The best thing that can be said is at least we know Miller's politics are probably in line with the rest of Utah. He railed against adjustable rate mortgages, gas prices, the "conspiracy" of the Democratic-controlled Congress and ethanol subsidies.
I've seen it alluded to in a couple of stories this weekend, but here's the complete (and unedited) transcript of Miller's 1,555-word answer, which lasted 9 minutes and 45 seconds by my count. It would require about 50 inches of text to reprint in the Tribune.
It was impossible to be sitting in the room and hear this answer and come away convinced that the Jazz's 64-year-old owner was prepared to dial it back in the wake of his health scare. Keep in mind this is one answer - - the short answer - - to one question.
From the mouth of Larry H. Miler:
''I could give you the long [answer] or short one. I'm going to give you the short one, OK? This country - - this is Larry's opinion - - but I absolutely believe this chain followed. And I'm going to come down two paths and tie them together.
''We got ourselves as a nation into a serious economic crunch that has a domino effect of huge, undefinable proportions. Because we had some mortgage companies start out and start giving sub-prime loans as their own in two things.
''One, adjustable rate mortgages. They absolutely should be outlawed - - and I'm dead serious. When you give an adjustable rate mortgage to a young company, it's virtually certain - - or to a young couple, rather - - it's virtually certain that it's not if they go broke, it's when they go broke. Because interest rates are going to rise and meet at the wrong apex sooner or later in that ARM and they are not going to be able to handle it.
''It's in my opinion a 90 percent likelihood. Unless their income has risen pretty dramatically during that period.
''So what happened was this phenomenon started, and a few shysters began the process of giving - - first they had the ARMs, that wasn't enough for them. They then moved to no money down, very low interest, no money down, and then they moved even past that to where they would loan 110 percent on a house.
''And they got some mortgage companies to go with them. And they got some dishonest appraisers to go with them. Well, they got by with that for a couple years and other people around them in the same industry looked at it and said, 'Well, gee, it's working for them. If we're going to be competitive in our business, we got to offer same terms and conditions.'
''And so the second one got in and the third one got in and it became a nationwide phenomenon. And now major lenders - - and I don't want to get into things called conduits and securitizations, where billions of dollars change hands - - and major lenders got drawn into this because nobody was getting hurt. It had gone on for a few years.
''But the fact was, underneath it all, there were dishonest appraisers and mortgage companies that got it going. And by the way, they will pay the price because the law has caught up to them, at least some of them.
''But what won't pay the price is it grew to such incredible proportions that at least 2.4 million people have these kinds of loans and were in danger of losing their house, and still are, by the way.
''Now there are efforts being made on different fronts to reduce that number to something smaller than that. But if it only comes down to 2 million or 1.5 million, first of all, we've got a national tragedy in how many people lose their houses and have bad credit ratings for a large part of their lives.
''But it's more than that. It has shocked the credit community so bad that major banks are failing because of it. Major banks. Citi and others that have failed or needed to be shored up. Bear Stearns needed $30 [billion] from Congress. And it just throws things out of whack.
''So we have a credit crunch on that side that has actually grown to such proportions that it has precluded many creditworthy people from being able to buy a home legitimately, even though they've got their 20 percent down and stuff the way it should be.
''On the other side of it - - now I'm going to say, Robert, I'm going to make you nervous right now - - I believe that we have a conspiracy - - and I'm not a conspiracy theorist - - in Congress with the Democratic leadership, who - - and I think they demonstrated it's a conspiracy when they exited last week without having the courage to pass an energy policy.
''We need an energy policy because we're being held hostage, but part of it's our own darn fault. And I could pontificate about where we could get the oil and so on and how the greenies are suppressing it, blah-blah-blah, and I'm not going to get into that kind of detail, mostly because of time, and partly because I don't want to do it behind their backs.
''But I really believe that there is a conspiracy with the Democratic leadership, especially with one lady leader in Congress, who I will not name, but that's close enough. Again, it is only my opinion and I'm entitled to state my opinion.
''Now what happens is whatever is the cause of it, to have oil run up the way it did and siphon - - and that's exactly what it's doing - - siphon this much energy out of our economy is absolutely stifling and until we get the price of oil and gas at the gas pump under control, we've got a problem.
''And if it doesn't go down, every month that it stays at 4 bucks a gallon, our economy is going to erode.
