agreed. “You will always find competing views on a subject…although I disagree with his idea that we should surrender ourselves to China, I can still respect him and his opinion,” said Taggart.
And although Miller’s lecture may have been controversial and perhaps even uncomfortable, his views were not disregarded.
“We are lucky to have someone as reputable as Richard Miller come speak to us and share his knowledge and understanding on the topic…It is important to listen to ideas that you may not agree with and even make you uncomfortable,” said Professor William Richards.
For Boettcher, Millers speech seemed radical and even uncomfortable, but after leaving the lecture hall she was able to go back to her life like normal. After all she was looking forward to her fun filled weekend. She likely walked around downtown late at night without harm. However this time she was likely acutely aware of the freedom she was so readily enjoying, all because of Millers controversial lecture.
It’s not what you know, it’s who you know.
By. R. Ammon Ayres
SALT LAKE CITY – Students who graduate with their Master of Business Administration degree (MBA) are finding that their degrees are not enough to secure a job.
Ever since the economy crashed back in 2008, many men and women have struggled providing for their families. The situation has slightly changed since, and is worse for Americans who prepared for their future by investing in their greatest investment, themselves. Dedicated students put themselves through school with help from their family, government and student loans, but now find that they are unable to find a job which can pay enough money to pay the loans they took out for college.
It’s hard for anyone to act ignorant to America’s crisis situation; in a general aspect everyone in the USA has experienced a negative effect from the failure of the economy. If every citizen does not personally know someone who is unemployed, there is a likely chance they have seen homeless people on the street. The unemployed reach from all different classes; graduating students are finding it difficult to fight their fellow classmates for the limited number of jobs. There is one cutting solution that can outdo a college degree; this advantage is found within the branches of a professional network.
In America’s modern economy 80 percent of people are finding employment through using someone they know, said Salt Lake City attorney Matthew Driggs.
“The economy has been tough for all applicants, when we have an opening we scan through over one hundred applicants who have an MBA. When we do hire someone they are only paid $12 dollars an hour with benefits,” said Driggs. When employment is scarce those without jobs will take work for less money. $12 an hour cant pay the bills, let alone the expensive student loans.
Spencer Taggart who is a former manager at Blendtech in Orem, Utah, had a wonderful experience finding a job after receiving his degree. “I secured my job within a week of graduation because I built my network, and was able to call some favors,” said Taggart.
“The best thing anyone could do for their lifelong career is by building their network… When you meet a prominent business man get him to remember you, get their contact information and keep in contact,” said Taggart.
Recent Utah State University MBA graduate Michael Hill had a tough time trying to find a job. His expectations upon graduation were high, “While numbers where constantly thrown around, we were generally told we would have no problems finding a job, and hoped to start our careers making $50 to $60 thousand a year.” Hill discovered finding a job wouldn’t be so easy. His first job he made $18,000 a year, working in a call center. After submitting hundreds of applications he found a job that he could use his MBA with.
“I found networking was the only way to find employment… My MBA did me nothing in the quest to finding a career on my own,” said Hill.
Successful businessmen have made networks which allow them to be their own bosses. Not every successful business man has an MBA, or a college degree for that matter. Everyone is struggling, not just those who have gone to school. The successful business men who don’t have degrees do have amazing people skills, and the ability to get things done. Anyone can create a successful network, and that’s what it will take to have more success in the job search. More and more Americans are discovering the truth in the common term “It’s not what you know, it’s who you know.”
Birth Control is Least Important Issue in 2012 Election, Poll Suggests
by Mark LeBaron
A recent Gallup poll shows policies concerning birth control lag behind other political issues for the 2012 election amongst registered voters.
Healthcare, unemployment and the federal budget were a few of the issues that had more “extremely” and “very important” responses in the poll, which was conducted March 25-26 with a random sample of 901 registered voters.
The results didn’t surprise many people.
“Birth control is a personal choice and shouldn’t really be an issue right now” said Danny Gonzalez, a financial planner. “In the state we are in right now, we need to focus on unemployment and the federal budget.”
Others put healthcare as their most important issue. Recently, the Supreme Court has begun examining to see if the Affordable Healthcare Act is constitutional. Its constitutionality hinges on if the government can mandate that every citizen either have health insurance or suffer a fine.
