The Dow Jones Industrial Average plunged nearly 700 points in the first minutes of trading this morning, falling below the 8,000 mark for the first time since April 1, 2003.
The Dow recovered some of those losses by mid-morning, but today is shaping up to be another disastrous day on Wall Street.
The BizTimes Stock Index is tracking along with the broader market, falling 6.82 points Thursday to 97.86, its fifth consecutive day of posting an all-time low.
Local stocks continued their freefall this morning. The largest local decliners this morning included Wisconsin Energy Corp. (down $3.17 to $36.31), Manpower Inc. (down $2.40 to $27.93) and Badger Meter Inc. (down $2.32 to $29.13). The largest local advancers this morning were Briggs & Stratton Corp. (up 84 cents to $14.29) and Weyco Group Inc. (up 57 cents to $27.18).

Responding to the ongoing collapse of the stock market, President George W. Bush issued the following statement this morning:

Good morning. Over the past few days, we have witnessed a startling drop in the stock market - much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.
Here's what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We're using these tools aggressively.
The fundamental problem is this: As the housing market has declined, banks holding assets related to home mortgages have suffered serious losses. As a result of these losses, many banks lack the capital or the confidence in each other to make new loans. In turn, our system of credit has frozen, which is keeping American businesses from financing their daily transactions -- and creating uncertainty throughout our economy.
This uncertainty has led to anxiety among our people. And that is understandable - that anxiety can feed anxiety, and that can make it hard to see all that is being done to solve the problem. The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy. Fellow citizens: We can solve this crisis -- and we will.
Here are the problems we face and the steps we are taking:
First, key markets are not functioning because there's a lack of liquidity - the grease necessary to keep the gears of our financial system turning. So the Federal Reserve has injected hundreds of billions of dollars into the system. The Fed has joined with central banks around the world to coordinate a cut in interest rates. This rate cut will allow banks to borrow money more affordably - and it should help free up additional credit necessary to create jobs, and finance college educations, and help American families meet their daily needs. The Fed has also announced a new program to provide support for the commercial paper market, which is freezing up. As the new program kicks in over the next week or so, it will help revive a key source of short-term financing for American businesses and financial institutions.
Second, some Americans are concerned about whether their money is safe. So the Federal Deposit Insurance Corporation and the National Credit Union Administration have significantly expanded the amount of money insured in savings accounts, and checking accounts, and certificates of deposit. That means that if you have up to $250,000 in one of these insured accounts, every penny of that money is safe. The Treasury Department has also acted to restore confidence in a key element of America's financial system by offering government insurance for money market mutual funds.
Thirdly, we are concerned that some investors could take advantage of the crisis to illegally manipulate the stock market. So the Securities and Exchange Commission has launched rigorous enforcement actions to detect fraud and manipulation in the market. The SEC is focused on preventing abusive practices, such as putting out false information to drive down particular stocks for personal gain. Anyone caught engaging in illegal financial activities will be prosecuted.
Fourth, the decline in the housing market has left many Americans struggling to meet their mortgages and are concerned about losing their homes. My administration has launched two initiatives to help responsible borrowers keep their homes. One is called HOPE NOW, and it brings together homeowners and lenders and mortgage servicers, and others to find ways to prevent foreclosure. The other initiative is aimed at making it easier for responsible homeowners to refinance into affordable mortgages insured by the Federal Housing Administration. So far, these programs have helped more than 2 million Americans stay in their home. And the point is this: If you are struggling to meet your mortgage, there are ways that you can get help.
With these actions to help to prevent foreclosures, we're addressing a key problem in the housing market: The supply of homes now exceeds demand. And as a result, home values have declined. Once supply and demand balance out, our housing market will be able to recover - and that will help our broader economy begin to grow.
Fifth, we've seen that problems in the financial system are not isolated to the United States. They're also affecting other nations around the globe. So we're working closely with partners around the world to ensure that our actions are coordinated and effective. Tomorrow, I'll meet with the finance ministers from our partners in the G7 and the heads of the International Monetary Fund and World Bank. Secretary Paulson will also meet with finance ministers from the world's 20 leading economies. Through these efforts, the world is sending an unmistakable signal: We're in this together, and we'll come through this together.
And finally, American businesses and consumers are struggling to obtain credit, because banks do not have sufficient capital to make loans. So my administration worked with Congress to quickly pass a $700 billion financial rescue package. This new law authorizes the Treasury Department to use a variety of measures to help bank [sic] rebuild capital - including buying or insuring troubled assets and purchasing equity of financial institutions. The Department will implement measures that have maximum impact as quickly as possible. Seven hundred billion dollars is a significant amount of money. And as we act, we will do it in a way that is effective.
The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work.
The federal government will continue to take the actions necessary to restore stability to our financial markets and growth to our economy. We have an outstanding economic team carrying out this effort, led by Secretary of the Treasury Hank Paulson, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox, and FDIC Chair Sheila Bair. I thank them and their dedicated teams for their service during this important moment in our country's history.
This is an anxious time, but the American people can be confident in our economic future. We know what the problems are, we have the tools we need to fix them, and we're working swiftly to do so. Our economy is innovative, industrious and resilient because the American people who make up our economy are innovative, industrious and resilient. We all share a determination to solve this problem - and that is exactly what we're going to do. May God bless you.

