The new edition of Small Business Times features a special report that examines the economic plans of Republican John McCain and Democrat Barack Obama. The report also includes interviews with Milwaukee-area business executives who support the candidates. This week's SBT also includes a special report on "Women in Business," featuring interviews with successful local female business leaders who share their wisdom with the next generation of women.

An overwhelming majority of American small-business owners believes that neither U.S. presidential candidate is proposing specific policies that would assist their companies, according to a new survey. Read more in today's Milwaukee Biz Blog by Small Business Times executive editor Steve Jagler.

America's financial crisis has many Chinese people questioning the notion that unfettered capitalism is the way to go, according to Einar Tangen, SBT's China correspondent. For more, read the latest edition of Tangen's Dispatches From China.

The stock market recovered some ground this morning on speculation that the House of Representatives may vote later today to approve a "sweetened" $700 billion Wall Street bailout bill.
The plan was approved by the U.S. Senate on Wednesday, after the House rejected a previous version of the bill on Monday.
Today's stock market gains came even though the U.S. Labor Department reported this morning that the economy lost 159,000 payroll jobs in September, after losing 73,000 jobs in August. September marked the ninth consecutive month of job declines in the country.
"This was much worse than was expected, as the full weight of the banking crisis, the cost of imported oil and job losses to China bore down on manufacturing and the broader economy with unrelenting pressure. The United States has lost jobs every month since December, even as GDP and productivity have grown," said professor Peter Morici of the Robert H. Smith School of Business at the University of Maryland. "Congressional gridlock and presidential inaction on the trade deficit, energy and other issues are driving employers abroad, driving down stock prices and dashing the dreams of middle income Americans. Wrong headed regulation of the financial sector, drives financial jobs abroad but does not protect Americans from the destructive abuses on Wall Street."

Meanwhile, Citigroup Inc. today threatened to file a lawsuit to prevent Wells Fargo & Company's proposed acquisition of Wachovia Corp.
Citigroup had been in discussions to acquire Wachovia. Citigroup claimed today that it had exclusive rights to acquire Wachovia.
However, Wells Fargo and Wachovia said today they have signed a definitive agreement to merge in a transaction that would not require any financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Under the agreement, Wells Fargo would acquire all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. In the transaction, Wells Fargo would acquire all of Wachovia Corporation and all its businesses and obligations, including its preferred equity and indebtedness, and all its banking deposits.
Under terms of the agreement, which has been approved unanimously by the boards of both companies, Wachovia shareholders will receive 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock. The estimated value of the transaction is at $15.1 billion.
The combined company would have a strong presence in Charlotte, N.C., which would be the headquarters for the combined company's East Coast retail and commercial and corporate banking business. St. Louis, Mo., would remain the headquarters of Wachovia Securities.

The Dow Jones Industrials Average gained more than 200 points this morning. Locally, the BizTimes Stock Index lost 6.22 points to close at 121.41 Thursday, but stocks in the local index rose with the broader board this morning. The largest local gainers this morning were mining equipment manufacturers Bucyrus International Inc. (up $2.75 to $39.65) and Joy Global Inc. (up $2.47 to $41.18). The largest local decliners this morning were Johnson Controls Inc. (down 31 cents to $26.87) and Koss Corp. (down 20 cents to $14.50).

Editor's note: The BizTimes Daily will be updated later today to account the House's vote on the bailout plan and the market's reaction.

Milwaukee County Supervisor Patricia Jursik today criticized speculation by the Wisconsin Department of Transportation, which is floating the idea of replacing the Hoan Bridge in Milwaukee with a four-lane boulevard.
A report compiled for the DOT estimated that a ground-level boulevard could open up many acres of lakefront land for as much as $5.7 billion in new construction and the creation of 8,090 new jobs.
Jursik today issued the following statement: "Developer's news flash: Land around sewerage treatment plant worth billions - that's billions with a 'b.' If you believe this, the Department of Transportation has a bridge to sell: the Hoan Bridge. As county supervisor, I am concerned about our other county assets like the War Memorial - this land must be worth even more billions. What our south shore communities require is our own economic impact study that determines what the value of development has been since opening the Hoan Bridge. This figure probably is in the trillions - that's the 't' word. We ask Transportation Secretary (Frank) Busalacchi to spend another $175,000 to fund this study, the same amount he paid for the bridge-for-sale ad. In response to a request from South Milwaukee Mayor Tom Zepecki, my office asked the Southeastern Wisconsin Regional Planning Commission (SEWRPC) to develop the footprint for the extension of (Interstate) 794 to Ryan Road. I have received this map and now call on the Department of Transportation to discontinue studies on demolition of the bridge and instead begin to fund the completion of this south shore asset."