“The healthcare bill must be struck down as being unconstitutional,” said Forrest Kelsey, a student studying psychology at Utah Valley University. “The bill will be like the federal budget; spending money we do not have.”
Current presidential candidates have been campaigning hard on these issues. Seven months from the national election, many people may not know whom they will vote for.
“I haven’t decided who I am going to vote for yet,” said Alex Germane, a mechanical engineering major at the University of Texas-San Antonio. “I want a president who is respectful and honorable.”
Gonzalez echoed Germane’s sentiments.
“The media is never going to give a pure opinion about a candidate. I have to do my own research,” said Gonzalez.
There are still many things to come forth from this year’s campaigning and elections.
The poll has a sampling error of plus or minus 4 percent. To access this and other polls, visit http://www.gallup.com.
New Poll Reveals Importance of National Budget in Upcoming Election
by Brent Flory
SALT LAKE CITY-According to a new poll conducted by Gallup, registered voters say the presidential candidates’ views on the federal budget deficit and national debt will be extremely important in determining who gets their vote.
For President Barack Obama, this means focusing his campaign on plans to decrease national debt. If not successfully executed, it could be the end of the road for Obama.
According to the poll, released on Monday, 83 percent of Democrats say the federal budget deficit and national debt will strongly influence their choice for president. If Mitt Romney wins the Republican nomination, he could gain some Democratic votes, if voters believe he is the better choice for the economy.
Local voters agree with the poll. Amber Christenson, a Salt Lake Community College student, said, “I was one of the biggest Obama supporters in 2008 but the national debt just continues to increase. I won’t be voting for him in November.”
Christenson said she agrees with many of President Obama’s views however, the economy is most important in determining her vote.
The poll also revealed 83 percent of Republicans feel the issue of national debt is imperative in making their choice for president. University of Utah student Brett Andrews, a declared Republican, said he will vote for the candidate that has developed the best economic blueprint.
“We are paying billions of dollars in interest…we aren’t even paying off our deficit. I’m going to choose the candidate with the best economic plan in place,” said Andrews.
Gas prices are also important to voters, according to the new poll. Of the registered voters polled, 73 percent said gas prices were important when they fill out their ballots.
When asked to what degree of importance gas prices in determining his vote, Andrews replied, “Economy is most important. If the economy is in-line, gas prices naturally will go down.”
Complete details of the poll can be found online at http://www.gallup.com.
City Creek Center Helping Small Businesses Downtown
SALT LAKE CITY- The doors of the new 700,000 square-foot mall, City Creek Center, have been open for about a month now, but the traffic hasn’t seemed to slow down yet! City Creek seems to be the “face-lift” that downtown Salt Lake City needed. The hoards of people excited to see the new center have made City Creek’s grand-opening a success and have also helped the existing stores and restaurants in the area.
Many things have attracted shoppers to the new center. An impressive retractable roof (something entirely new to the United States, the only other exists in Dubai), a brand new sky bridge that crosses overtop Main Street, as well as a handful of new stores to the Salt Lake area (Michael Kors, Brooks Brothers, Pandora, Porsche Design, and Tiffany & Co. just to name a few).
The stores have made money like they couldn’t believe. Kaleb Larsen, an employee in the men’s department of Nordstrom said, “It’s been non-stop busy. The first day we opened we made our entire day’s sales goal in the first hour, and it hasn’t seemed to slow down much from opening weekend. It’s been great for me since I work on commission.”
It’s been a similar story at the smaller stores in the center as well. Suke Wilkins, one of the managers at Banana Republic said, “On an average Saturday we’ll have 2,700 people in the store, that’s more than we did at Gateway in an entire week. It’s been crazy, but a good crazy.” Wilkins also said, “We’ve hired on about five more people since opening the new store, we need more coverage and are making the money to be able to hire more people. It’s great!”
Everyone is excited to see the new mall and the shoppers seem to be willing to spend the money needed to at these high-end stores. Many people questioned whether or not the higher price-point stores would do well in a market like Salt Lake, but so far, they seem to be fairing very well. Jenn Smith, a sales associate at Tiffany & Co. said, “most days we have to form a line outside the store because so many people want to come in. A lot of people are just curious and look around, but there have been a lot of buyers as well. Business is good so far.”
