Money managers in state worried about bailout failure
Money managers in southeast Wisconsin say a government bailout of the country's financial system is unpleasant but necessary.
Stock portfolios plunged along with the Dow Jones Industrials Monday.
Jon Bruss, CEO of Fortress Partners in Hartland, says he's also worried about small business owners who need credit to start and run their operations.
Bruce Bittles of Robert W. Baird in Milwaukee says a host of issues need to be addressed once a bailout is approved.
But if it doesn't happen soon, those issues will get a lot worse before we know it. The U.S. House rejected a $700 billion bailout Monday, with the Wisconsin delegation voting 5-3 in favor.
They'll try again on Thursday. Kevin Quinn of St. Norbert College in De Pere says Washington is in a "panic mode." He said Monday's package was rejected because nobody wanted to take the blame for it - but nobody wants to be blamed for a huge drop in the Dow, either.
The Dow Jones industrial average went down almost 778 points Monday.
That was a one-day record, but it was only the 17th largest daily decline on a percentage basis.