County Executive Scott Walker said his proposal to prepare for a bid to lease the operations of General Mitchell International Airport (GMIA) has been bolstered by a similar deal reached for Chicago's Midway International Airport this week.
Chicago Mayor Richard Daley announced this week that his city has received a winning bid of $2.5 billion for a long-term lease of Midway.
"The Midway deal shows the merits of leasing airport operations," Walker said. "Milwaukee can benefit from their example and generate necessary revenue on a smaller scale."
Walker said the principle behind leasing is to secure more efficient operations while making government more financially sound. Contracting out the airport operations would provide a steady, long-term revenue stream to the county, Walker said.
The funds from an airport lease could be designated to support and improve transit as an alternative to increasing either property or sales taxes, he said.
Walker is proposing to use $500,000 from airport revenues to study the lease option.

The U.S. Department of Labor announced a $3.8 million grant to assist approximately 785 workers affected by automotive industry layoffs in Rock County.
"This $3.8 million grant will provide Wisconsin workers affected by the layoffs with skills training, job search assistance and other employment services to help them find new jobs," said U.S. Secretary of Labor Elaine Chao.
The grant, awarded to the Wisconsin Department of Workforce Development, will provide affected workers with access to a wide array of dislocated worker services. Of the 785 workers targeted for services, 340 also have been certified as eligible for Trade Adjustment Assistance (TAA). Under the grant, dislocated workers who are eligible for TAA will have access to additional services not covered under the TAA program. The services include skills assessment, counseling, case management, job search assistance, job placement and follow-up.
The affected companies in Wisconsin include General Motors Corp., which is closing its plant in Janesville, Lear Corp. and Logistics Services Inc. in Janesville, and United Industries in Beloit.

The Sleep Wellness Institute Inc., the state's largest sleep disorders diagnosis and treatment center, has signed an agreement with Precision Pulmonary Diagnostics (PPD) of Houston, Texas, to provide sleep apnea diagnosis and treatment to over-the-road truckers employed by Schneider Trucking Company of Green Bay.
Sleep centers aligned with PPD provide services across the nation to various trucking companies. The Sleep Wellness Institute will be the exclusive provider in Wisconsin for Schneider drivers.
"Over-the-road trucking has long been thought to be an area of great concern, said Ron Baake, chief executive officer of the Sleep Wellness Institute, which is based in West Allis. "Since drowsy drivers are every bit as common as drunk drivers, the trucker who is hauling a huge rig and is affected by sleep apnea is a major risk."
Schneider began working with PPD both to find ways to cut healthcare costs and to promote safety.
PPD provides professional screening for drivers who are at risk for sleep apnea using a  HIPPA-compliant, online tool customized to the individual trucking company's requirements.
Drivers who require treatment will be fitted for and provided with a continuous positive airway pressure (CPAP) mask, flow generator and heated humidifier for nightly use.
Baake said that a wireless compliance monitoring system is used. It provides daily information of CPAP use, efficacy, and allows real-time troubleshooting of any problems drivers may be experiencing.

James Mulva, chairman and chief executive officer of ConocoPhillips, will deliver the keynote speech at Marquette University's annual Business Leaders Forum luncheon on Wednesday, Oct. 29.
Headquartered in Houston, ConocoPhillips is the nation's third-largest oil company and the fifth-largest refinery in the world. With more than 33,000 employees in 40 countries worldwide, the company has assets of $190 billion.
"The Business Leaders Forum provides our students, as well as the local business community, with an invaluable opportunity to interact and learn from our nation's top business leaders," said Linda Salchenberger, the James H. Keyes Dean of Business Administration. "We're so pleased to have Mr. Mulva join us for this year's forum - he truly is a leading innovator in the future of energy in America."
The event will take place in the ballroom of the Alumni Memorial Union, 1442 W. Wisconsin Ave.
Mulva is a native of Green Bay. His presentation, "Building America's Energy Future," will be open to the public. The cost of the luncheon is $40 per person. To register, call (414) 288-7431 by Wednesday, Oct. 22.