With the new mall placed smack-dab in downtown, questions were raised about how the locally-owned and smaller business on Main Street would be affected. William Lewis, an employee of the sandwich shop Gandolfos, located on Main Street a few blocks south of City Creek said, “We’ve always been busy with the all the businesses and high-rises located so close to us, and City Creek definitely hasn’t hurt business. We’ve seen an increase on Saturdays.” He also stated, “The food court is nice at City Creek, but it’s always so crowded, I’ve heard a lot of people come in saying they had to get away from all the people.”
Eva’s, a popular restaurant on Main Street has also seen an increase since City Creek opened. Nicole Wallace a waitress at Eva’s stated, “We’ve seen a lot of shoppers come down here for a bite to eat. I think the Cheesecake Factory is really the only sit-down dinning option for shoppers over there, and I’ve heard there’s always over an hour wait. We have much better, locally-grown food than the Cheesecake Factory, and we can usually seat people right away.”
There is one other restaurant besides The Cheesecake Factory located at City Creek, called Texas de Brazil, but you’ll have to spend much more money to dine there than you would at most restaurants located on Main Street (and most likely the food will be better and you won’t have to wait at the restaurants on Main).
City Creek is a new and exciting place to come visit and it seems to be helping all the small businesses around this enormous new mall. Luckily for the small, delicious restaurants located on Main Street, the eating options at the mall are limited and super crowded, causing shoppers to venture a few blocks south for a bite to eat.
So come down and spend some money (most likely a lot considering the price-points at most stores) while also supporting the older, smaller shops and restaurants on Main Street. Downtown Salt Lake is definitely becoming a place to visit with many different things to offer!
The new role of college students
Why they may be the answer to many of the world’s problems
SALT LAKE CITY—“The Story of Stuff” video was created by one person, Annie Leonard, and a small team of co-workers in 2007.
Almost five years and more than 15 million views later, that video “is one of the most watched environmental-themed online movies of all time,” according to the organization’s website, http://www.storyofstuff.com. With its easy-to-follow cartoons and understandable lingo, this is understandable.
Leonard’s efforts were extensive but those by college students don’t need to be.
Why college students’ actions are so integral to helping the planet was the topic of discussion at a lecture conducted by library accountant Carrie Brooks on February 29. The discussion was about a different video by Leonard called “The Story of Broke” and was part of the Green Bag Lunch Series held at the University of Utah’s Marriott Library.
“The Story of Broke” talked about where the majority of the money in the economy is going versus where it could be going.
Leonard said that instead of spending money on fixing problems, that money should be spent on preventing them.
The prime models for this need of priority changes are college students. Many are pressured daily as to where—and on what—they will spend their money.
“It’s just frustrating…There’s money to do it. It’s just a change of priorities,” said attendee David Maxfield, a senior library specialist.
Maxfield refers to the struggle that college students face daily. With consistently new technology from iPads to crackle nail polish, college students are enticed into spending money on things they want while the economy is begging for that money to be spent on preventing problems.
That’s why Brooks said that education is the main focus of lectures like the Green Bag Lunch Series.
“So many people have no idea why or what or how these things happen,” said Brooks, referring to today’s economic problems.
College students are also the influencers in this plan as well. Many students are at a point in their lives where they have to make their own decisions for the first time.
According to the U.S. Department of Education’s National Center for Education Statistics, 30.4 million 18- to 24-year-olds were enrolled in a 2- or 4-year college or university as of 2009.
Even if only 10 percent of those students were living outside of their parents’ home, that is still more than 3 million people who are flying solo in making their own decisions since leaving the nest.
The University of Utah’s Marriott Library recognizes that so many students are at a crossroad with their decisions. They act as the center and the source of sustainability for the campus, said Brooks.
Efforts like “The Paper Project”—a campus-wide recycle effort—and “Just Fill It!” –a water bottle-filling station project—were both started at the Marriott Library and were funded by Sustainable Campus Initiative Fund (or SCIF) Grants to aid students in their sustainability efforts.
The faculty and students involved in the campus’ sustainability efforts have created simple ways to help change many students’ habits.
Students can find resources on simple changes they can make in their lives, what the U. is doing to “Go Green,” and even give suggestions for new ideas to further these efforts on the “Greening the Marriott Library” webpage at http://www.lib.utah.edu/info/green/.