''Let me tell you a simple case in point. I always like to reduce problems to their lowest common denominator. Or not just a problem, but a business equation. I always reduce it to its lowest common denominator and say, 'OK, here's what happens if it's good, here's what happens if it's bad, blah-blah-blah.'
''Let's talk about a simple illustration of what I'm saying. If you take a look at the restaurant industry. Start about three or four months ago. Every industry has its publications - - usually they're tabloid-size - - and we have Automotive News, that's our Bible. And there's kind of a Restaurant News.
''And on the front page of that, about three, four months ago, it started naming national restaurant chains who were doing layoffs and what the layoffs were, mostly of white-collar workers at the time. But let's bring it closer to home.
''Most of you know that we have some restaurants at Jordan Commons [in Sandy]. Typically, those grow at a rate of 2 to 6 percent a year. We have Ruby River in there, we have Spaghetti Mama's in there, we have Joe's Crab Shack in there, we have The Mayan in there. OK. And I'm not going to name names because some of them have done differently than others and we don't own all of them and I don't want to disclose the numbers of restaurants we don't own.
''But restaurants that have been rock steady, that have had the kind of growth pattern I've talked about for five years, all of a sudden drop, not 2 percent, not 5 percent, but 25 percent. No reason for it. We couldn't see a reason for it. It started about three, four months ago.
''We actually have one - - and I can tell you, it's Spaghetti Mama's, we just bought it, so I can talk about it - - that's off 33 percent. It's a great restaurant. It's very affordable. It's a family [place]. It's off 33 percent. Now why is it?
''Now the problem is you can't ask the customers that don't come why they didn't come. But it's easy to see. The money that people have that's disposable income is going in their gas tank and they can't afford to go out and go to restaurants.
''And I think if you check around town, you'll find that's the same with virtually every restaurant here. Now there are possibly one or two exceptions of new themed restaurants that have been very strong. I mean, The Cheesecake Factory is an exception because they're pretty new and they're still on a roll, they're still on their honeymoon period.
''But I think most of the restaurants would tell you that. And I haven't asked them. But I know you, and you can dig it out. So go ask five of them and see what you get.
''I mean, I think it's that simple and I think the restaurant illustration is only a microcosm of what the whole problem is. But if you take a look at nationally. Think about nationally how much money we as a nation are spending extra on gas. Picking up from over $2.25, $2.50 a gallon. It is obscene. And we start talking about national debt. And for what? For politics?
''We as citizens are being let down by our leadership, one way or the other. Congress can fix this if they have the courage. But there are certain battles they don't want to fight, and it's too bad. The hope is there is a mounting force and incredible array of facts that sooner or later - - and I hope sooner than later - - may force them into it. The Democrats to at least open their eyes and have the courage to make the right decision.
''And we can be in control of our own destiny. And I have to tell you that ethanol 85, the corn [substitute], is not the answer. It is way more harmful. There is not enough land in America to grow enough ethanol to make any difference in our fuel supply. And yet it's forcing our food costs up dramatically. And it's not a bad equation, it's a stupid equation, in my opinion.
''So aren't you glad you asked?''
* * *
Why would I go to the trouble of typing this all up?
First of all, I think it presents a pretty compelling argument for Jazz fans that the franchise is definitely not going to be free spenders next summer, when as many as seven players could be free agents and Ronnie Brewer can start extension talks.
If Spaghetti Mama's is down 33 percent and gas prices are killing the car market, why should Carlos Boozer, Mehmet Okur or Kyle Korver get a raise? I think Larry Miller could even be in a position where he's looking to cut payroll, judging from these comments.
Second, it's just hilarious to see how many tangents were part of this answer. It's not often that you get this kind of window into the business mind of man worth in the neighborhood of $480 million, let alone only hours after he's been released from the hospital.
Third, I believe somebody out there who's a Democrat should have the right to respond. Miller's obviously got a very one-sided view, and I do believe equal time should be offered considering he said this in front of every TV station in Salt Lake City.
Fourth, I think it helps you understand why the funniest part of Miller's news conference was watching all the executives in the back of the room trying to sneak out in between answers. Maybe a fifth of the people in the room stayed until the bitter end.
