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Show DAILY Thursday. May 8. 2008 Paulson there from Congress," he said. "I view my job as to work to Continued from C6 get something that is acceptable and that the president can "Some families will use sign. them to help fill up their gas The administration favors a tank, for a family vacation, or narrower legislative housing to help Jbuy fix including strengthening clothes and a lot of other things oversight of mortgage giants that people are going to like to Fannie Mae and Freddie Mac, which play a major role in get done," Paulson predicted. The Treasury chief spoke financing mortgages, and modon a day when President Bush ernizing the Federal Housing threatened to veto a broad Administration, which insures housing rescue package bemortgages. In addition, the administraing considered by Congress. Paulson said the measure being tion has been promoting a volpushed by House Financial untary effort by the mortgage Services Committee Chairman industry to modify current was loans to keep distressed borBarney Frank, too broad in its effort to insure rowers in their homes. Treaup to $300 billion in new mortsury officials met for six hours with industry executives on gages for homeowners facing the threat of default. Tuesday, and Paulson said he Paulson said the administrawas encouraged by the progtion would continue negotiatress, although he did not give details. ing with Congress to come On other subjects, Paulson up with an acceptable bill, but he did not offer any details of said it made sense to what type of mortgage relief the government's mandate the administration would supto boost production of ethanol in light of high food costs. port. "Housing is an important However, he argued that the area and there are certain demand for ethanol was being things that we need to get done pushed up because oil prices Buffett have risen sharply, not because of the government's order to increase ethanol production. "I think it always makes sense to rethink everything as conditions change," Paulson said. "But I would just say to you that we looked at this and let's recognize that the ethanol mandate is not what is driving this right now." Among Paulson's duties is making sure that the U.S. financial system isnt used to bankroll terrorist activities. "A significant portion of our time spent in this area has to deal with Iran," Paulson said. The department has warned U.S. banks that Iran is using an arrav of rlwpntivp nrartrr'eKN to hide involvement in nuclear proliferation and terrorist activities. Iran's central bank, also known as Bank Markazi, is involved in these deceptive acts, according to the government's warning. Paulson, however, wouldn't say whether or not the department is considering imposing financial sanctions against Bank Markazi. "We are continuing to watch what the central bank of Iran does carefully," he said. ing such gains was the May 1 report from the Commerce Department, showing a surprising 0.6 percent growth in gross domestic product during the first quarter. To many investors, it was proof that the economy isn't in a recession and gave them a psychological boost. That, however, glosses over some land mines in the report ment rate fell to 5 percent from 5.1 percent. But as economists at Goldman Sachs point out, that is hardly good news for an economy that needs at least 125,000 new jobs per month to keep pace with labor force growth. It warned clients in a new report to dig beneath the "not headline data" to find out where the continued which Merrill Lynch chief North American economist Da- contraction in the housing vid Rosenberg says are indicamarket is eating away at the tive of a "recession beneath the economy. "We are suspicious of the veneer." He points to the 0.4 idea that the economy and percent annual decline in real final sales of domestic purchas- markets have entered a fundaers, which is considered a solid mental healing process," Gold- man Sachs chief economist Jan measure of economic health Hatzius said. "In our view, the since it is essent ially real GDP most important prerequisite without inventories or net forfor an end to the macroeco-nomi- c eign trade. It dropped from a 1.3 percent annual growth rate malaise is an end to the in the fourth quarter and a 2.5 home price downturn, and the news in this area has been percent pace in the third quarnot just bad but considerably ter of last year. The latest figures on the job worse than even we have anmarket released Friday also ticipated." That echoed warnings from came in above expectations. Instead of falling by 75,000 as CreditSights, which told its economists had estimated, pay- clients to keep watch for any new signs of "systematic risk" roll employment dropped just that could result in a "second 20,000, according to the Labor wave of the financial tsunami" Department. The unemploy Continued from C6 That contrasts with the