College students may feel pressured by the many different options of where to spend their time and money, but through simple actions, they can be the solution for tomorrow’s problems.
Birth Control ranks lowest among voters concerns.
According to USA Today/Gallup poll, Americans are less concerned with government policies concerning birth control than any other issue discussed in this year’s presidential election campaign.
Only 20 percent of registered voters voted birth control as an extremely important national issue. Other concerns, such as international issues, were voted at least a 36 percent on the national issues list.
Some Americans feel that birth control should not be a national issue at all and should not even be mentioned.
“I don’t agree that birth control should be a national issue, it should be personal,” said Hilda Bravo, University of Utah academic program specialist. “I think that I would just rather they don’t talk about it.”
Where most Americans agree with Bravo, there are a few that believe that the government policies behind birth control are to be concerned with.
“I can see why most people would rank birth control as the least of national concern but what they aren’t looking at are the government policies behind birth control,” said Karen Klc, University of Utah secretary. “I still would not rank it the top concern but I definitely would not rank it the lowest.”
University of Utah student, Steve Richardson agreed with both Klc and Bravo concerning the birth control issue. He believes that birth control is an important issue to be concerned with. However, he also believes that there are other national issues such as healthcare and gas prices that require more attention.
R. Ammon Ayres
MY STORIES:
- What is a reporter to do?
- Environmentalists celebrate the legacy of the late Edward Abbey
- It’s not what you know, it’s who you know.
MY RESUME
-Professional Experience
2011- Currently Warehouse Manager, Age Sciences, Salt Lake City, Utah
- Responsibility for preparing order shipments together.
- Overlook the operation going on, and comply to management needs.
2011 Summer Technician, Platinum Protection, American Fork, Utah
- Responsible for installing new, and replacing pre-existing, alarm systems.
- Often travel to clients homes replace a system, or complete service tickets.
2010-2011 Transition Trainer, Granite School District, Salt Lake City, Utah
- I had a vast array of responsibilities, from supervising to creating documents.
- The gifts program is a program working with special needs students.
2010 Summer River Guide, Teton Whitewater. Jackson Hole, Wyoming
- Guide Rafts down the Snake River safely.
- Transport, and move deliver rafts from point A to point B
2009-2010 Delivery Driver, Hudson Home Health Equipment. American Fork, Utah.
- Deliver beds, oxygen tanks, and other equipment to in home patients.
2009 Summer River Guide, Boy Scouts of America. Salt Lake City, Utah
- Give scout troops instruction on how to go down river in canoe, ensure safety of scouts, go over again and again on how to make it down the river.
- Give tour of camp, give assistance to the troop I am hosting.
2007-2009 Volunteer Missionary – LDS Church. Eugene, Oregon
- Gained leadership skills working with other volunteer missionaries.
- Learned how to work with others, in such ways as how to change my way of working to make a better team.
- Learned how to work hard, and serve others.
ABOUT ME:
I am a sophomore at University of Utah, and former student alumni of the Salt Lake Community College. Within the last year I have dedicated my studies and efforts to become a dentist. My efforts include taking prerequisite classes for dental school, and acquiring a degree in the communications department.
I am married to a wonderful woman named Abigail Ayres, we have been married for two years, and have been enjoying life. We met in Jackson Hole Wyoming, while working as river guides on the Snake River.There are currently no children in the picture, but hopefully they will come within the next couple years.
Over the past ten years, I have gained professional experience through many different companies. My professional skills came at a young age when I acquired a paper route. With that job I learned the importance of getting the job done right the first time, and the importance of punctuality.
Students Gain a Glimpse into the State of the US Economy
Story by Sean Gustafson
“There is no way out of this crisis,” Floyd Norris told students at the University of Utah on Oct. 26, 2011, when talking about the current condition of the United States’ economy; clarifying his statement Norris, the chief financial columnist for the New York Times, continued by stating, “at least not simply.”
Norris began his lecture by comparing the current U.S. economy with previous economic hard times and some of the lessons that have came about from those time periods.
“One of the things I [have] learned [in school] was that it was never really consented what caused the Great Depression.” Norris continued with because there wasn’t that consensus, it played a major role for what has been going wrong recently.