Fifth, I remember in my old life covering the Lakers that sometimes we spent entire years without hearing this much out of Jerry Buss, who spent his summers in Venice. Maybe that wasn't such a bad thing, in hindsight.
--Ross Siler



16 Comments:
Ross, maybe one day you'll discover that all that feel-good warm and fuzzy liberalism does not actually solve anything. Larry Miller knows what he is talking about and his success in business backs it up. The only thing he said that I would disagree with is his use of the word "conspiracy". I think power-mongering would have been more appropriate. This is all the Democrats are in it for--power. The Democrats want everyone to be dependent upon the government, not themselves, giving the Democrat politicians more power over the lives of Americans. Their policies make no sense. The utter refusal of the Democrats to do anything meaningful (no, giving out apologies for what no one living today has done does not count as meaningful) in this energy crisis shows that the Democratic party wants Americans to be poor (if you don't believe me, watch this sequence in congress) so later the Democrats can provide a "bail out". Then Democrats think we will sing their praises. But the Democrats are wrong. Not all Americans are that stupid.
-Scott
What a paranoid and manipulative scumbag Larry Miller is... You too Scott.
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I agree with Sam..You've got to be a very delusional person to buy into this rhetoric. Your reasoning for why Democrats want "Americans to be poor" is just ridiculous. Greetings from planet earth, Scott.
Time to pull you thumb out of you a** and stick it back in your mouth.
Yep, you said it Scott.
The Democrats are in it only for the power. They were the people with oil rich portfolios, invading an oil rich nation. The Democrats were the party offering no-bid contracts in order to swing billions towards companies they were a part of (and in many ways still are). The Democrats passed a Medicare Part D Drug bill that forbade the government from negotiating prices. The Democrats were the party trying to stop recounts in Florida to secure their win for the White House (for what??? POWER). The Democrats passed the USA Patriot Act to spy on Americans and give immunity to companies that helped.
Keep up your dream world. A world where Republicans ran everything and there would be no taxes, and roads and schools and missiles and bridges to nowhere and wars magically funded themselves. A world where the Republicans could borrow and borrow and borrow money, run up a record deficit, but not worry about paying it back, because after all, it's the fault of the Democrats.
I respect what Larry H. Miller has done, but look at the party that controlled the Congress and White House from 2000 to 2006, when these problems came to the front and really started to skyrocket. Look at the party that uses "Shock and Awe" as a tactic. SCOTT, if you were to look up that tactic, you'd find it is actually an economic tactic, one being used on American's today. Grow the heck up, and while you're at it, grow a sense of independent thought.
Sorry about that independent thought growth, as an adult, that would require stem cells, but your party doesn't seem to agree with the thought of stem cells. Maybe because they fear an awakening of the sheep following their leaders to the slaughter house.
And Scott,
I watched the wonderful clip of the Senate you pulled off of YouTube, which was taken completely out of context. If you were really paying attention to the debate, not just the 1:43 that suited your needs, you would find the Democrats' stance on energy is to focus on reducing the need for petroleum products and protecting the environment, not just finding more of a limited natural resource to burn in the form of gasoline. Again, this is pandering on the part of Mitch McConnell (R) regarding American's fear and difficulties with gas prices. Had the consent been approved for $4.50 or $5.00 or $7.50, then amazingly enough the price of gas would have increased. Funny, you support the Republicans when they refuse to yield on a principle, but denigrate (add that to your blog for vocabulary expansion) Democrats that do that very thing.
Oil companies have thousands of leases on public lands for thousands and thousands of acres of which are currenlty untouched. A prime example would be North Dakota, which many experts believe has three times the oil reserves of Texas, lying just below the surface, most of which is untapped.
You blame the Democrats for their "utter refusal to do anything meaningful" about the energy crisis, with policies that make no sense, yet all the Republicans can suggest is drilling in ANWR and off-shore on the coasts of the US. All that does is prolong the inevitible.
You are right, "not all Americans are that stupid," which is why a Democratic Congress and White House will be in Washington come November.