Eau Claire area auto dealers say conservative Midwest banking principles and historic price incentives are keeping their sales stable, even though automotive manufacturers are reporting record nationwide drops in sales. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

The sixth annual HeartLove Place Golf Outing Fundraiser was held recently at Bristlecone Pines Golf Club in Hartland. Read more in 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.

The U.S. House of Representatives voted today to approve a new version of the Emergency Economic Stabilization Act, and the bill now awaits the signature of President George W. Bush, who has pledged to sign it.

The bill was approved today in the House by a 263-171 margin.

Voting in favor of the today were U.S. Reps. Tammy Baldwin (D-Madison); Ron Kind (D-La Crosse); Gwen Moore (D-Milwaukee); Dave Obey (D-Wausau); and Paul Ryan (R-Janesville).

Voting against the bill today were U.S. Reps. Steve Kagen (D-Appleton); Tom Petri (R-Fond du Lac); and F. James Sensenbrenner (R-Menomonee Falls).

Overall, 172 Democrats and 91 Republicans voted for the revised bill today, while 63 Democrats and 108 Republicans voted against the bill.

The Senate approved the bill Wednesday, with Democrat Herb Kohl voting for it and Democrat Russ Feingold voting against it.

SBT has posted special dueling edtions of the Milwaukee Biz Blog about the bill this afternoon. Ryan, one of the architects of the revised bill, again strongly denounces the Bush administration in his blog. Sensenbrenner warns in his blog that the bill could lead to higher inflation. 

Ryan said the new bill includes the following provisions:

• Reduces taxpayer exposure - Rather than a $700 billion blank check, as requested by the Bush administration, $250 billion would be available immediately to the Treasury Secretary with stringent oversight. Any additional funds would require additional government action and Congressional approval.
  Guaranteed taxpayer protections - Requires any participating institution that sells their troubled assets to the government to provide equity warrants to the U.S. Treasury. Ryan fought for this provision to guarantee that taxpayers will be the first to benefit from any future growth of companies that take part in this recovery effort.
• Strengthens support for homeowners - Keeping the focus on Main Street over Wall Street, additional assistance is provided for those facing the prospect of foreclosure. In addition to assisting struggling financial institutions, the Treasury Department is directed to develop an action plan to help mitigate home foreclosures.
• Wall Street helps bail itself out - The House Republican alternative, crafted by Ryan, focused on an insurance model, rather than a purchase model, to address the frozen assets clogging up the financial system. Participating institutions holding these assets would pay the insurance premiums - in effect helping bail themselves out rather than rely on taxpayers' money. An insurance program was included in the final agreement.
• Eliminates special interest giveaways - House Republicans were able to remove unrelated and costly provisions that would funnel funds to special interest groups, such as ACORN.  Instead of creating a special interest slush fund, all funds recouped will be returned to the taxpayer to pay down the debt.
  Increased oversight and transparency - While the Paulson proposal explicitly removed any judicial oversight and lacks transparency provisions, the negotiated economic rescue package establishes a bipartisan oversight committee that requires honest and transparent reporting to Congress and the public. In addition, the programs will be monitored by a Special Inspector General and reviewed and audited by the Government Accountability Office.
• Caps on executive compensation - Limits executive compensation to ensure that bad actors who contributed to this crisis are not rewarded with golden parachutes or severance pay.

Reaction to Congressional approval of the bill quickly poured in from public officials and corporate interests this afternoon.