upbeat view embraced by investors in recent weeks, who have been taking a glass half full approach to financial conditions after months of seeing them as only being half empty - or worse. Just look at the turnaround in the Standard & Poor's 500 stock index: After tumbling more than 13 percent from the start of 2008 through the Bear Stearns mess on March 17, it has gained more than 10 per-- cent since. Credit investors have also turned more bullish over the last month. The spread on the Merrill Lynch's d option-adjuste- HERALD corporate bond representing the difference in yield between the most speculative corporate debt and risk-fre- e Treasury securities has narrowed from 840 basis points on March 20, to around 685 basis points last week, according to research firm CreditSights. Among the data points feed high-yiel-d index ' o-dire C5 J vUheW'kpfifikf Effete euerkc6b. - At intermountain Hcahheare, we know it'i ihe people that make our care extraordinary. We couldn't do it without tne effort of talented doctors, clinicians, volunteers, and employees who work in our Utah Counrv hospitals, health clinics, and Homccare office setting a standard for excellence aero the nation. So, during Healthcare Appreciation Week 2008, we honor the following employees who have been selected by their colleagues for their commitment and dedication to providing "Extraordinary Care.' - American Fork Hospital AnnKallds Annalee Dimond Brent Gurney Charlie Forbtuh Debbie Prenn Janice Southern Karen Cox Kardce Kollcr Kkani Anderson KylcKnudson Linda Chidester I y? v5' "' EXPO,DUDE?, V f 1 -- 3 ir gus w g aS' t&T' o. N Usa. Afje Lorl Evans Marlene Henry Moana Wilcox Matt Jensen Man Serafine Nancy Peterson Melanie lrwis Melanie Morgan Melissa tlarkncss Miriam Cook Morgen newill Niannc Srroshine SaraOldson Sarah Coatcs Orem Community Hospital NicholeMora April Christenscn Ben Norton Pam Lindsay Patricia Olscn DaleHiatt Penny Abbott Robert Bezzant John Nebcker Maxine Church Shannon Abbott "PRCSENT" Tammy Rasmussen UVSC Utah Valley Regional 7- - W2P if 141 . - f k,i,i. ' -- BE . 2001 f-- yji n Mil WW .M Port, jr 1 rn"zssr M am LARRY H. MILLER BMW CD CO ;V'j-.'""- Cruise begins at 5:45pm and concludes at UVSC Join us for live music and a barheque at the I'VSC Auto Trades Compound! Auction Time: 1 2pm This auction will include a PptnraftMAWB ZZ4 350 Turn-Ke- y Engine 355 HPI Heads Corvette wAluminum lifflJ rm BILCOSZ- t- iSiht .oiAii LJ "'Jf'H rf-- Car Show admission: $3 per person Children 3 and under FREE Swap Meet and Spectator Parking FREE For more info call: (801)863-856- 3 or visit our website at: www.uvscautoexpo.com ' l''t Group Anna Hansen CeLisa Packer Gaye Cummings Gretchcn Haskell Jill Alder Matthew Webb Ashley Hone Brad West Bradley Gibbs Brenda Deveraux Brent Mullenix Mindyjeppesen Nancy Johnson Rachcile Rockwell Carol Pincgar Raquel Jensen Stacey Beck Intermountain Homecare Dawnie Walker Lynda Orchard Emily Jensen Evelyn Becker Car Show Early CHECK-I& REGISTRATION begins May 17th from Car Show from 7am to 5:30 pm Award Selection: 11:30am to 3pm Awards Ceremony: from 4 to 5:30 pm GM Performance Mystery Car unveiled at 12:45pm Swap Meet Early Registration begins May 16th at Noon and May 17th at 7 am $mi This year the UVSC Auto Expo hosts Dennis Gage and My Clastic Cr TV Show. Special Appearance by Charley Hutton who painted Chip Foose's Ridlcr Award winner and has appeared on the TV show OverruHilin' for the feature Car Collections of Ardell Brown. Dc Wayne Aihmcad k John Johnson Iol tKmalcd by Km Brown Autnmitive Group Intermountain Medical ta .. .1 w Ford Social & Pre show l 5:30pm al Barber Brolhers 1341 N. Main St. exil 257 Spanish Fork Prizes, Awards and Free Food Medical Center Craig Gourley Dana Murray David Rowbury, Deahna Cleveland Dcbra Lcdingham Dcnise Christenscn Donna Stanworth Doranne Barney Efrain Marti Eldona Crook SEARS imn -L. uiui Mitirui -- "?mZZr CfmVO jfirtt&T , .W- Finish Line OUVSC Ryan Drancy Ryan Harmon Sarah Clarke Tami Asbcll Tanya Farr Tom Barker Alice Wakefield Alisha Connelly Allison Showalter Andrew Listen Orol Wallace PosttUpatLnQ- Spontorir Miller Lorf Dillman U)rraine Allan Lucinda Olsen Marily Leetham Jessica ClurT DUHt Srry Leslie Ripley U.ta Jackson Heather Peterson s Kerry WytkofT Kiinberlie Gatherum Kris Young Laird Clark Ianne Duntord Suzanne Hall to the Karla Bird yura Shcllic IliJJIcy Stella Caudiil WHICH WAY f'J II, This is a charity snow. All proceeds over and above the show costs will be donated to UVSC Student Scholarships in Automotive, CoUisron Repair & Diesel Technology For more information about UVSC Auto Trades log visit the website at: www.uvK.edutocbcomtt autindea.html : GailOlas Gayle Cornaby Ginecr Chrstenscn Heidi Clayion Holly Bartholomew Jaime Johnson Jason Komenkul Jcralyn Ream Julie Hall Julie Howard Karen Siragusa Intermountain American Fork Hospital Orem Community Hospital Utah Valley Regional Medical Center |