On a side note, is it right to send 4,138 American's and 94,412 Iraqi civilians to their death to avenge the death of 2,979 (toll minus the 19 hijackers) in a terrorist attack executed by Al Qaeda, which did not exist in Iraq until after Gulf War II. The terrorists did not have ties to Iraq, in fact, 15 were from Saudi Arabia, 2 from the United Arab Emirates, 1 from Egypt, and 1 from Lebanon, yet we go to war with Iraq? Why not go to war with Saudi Arabia, which just also happens to be the birth place of Osama Bin Laden? BECAUSE THOSE POWER HUNGRY REPUBLICANS ARE IN BED WITH SAUDI ARABIA, not the Democrats.
Wake up and smell the stuff being shoveled by the Republicans. Turn of Limbaugh and Hannity and think for yourself. Stop using the talking points you receive in the emails from Fox News. Really, cut the cord and explore the real world.
I'll just read into this that Larry Miller is the only one with comments with any clout to back them up. I don't follow politics, I just know how things affect me personally, and things have gotten exponentially worse in the last two years. I would like to hear, as Ross suggested, a Democratic opinion, but since I spend my time reading sports (Jazz) blogs, I will only get it in the context of a Jazz player/executive/owner going off. Kudos to Larry for some credible insight into the economy.
As much as Ross and other liberals would like to believe that democrats have all the answers, hugging our way out of our problems is not going to work. Obama is taking a big hit with his energy plan; or should I say lack there of. Miller is right, the economy is going to keep getting worse and worse until something is done. That is evidenced by the fact that the economy continues to get worse while we sit and wait for Congress to do something. The Democrats have been in control of Congress for a while now, yet nothing has happened to fix the problems. It isn't the president's job to make laws, that is Congress's job. If you disagree, maybe you should read a little document called the United States Constitution. Don't just read the portions you agree with either (a typical practice by many liberals), but read the entire thing. Hopefully people will start realizing that a collective hug is not the solution to our problems and vote for a candidate (congressional and presidential) that actually has a policy and a plan to fix the economy. Filling your tires and giving your neighbor a hug is not a solution.
@cbute:
"The Democrats have been in control of Congress for a while now, yet nothing has happened to fix the problems."
That's absolutely hilarious. So... the Repubs spend six years making a horrific mess, and if the Dems don't clean it up fast enough, it's somehow their fault?
Patrick:
Did I mention the republicans in my comment? Was my comment in anyway directed to how the republicans performed while they controlled Congress? Maybe you should reread my comment. My comment had nothing to do with who or how America got into this mess, my comment was about the state of the economy and the lack of a plan by the democrats to fix the problem. For the past couple years we've constantly heard how the democrats will fix America's problems (we actually hear more about what the republicans did wrong to cause the problems than what the democrats will do to fix the problems), yet we haven't seen anything fixed. Nothing has been fixed. There has been no progress. None. It's not that the democrats aren't fixing the problems fast enough, it is that they aren't fixing the problems at all. If you really think that the democrats are capable of solving any of the problems with the economy, then maybe you should quit commenting on how it is the republicans' fault that the economy is the way it is, and start telling me what democrats are actually doing to fix anything. I'm tired of hearing what has gone wrong in the country and who's fault it is, I want to hear solutions. I've begged democrats to tell me how their party plans to solve the problems with the state of the economy, and all I get in response is a finger pointing at the republicans. It's pretty difficult for me to justify my voting for any democrat when I can't ever get a democrat to tell me how they plan to solve anything. Proclaiming change isn't enough. I want to see how. I can shout change all I want, but it doesn't mean that change is coming.
Ha Ha Ha - This back and forth is great!!!
cbute:
Sure, you're tired of hearing about whose fault it is--unless it can be blamed on the side you don't like.
We will fix your broken economy again(like Clinton did),just give us some time and a president who won't veto anything that doesn't fall under the category of "borrow and spend record amounts."
patrick:
You still didn't answer my question. Just telling me that the democrats will fix the problems isn't enough. They told me that two years ago, and haven't done anything. But, I did not expect you to give a different answer. You just proved my point that, for the most part, democrats don't have a plan. Well, I guess they do have A plan: blame all the problems on the republicans and hope their lack of a solution does not get exposed.
The crazy thing is, I would listen if I could get a democrat could tell me how they intend to fix any of America's problems. Just like you, they refuse. I'll challenge you again to give me a response that doesn't just point fingers. I'll understand if you don't respond with any of the proposed solutions democrats have offered, because that is exactly what I expect you to do, again.
cbute:
Do you have a particular question, or are you just playing "gotcha?"
