Close to $8.8 trillion has been lost by the American people over the past 18 months according to Scott Anderson, president and CEO of Zions Bank. The good news is that “the business cycle is alive and well and it really does work.” Anderson shared his economic insights Thursday during a MountainWest Capital Network (MWCN) (http://www.mwcn.org) Roundtable hosted by the law firm of Parsons Behle & Latimer.

In his presentation to more than 30 C-suite executives, Anderson explained that the trillions of dollars lost consisted of shrinking retirements, investment losses and declining home values. He indicated there has been a fundamental shift in attitude about the economy and that those who are going through this period will likely spend less, save more and forever alter their economic view.

“In terms of performance, 2009 will likely rank as the single worst year in Utah’s post World War II economic history,” said Anderson. “But I remain cautiously optimistic that we have seen the bottom.”

Using economic indicators, tourism data, annual unemployment percentage changes for Utah and the U.S. employment forecast, Anderson showed there is a mixed message in the data as to the type of economic recovery in store for Utah and the country. Anderson believes a full recovery is still 18-24 months out. He also said many economists project 2010 will be a year of economic recovery—2009 being the lowest year in the cycle.

Anderson also said the path to repairing the markets includes what he calls, “The New Economy”, and consists of things like no longer riding property market appreciation, consumption based on income and not on borrowing, and additional regulations. Another key is the “need to see the savings rate come back to a more normal level to repay debt and fund retirement.”

During the event executives participated by pointing out Utah’s strong position in global partner trade, leading Anderson to comment on many positive points in regards to Utah’s economic climate. He also stated that by lending money, banks can help to boost confidence in the market.

About Zions Bank
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches, operating 103 full-service offices. Zions Bank also operates 25 full-service branches in Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 16 consecutive years. Founded in 1873, Zions Bank has been serving the communities of Utah for 135 years. Additional information is available at www.zionsbank.com.

About MWCN
Founded in Salt Lake City in 1983, the objective of the MountainWest Capital Network – the real Deal Network – is to support entrepreneurial success and enable business growth by fostering the dynamic flow of information about capital formation and distribution, educating and mentoring excellence, recognizing and rewarding business success and performance, and fostering synergistic relationships through networking. www.mwcn.org