Kurt Bauer, president and chief executive officer of the Wisconsin Bankers Association, issued the following statement: “Wisconsin's FDIC-insured depository banks applaud the courage and leadership of the Wisconsin Representatives who ultimately supported the Emergency Economic Stabilization Act despite some public opinion to the contrary. Passage of the Stabilization Act was critical to restore confidence and stability to US and world financial markets.  As the week progressed, much of the public has come to realize that the costs of not passing a stabilization package are too high. The bipartisan leadership demonstrated in both the US House and Senate was significant and necessary. The Stabilization Act will not only benefit the financial industry as a whole, but will also directly benefit the taxpaying consumer. The temporary increase in Federal Deposit Insurance Corporation (FDIC) insurance coverage limits from $100,000 to $250,000 through December 31, 2009, further reminds consumers that the safest place for their money is in an FDIC-insured depository institution. WBA expects President Bush to sign the Emergency Economic Stabilization Act within hours."

Edward Yingling, president and CEO of the American Bankers Association, said: "The American Bankers Association supports the compromise legislative package that Congress is considering to address the current financial crisis. The crisis on Wall Street and in financial centers around the world has reached a point where extraordinary action is required. The proposal put forth by Treasury Secretary Henry Paulson and modified by Members on both sides of the aisle is a constructive solution to the crisis we face.  It will provide the financial backstop needed to unfreeze the financial markets and provide for greater transparency and accountability for firms that participate in the program. The banking industry entered this crisis in very strong shape. With more than $1.3 trillion in capital, the vast majority of banks remain well capitalized and are well-positioned to weather this storm. The FDIC fund is sound and the banking industry remains committed to paying the insurance premiums needed to keep it sound. We support this compromise package because we recognize the impact that a failure to pass this legislation would have on the national economy."

Todd Stottlemyer, president and CEO of the National Federation of Independent Business, said: "We are pleased that Congress has heeded the call to pass bipartisan legislation that will restore confidence in our financial system. While small business owners have strong and conflicting feelings about the economic rescue package, in the end, their ability to grow their businesses depends upon stability and liquidity in the financial markets. Small business owners, whether or not they use credit to run or expand their own businesses, know that access to credit and a fully functioning financial market are important to them and to their customers, suppliers and vendors. These are trying times for the country, and we appreciate the hard work put in by Congress. Now that this immediate crisis has passed, we need to press forward to be a loud voice for an end to the 'business as usual' ways of Washington. It's time to get our fiscal house in order - both in Washington and in households nationwide. It is essential for the prosperity of small business, and for the country's future economic growth."

Robert Nardelli, chairman of the board for Chrysler LLC in Auburn Hills, Mich., said: "Chrysler LLC strongly supports the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008 which is an important step in stabilizing our credit markets and the overall economy. As a result of the economic contraction and illiquidity in the credit markets, the ability of domestic manufacturers to finance new motor vehicle sales for consumers has been substantially weakened. To stimulate car and truck sales, Congress should pass the Financial Rescue Plan.

Kind said: As Monday’s vote showed us, the consequences of not acting are dire. When the bill failed earlier this week, in a matter of minutes, the stock market lost $1.2 trillion and western Wisconsin families saw their investments, their kids’ college funds, and their retirement savings lose tremendous value. The danger of inaction was much greater than the danger of action. My fear was that without this plan, we would see another economic free fall, followed by a long and painful recession in this country affecting people on Main Street more than anyone. Our credit markets were already shutting down. The result would be individuals unable to take out basic loans and businesses large and small unable to pay their employees. The changes we made to the Bush Administration’s initial proposal made this rescue plan about Main Street, not Wall Street, about protecting taxpayers, not executive salaries. This bill now ensures that taxpayers will be reimbursed at the end of the day, that there will be proper transparency and oversight in the process, and that there will be no golden parachutes for Wall Street CEOs that helped get us into this mess. This was a much better bill, and it now goes a long way to protect the taxpayer’s investment. I was outraged, however, that the Senate chose to add a number of extraneous items to this bill that will only add billions to our national debt. They used the urgency of action to include tax provisions without paying for them. The culture of deficit spending in this body has got to stop, and I do not appreciate the way the Senate has extorted the House into accepting billions in extraneous spending."

To view more information about the provisions of the bill, click here.

After the bill was approved, the Dow Jones Industrias Average, which had been up by more than 300 points earlier today, erased all of those gains was down by about 7 points.

Immediately after passing the bailout bill, the House began to debate a bill to extend the length of unemployment benefits for Americans who have lost their jobs. The U.S. Department of Labor today reported that the U.S. economy lost 159,000 jobs in September, the ninth consecutive month of national job losses.