I do not have the time or inclination to hold your hand and walk you through the Democratic Party platform, or through Mr. Obama's proposed economic and energy policies. You can find that out on your own.
This is a democracy, you understand, and if we're doing it right, we have a say in how problems are solved by our leaders. If you really want to know the answers to your questions, attend a meeting or make a phone call.
I wonder if you honestly think that you are holding both sides to the same standard. It's really, truly hilarious what happens with people like you. For Dems, the standard is "solve all of America's economic problems in a year and a half," Whereas for Repubs it's "don't let them gays get hitched none!"
yo ross, nice cheap shot article bro! Let's recap your points:
1- First of all, I think it presents a pretty compelling argument for Jazz fans that the franchise is definitely not going to be free spenders next summer, when as many as seven players could be free agents and Ronnie Brewer can start extension talks.
You have no way of knowing that based on a press conference from Larry Miller who is chairman of the board but no longer running the team. If Greg Miller made these comments then it would hold some water but clearly from the resigning of CJ Miles at the money he signed for, Greg is not his father and will run things differently.
If Spaghetti Mama's is down 33 percent and gas prices are killing the car market, why should Carlos Boozer, Mehmet Okur or Kyle Korver get a raise? I think Larry Miller could even be in a position where he's looking to cut payroll, judging from these comments.
What part of Larry is stepping down and Greg is running the show did you not understand? I guess you were too busy being offended by Larry Miller to listen to the press conference.
Second, it's just hilarious to see how many tangents were part of this answer. It's not often that you get this kind of window into the business mind of man worth in the neighborhood of $480 million, let alone only hours after he's been released from the hospital.
Larry Miller is straight tangents and that is his charm. His radio show each week is great radio because he is not afraid to speak his mind and go off on tangents to get something off his chest. You as a reporter should be thankful you cover one of a few owners in the NBA who will actually give you a quote so you can do cheap shot articles like this one. Seriously, a reporter who complains that an owner has an opinion and mocks him for having an opinion differnt than his own. You sir are a walking advertisement for the democratic party.
Third, I believe somebody out there who's a Democrat should have the right to respond. Miller's obviously got a very one-sided view, and I do believe equal time should be offered considering he said this in front of every TV station in Salt Lake City.
Tell me Ross, in Utah, who is this Democrat that we as Utahns should all listen too? Should we accept his or her ONE-SIDED views because you say so? Why should we listen to this person in the name of a rebuttal? You are reaching with this one bro and I am suprised that you went with this point. The democrats in this state may not love everything he does but they respect him as a pillar in the community and would not DARE challenging him on his views unless he was running for office.
Fourth, I think it helps you understand why the funniest part of Miller's news conference was watching all the executives in the back of the room trying to sneak out in between answers. Maybe a fifth of the people in the room stayed until the bitter end.
Yes ross, that was hilarious. Executives leaving a room after the really important part of the press conference to get back to their busy jobs and life really shows their contempt for Larry Miller and his one-sided views. They were their to see larry miller and hear what he had been going through. Once that was done, they had no reason to stay. I sure hope you really don't think what you wrote on this point. Making fun of the owner will really get you far in your career. Have fun covering girls JV high school soccer.
Fifth, I remember in my old life covering the Lakers that sometimes we spent entire years without hearing this much out of Jerry Buss, who spent his summers in Venice. Maybe that wasn't such a bad thing, in hindsight.
So larry miller should stop talking? wow. a reporter wants an owner to stop talking because he has an opinion that is different from yours? really? you are going to go with that? This just proves that some democrats will defend to the death your right to agree with them.
Ross, you are better than this and I am extremely disappointed in this article. You took a cheap shot at a pillar in the community who just got out of the hospital after he almost died four times and was probably somewhat medicated. I would hope that you print a retraction and an apology as part of a column in the salt lake tribune eventhough this took place on your blog.
Paul,
Thanks for the post. I didn't really notice the tone in Ross's blog until you pointed it out. I especially took notice when you mentioned how he alluded to rather having a Jerry Buss in Venice with a shut mouth to Larry Miller speaking his mind; and Ross's opinion that the executives were embarassed and wanted no part in what Larry was saying. Thanks again for the post. I've enjoyed reading Ross's stuff, and will keep reading it. I hadn't noticed his political shots until you brought them up.
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