Oklahoma CEOs Urge Approval Of Bailout Plan

By Chris Wright, The News On 6

UNDATED -- More than a dozen of Oklahoma's most prominent businessmen and academic leaders released a joint statement on Wednesday urging Congress the pass the bailout bill.  Many of those who signed the statement share different political and economic philosophies.  But, all are imploring lawmakers to get the deal done.

Millions were watching the bailout vote on the Senate floor Wednesday night, including OSU President Burns Hargis.

"It all just has a domino effect and we've got to stop it now," said OSU President Burns Hargis.

Hargis, along with 15 other prominent Oklahoma figures, have signed a statement which essentially does just that.  Other participants include OU President David Boren, NBA Owner Clay Bennett, BOK President George Kaiser and Tulsa World publisher Bobby Lorton.

Among other things, the statement says, "If America's financial system grinds to a halt, America's commerce will as well, resulting in the gravest threat to our country's prosperity since the Great Depression."

Some people have thought that might be over-stating it, but OSU's leader disagrees.

"I don't think it's over-stating it.  When you have a crisis of confidence like you have all over the world right now, if we don't stem it here in America, it's going to spread all over," said OSU President Burns Hargis.

That is a sentiment shared by Sonic CEO Cliff Hudson.

"We're confronting a financial crisis that does not, for our lifetime, have historical precedence," said Sonic Corporation CEO Cliff Hudson.

But, Hudson and Hargis say they would normally oppose any government intervention in the financial system, but in this case, they don't see any other way to stem this crisis.

"What we need to have government step in, which we would normally loathe to do, but when the circumstances, when the ship can go down, you need all the help you can," said OSU President Burns Hargis.

Hudson and Hargis also say that despite the strong state of Oklahoma's economy, it is impossible for any area of the country to avoid the fallout from the potential financial meltdown.