Norris continued because there wasn’t this consensus on what lead to the Great Depression and later recessions, people didn’t understand the economy. People would continue to spend more than they could afford, banks made poor loans choices and all together people were and still are ignorant to financial matters.
Expanding on this, Norris added, “A lot of the suffering we are undergoing now… was brought about by people who bought homes they should have never purchased and paid more than they could have afford.” People, not understanding beyond the basics of finances and debt, foolishly feel victims to the plague of credit-debt that still haunts many today.
When asked for further clarification on these matters, Norris responded with “I think people assume… a well operating economic and financial system; and if you assume it you won’t pay any attention to it.”
Another point Norris spoke about was that “when credit is easy, it’s a lot of fun.”
Expanding on that statement, student Laurie Carlson said, “If you don’t have credit than you can’t get anywhere.” Carlson continued by expressing with good credit one can buy the houses they want, get their dream car, and receive better loan rates.
When asked about whether or not they understood the topics discussed at the lecture, a lot of the students attending had expressed they had known either very little about finance and the economy or nothing at all beforehand. “I didn’t understand a lot of the technical terms.” said student Halley Hamman.
Despite the swimming in this sea of confusion, there were students who still found the lecture benefitting. Some students took this event as an eye-opening opportunity, such as student Marquis Newman, who expressed because he had a hard time following the lecture he believed he “should learn more about finances.”
Neela Pack, the Student Body President for the University of Utah, said that she felt the lecture was “supper successful.” It got student to think on matters that they wouldn’t normally think about. Pack added that the students were lucky to have such an “esteemed and well respected journalist” talking on such matters.
At the conclusion of the lecture Norris, expressed his optimism for the future when he stated that he believed the economy “will come around.” Norris exclaimed that there were problems before, and there will continue to be problems.
After illustrating the example of Steve Jobs and all he has done, Norris concluded, “this [market of ours] is an amazing system to produce stories like that.” [539]
Floyd Norris Can Save the Economy
Story by Marquis Newman
On Wednesday, Oct. 26, Floyd Norris, the chief financial correspondent for The New York Times, discussed that concessions, such as another stimulus and extending low interest rates on mortgages, need to be done to help the U.S. economy. These concessions could help get the U.S. economy out of flux.
In the midst of a presidential election, Republicans and Democrats are debating and arguing about the economy, whose fault it is that the U.S. economy is bad and what can be done to fix the economy. Norris has many valid points on the subject and joked that maybe President Barack Obama and U.S. Rep. Eric Cantor should read one or two of his columns.
Many Republicans believe that a stimulus does not work. “There are a lot of references to Obama’s failed stimulus plan,” said Norris. He joked that the national government not trying another round of stimulus is similar to a student who studies for a test, but does poorly and says “Well there is obviously no point in studying.” Norris said the government should try another stimulus and maybe it could be a short term alternative, until politicians can figure out a long term solution.
Extending the benefits of low interest rates on mortgages is something that Norris said he believes will benefit the economy and will help people who really need the low interest rates.
“Many people can’t refinance,” according to Norris, who argued that letting somebody re-borrow money at a lower interest rate does not increase the credit risk, but might actually let people pay the debts they owe when they wouldn’t have been able to before.
“Credit gets you places,” said Laurie Carlson, a student at the University of Utah who attended the event. If decreasing the requirements to get a lower interest rate on a mortgage doesn’t increase risk and helps out the homeowner’s credit, then banks should look to initiate this.
There are many people to blame for America’s financial crisis.
“We used to take for granted that the government should try to improve the economy and that there were things it could do,” said Norris. The Great Depression, which the recent recession has often been compared to, is used as the model for how to get out of a depression. Economists learned a great deal about how to get out of a recession during that time, but according to Norris, “I think the fact that we never reached a consensus on that [how the Great Depression started], is what went wrong recently.”
Many of the guests who attended the talk believed that Norris’s ideas were excellent and wondered why some of them haven’t already been implemented.
“I wish he could make a bigger difference” said Lauron Bailey, a guest of the event. Another student who was at the event, Sean Gustafson said “He got me to think….this was definitely something that could spark.”
The event ended with Norris answering questions from curious attendees and giving advice to struggling homeowners and job seekers. As some of Norris’s views gain popularity around the financial community, maybe eyes at the nation’s capital will begin to take notice of some of the ideas that Norris has.
U NewsWriting 