THE UNIVERSITY OF OKLAHOMA’S I NDEPENDENT STUDENT VOICE
VOL. 93, NO. 31 FREE — Additional Copies 25¢
THURSDAY, OCT. 2, 2008 © 2008 OU Publications Board
CAMPUS BRIEFS
ECONOMIC CRISIS: SENATE PASSES BUSH BAILOUT, PAGE 7A
Oklahoma universities register more than 5,000 voters This week Langston University, Rose State College and OU won a 2008 Voter Registration Contest held by Oklahoma Campus Compact. Sixteen colleges in Oklahoma registered 5,331 new student voters, beating the previous record of 3,910 in 2004. Oklahoma Campus Compact was established in 2000. Its mission is to increase student civic engagement on Oklahoma college campuses. “Campus Compact is a valuable asset for the public and private institutions in our state, providing programs that encourage students to learn civic responsibility,” Chancellor Glen D. Johnson of the Oklahoma State Regents for Higher Education said in a press release. This is the sixth year Oklahoma Campus Connect has sponsored the contest as a part of the 2008 Campus Vote Initiative. Officials are encouraging campuses to continue efforts by providing opportunities for voter education and assistance for students to vote.
Students meet with UOSA President Holloway A small group of OU students attended a discussion with UOSA President Amanda Holloway Wednesday afternoon. At the meeting she discussed her goals for the year and ways to get students more involved in student government. Page 2A.
AMANDA HOLLOWAY
SOONER STATE America’s Drive-in in trouble? Sonic Drive-In is one of several national restaurant chains dealing with sluggish sales at the same time as labor, ingredient and energy costs are on the rise. Page 6A.
SOONER SPORTS McCoy honored by Allstate For the third year in a row, an OU football player has been selected as a member of the Allstate Good Works Team, which honors athletes for work in the community. This year’s honoree: sophomore defensive tackle Gerald McCoy. Page 2B.
ARTS & ENTERTAINMENT The Daily does karaoke Warm up those windpipes and get ready to sing, everybody. Check out A&E for our feature on karaoke night in Norman. Page 4B.
$700,000,000,000
QUESTION What you need to know: The facts on the bailout
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s confusion swirls around the economic bailout the Senate approved Wednesday and that the House of Representatives will vote on Friday, The Daily answers some common questions about the economic crisis.
eventually declared bankruptcy.
Did anyone see it coming?
In 2004, several books were published that predicted a crisis as a result of the proliferation of mortgage-backed What caused this mess? securities. Congress debated regulating the industry more Years ago, mortgage giants Fannie Mae and Freddie Mac closely and tightening restrictions on Fannie Mae and Fredbegan offering sub-prime loans to low-income borrowers. die Mac, but the initiative was killed. Those high-risk loans were packaged together and sold What’s being done about it now? to various financial firms as mortgage-backed securities. Lawmakers in Washington, D.C. have negotiated a $700 When people began defaulting on their homes, many firms billion bailout package. The plan would allow the governfound themselves with securities that were worth less than they thought they were, forcing them to revise their ment to buy risky mortgage-backed securities from finanestimates of how much they had in assets. Lehman Bros., for example, had to write down $4 billion in assets and FACTS Continues on page 2A
Boren, Oklahoma leaders urge Congress to act to fix economy MEREDITH SIMONS Editor-in-Chief he leaders of 16 major Oklahoma employers, including OU President David L. Boren, are calling on Congress to immediately address the nation’s economic meltdown. The group, which includes university presidents and corporate CEOs, released a joint statement Wednesday which called the events of the past weeks “the worst U.S. financial crisis since the Great Depression,” and demanded that Oklahoma’s congressional delegation demonstrate leadership by passing a proposed $700 billion bailout plan. The statement praised Representatives Dan Boren, D-Muskogee and Tom Cole, R-Moore, for voting in favor of the bailout Monday and “respectfully request[ed]” that Representatives Mary Fallin, R-Oklahoma City, Frank Lucas, R-Cheyenne, and John Sullivan, R-Tulsa, who
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voted against the bailout, reconsider their votes. “Leadership matters and it is time to lead,” the statement said. “This is no time to play the blame game. We urgently need non-partisan political leadership.” Signees believe a failure to act quickly on the economic crisis “will result in real and potentially dangerous economic consequences for every Oklahoman,” the statement said. The statement said signees are proponents of free enterprise and are usually in favor of letting the market work with only limited government intervention, but the economic crisis is an “extraordinary situation” that necessitates “extraordinary action.” The statement expressed concern that continued turmoil in the financial markets could drive the value of the dollar down and reduce the amount of credit available domestically, hurting businesses and homeowners.
LEADERS Continues on page 2A
AP Photo
Trader Bradley Silverman watches the numbers Wedn Wednesday as he works on the New York Stock Excha Exchange floor.
PERSONAL FINANCE
Credit crunch could hurt students RYAN BRYANT Daily Staff Writer Amidst the latest financial woes, students are concerned about how the turmoil on Wall Street will affect their ability to secure student loans and jobs after the smoke clears and chaos subsides. Benjamin Keen, economics professor, said the job market will be particularly volatile in the coming years, especially for college students who are entering the job market for the first time. “In good economic times, you’re usually just competing for entry level jobs with other college students,” he said. “When economic times take a downturn, you’re often competing with people who have experience.” Despite the difficulty students may have nailing down a job, Keen said the banks and economies of Oklahoma and Texas are relatively stable compared
CREDIT Continues on page 2A
STUDENT HEALTH
TODAY’S INDEX A&E 4B, 5B Campus Notes 7B 6B Classifieds 6B Crossword 7B Horoscope 4A Opinion
THE NATION’S
National News 7A Police Reports 7B 1B-3B Sports 6A State News 7B Sudoku 8A World News
WEATHER FORECAST
TODAY LOW 53° HIGH 82°
FRIDAY LOW 57° HIGH 80° Source: Oklahoma Weather Lab
Cold and flu season sneaks up on students • Doctors recommend flu shots, multivitamins JESSICA JERNIGAN AND JAMIE BIRDWELL Daily Staff Writers The dropping temperature and falling leaves mean winter — and the cold and flu season — is right around the corner, but doctors say taking precautions can limit illness. Norman physician Dr. Shelley A. Bohn said students should consider getting immunized as flu season nears. Flu season lasts between November and March, according to the Centers for Disease Control and Prevention. “Every college student should receive a flu shot because they are in such close proximity with one another,” Bohn said. The required immunizations for college students are for diphtheria and tetanus, as well as one for meningitis. OU Health Services provides these immunizations, as
FLU Continues on page 2A
Photo illustration by Emily Ganus/The Daily