As many as 13 positions, including some at the vice president and director levels, have been eliminated at the YMCA of Metropolitan Milwaukee, which is restructuring its organization to address the downturn in the economy.
"The new plan will allow the YMCA to adjust to local economic conditions, as well. We feel that if we can compress the organization without so many lines of management, make our strategy much more streamline, the members will be better served," said Donna Bembenek, senior vice president of marketing and fund development at the YMCA. "After a careful analysis, we determined that a new approach would enable us to improve consistency of service and improve responsiveness to the needs of the community."
The YMCA of Metropolitan Milwaukee operates 12 branches. Historically, each of the branch units operated independently, with localized leadership, Bembenek said. With the reorganization, a central leadership team will oversee all branches.
"We plan to be bringing in a more core services structure; the staff will be organized in three service areas: membership, programs and facilities, with leadership resources and staff focused on those very specific areas."
According to Bembenek, the changes will be implemented in all of the YMCA's branches, its resident camps, its three daycare centers and the YMCA charter school Young Leaders academy.
After considering the economic outlook, the YMCA took a risk in April and decreased its membership fees by almost 30 percent, in an effort to expand access to more people.
"It's an economically challenging year for all organizations, the YMCA is no different, but we have seen membership join consistent because of our April decision and we are encouraged by the amount of retention during the summer months. We believe that the steps we took in April, and this restructuring are the right steps to better serve the community we are looking forward to serving more people as a result," Bembenek said.

The nominating committee for the Metropolitan Milwaukee Association of Commerce (MMAC) has proposed three people to be elected as new members of the organization's board of directors.

The new nominees are:

• Carl Brown, president of Red Brown Kle' Marketing Communications, an advertising and marketing communications agency. A native of Milwaukee, Brown has more than 20 years of experience. He has worked as a marketing consultant for major corporations and managed national efforts for advertising agencies in New York, Chicago and Milwaukee.  His clients have included Coca-Cola, Allstate Insurance, Procter and Gamble, Miller Brewing, SuperValu, Harley-Davidson, Cardinal Health, and Abbott Laboratories. Brown is chairman of The Business Council (TBC), a MMAC affiliate organization that advocates on behalf of ethnically diverse businesses in metro Milwaukee. Brown also chairs the group's Supplier Diversity Module, which has helped local ethnically diverse businesses generate $100+ million in contracts with area corporations. Brown has served on a variety of boards and organizations, including the American Association of Advertising Agencies' Multicultural Marketing Committee.  He holds bachelor's degrees in journalism and sociology from the University of Wisconsin Madison and a master's degree in advertising from the University of Texas at Austin.
• Jeffrey Joerres, chairman and CEO of Manpower Inc. He joined Manpower in 1993 as VP-Marketing and later served as senior VP of European Operations and Global Account Management. In 1999 he was promoted to president and CEO, and in 2001 he was named chairman of the board. Under Joerres' leadership, Manpower has opened more than 1,000 local offices, expanding to more than 4,500 offices across 80 countries and territories.  Since Joerres took the helm, Manpower stock has more than tripled and the company has climbed the ranks of the Fortune 500 list, moving from 183 to 120. Prior to Manpower, Joerres was VP of Sales and Marketing for ARI Network Services. He also held several management positions within IBM. Joerres earned a bachelor's degree from Marquette University's College of Business Administration in 1983. He is a member of the board of directors of Artisan Funds and Johnson Controls. Joerres serves on the board of trustees for the Committee for Economic Development (CED) and is co-chair of the CEO Diversity Committee of the Greater Milwaukee Committee.
• Colin Lancaster, president and chief operating officer of Stark Investments, responsible for the execution of the strategic vision and the overall administration of the firm. In April of 2008, Colin transitioned to this role from the trading desk, where he was a senior portfolio manager on the Global Opportunities team. Lancaster began his career with Stark as general counsel in 2000 and joined the trading desk in 2002 while continuing to serve as general counsel until 2006. Prior to joining Stark, Colin served as general counsel of Knight Financial Products and its asset management subsidiary, Deephaven Capital.  Colin earned his law degree, summa cum laude, from Marquette University School of Law (1993), where he served as editor-in-chief of the Marquette Law Review.  Colin holds a bachelor of arts from Princeton University (1990).
  The following directors are up for re-election for a second three-year term on the MMAC board: Tina Chang, SysLogic Inc.; Gerardo Gonzalez, Gonzalez, Saggio & Harlan LLP; James Popp, Chase-Wisconsin/Minnesota; Michael Russek, Astronautics Corp. of America; Mark Vachon, GE Healthcare; and James Ziemer, Harley-Davidson Inc.

The MMAC board will consider the nominations at its meeting on Monday, Oct. 27.

Enzymatic Therapy, a Green Bay-based manufacturer of natural medicines, has been sold to Nature's Way Holding Co., a subsidiary of Dr. Willmar Schwabe Pharmaceuticals, a German firm.
Enzymatic Therapy was formerly owned by North Castle Partners, a private equity firm that invests in healthy living and aging related products. Terms of the acquisition were not disclosed.
The Green Bay company will give Dr. Willmar Schwabe Pharmaceuticals access to the U.S. homeopathic medicine market, said Dr. Dirk Reischig, president and CEO of the German firm.
"Natural health solutions will become increasingly important over the next few decades," he said. "The joined forces of Enzymatic Therapy, Nature's Way and Schwabe Pharmaceuticals will therefore contribute significantly to consumers in the USA and abroad in achieving the best possible health and quality of life."

The Milwaukee Press Club recently inducted Willie G. Davidson into its Knights of Bohemia Circle and David Umhoeffer into its Order of the Knights of the Golden Quill. The inductions happened at the club's annual meeting. To view a photographic slideshow of the event, visit the latest edition of SBT Around Town.

Busy readers of the BizTimes Daily can get a jumpstart on the weekend ahead by reading the OnMilwaukee.com Weekend Preview. OnMilwaukee.com is a media partner of Small Business Times. OnMilwaukee.com began the celebration of its 10th anniversary today.

Voters in the City of Milwaukee will cast ballots on Nov. 4 on a referendum that, if approved, would require employers in the city to provide a minimum number of sick leave days for their employees. Steve Baas of the Metropolitan Milwaukee Association of Commerce thinks the mandate would be disastrous for Milwaukee. Read more in today's Milwaukee Biz Blog.