State Senator Marvin Riegsecker passed away today after a long battle with cancer at the age of 71. An Indiana Senator since 1988, Riegsecker represented District 12, covering a large portion of Elkhart County.

He will be missed greatly by his friends and colleagues. His leadership on business issues and government reform will also be missed by the Indiana Chamber. His friend and Chamber VP of environmental and energy affairs, Vince Griffin, remembers:

A few years ago, on his 65th birthday, Senator Riegsecker came to me and shared that it had been a lifelong dream of his to bicycle from his Goshen home to the State House in Indianapolis. He asked me to lay out a route and ride with him. We rode the 160-some miles over two days. Neither he nor his bike were well-prepared for the ride, but he did it and that is a testimony to Marv’s dogged determination. He exhibited that strong-willed nature in his 20 years in the Senate as he tackled issues related to the environment and health — and he was one of the champions of Daylight Savings Time. Marv was a good friend to many and will be missed by all.

No matter what side of yesterday’s great bailout debate you were on, you’d probably like to know how Indiana’s Congressmen voted, so here goes:

Voted Against:

Dan Burton (R)
Mike Pence (R)
Steve Buyer (R)
Pete Visclosky (D)
Andre Carson (D)
Baron Hill (D)

Voted For:

Joe Donnelly (D)
Brad Ellsworth (D)
Mark Souder (R)

(Hat tip to Hoosier Access.)

Ultimately, the $700 billion bailout was defeated 228-205. Indiana Congressman Mike Pence’s quote in a Bloomberg article was also highlighted in today’s Drudge Report:

"The American People rejected this bill and now Congress did likewise," Pence said.

You have a nice weekend? Yeah, me too. Weather was nice, football was watched, fun was had. Oh, one small thing I should also mention: our entire economic structure is swirling in a giant (bleep)storm.

So in "Other than that Mrs. Lincoln, how was the play?" news, we’d like to discuss the bailout. (And as I write this, it appears the current proposal is on the verge of defeat in the House.)

According to John Berlau of the Competitive Enterprise Institute, defeat today would be ideal, as the proposed $700 billion could actually have had a net negative impact on the economy. He writes in The American Spectator:

"The government has to do something to keep markets from falling and the economy from getting worse." How many times have you heard that mantra this past week from President Bush, Treasury Secretary Hank Paulson, Democrat leaders, the news media, and even some ostensibly conservative periodicals?

But what if the bailout, as originally proposed and in its latest incarnation, would spend $700 billion of taxpayers’ money and actually make the economy worse? Believe it or not, there is good evidence this may happen. The inflationary prospects of the bailout price tag may lead to spikes in oil and crop prices that could hit ordinary Americans in their cars and on their kitchen tables. And government purchases of financial assets could ironically further constrain credit through causing write-downs on even the balance sheets of financial firms not participating in the bailout by worsening the effects of mark-to-market accounting rules.

But not everyone is so bearish on the matter. Obviously, Treasurer Paulson and many members of Congress didn’t think it was such an economic downer.  

Also of note, Ball State economist Michael Hicks is now on record saying the ultimate proposal could cost much less — $100 billion over five or six years.

Just $100 billion? Oh, see, and here I thought this was going to impact me financially.

If you weren’t paying attention to John Lechleiter’s Economic Club of Indiana speech on Wednesday about the future of Eli Lilly and Company, you appear to have been one of the few.

More than 800 people attended the season-opening event at the Indiana Convention Center. Media coverage was far and wide, especially when it was anticipated that Lechleiter would deliver a hard-hitting commentary on the company’s future direction. He delivered.

Industry innovation, the company’s staggering stock price and the negative pharmaceutical image are the "800-pound gorillas" awaiting action. Lilly, like it has during its long history, has a plan and is implementing it. Will it mean fewer jobs in the future? Likely. Will the company remain a local, state, national and international powerhouse? We hope so.

Michael Snyder, principal of The MEK Group, writes an informative weekly column for MidwestBusiness.com. Check out his summary for a good review of what Lechleiter had to say.

Next up for the Economic Club: William Kristol on October 27, eight days before the election. Sounds like another great one.

The Indiana Chamber has just gone live with our new web site, which features a sharper look, greater usability, and all-around cleaner appearance. And it tingles — tells me it’s doing more (that’s for all you Denorex fans out there).

Some highlights include:

• An updated store with more categories to search by. This will be much more convenient for our customers who purchase our publications and attend our conferences. By having more categories in our store section, potential customers can come to the site with a vague idea of what topic they are searching for and likely find the perfect publication or product on the site.

• A more consolidated, cleaner Business Research Center page featuring tools and publications to help Indiana’s businesses find the information they’re looking for

• A new media center featuring our many employment-related reports and studies, along with press releases and other information to keep media or the general public up to date on the current business climate in Indiana

• An overall improved design that is much easier on the reader’s eye and is more intuitive

• A search function and menu that allows users to find the information they’re looking for quickly and easily throughout the site

The Chamber welcomes you to visit our web site often, as we now feature upcoming events on our home page as well as a link to our blog, which has been read and sourced by some of the top pundits in Indiana. Additionally, if you’re not a Chamber member, be sure to visit our Member Benefits page to discover how joining could actually help your bottom line to join.

Conexus Indiana is hosting a series of round tables throughout the state this fall to address some of the key issues facing Indiana. The goal of each discussion will be to examine and brainstorm with professional experts in order to learn how Indiana can become a logistical stronghold in the various industries that impact different parts of the state.

"It’s a chance to provide insight on the infrastructure needs, policy challenges and workforce gaps that must be tackled to put Indiana on the map as a global logistics hub," says spokesman Luke LaBeau.

Here is the upcoming schedule, with each round table discussing issues that impact the corresponding area of the state. For more information, call the listed contact:

Sept. 25 - Portage, 4-6 p.m. EST
Northwest Indiana Forum Auditorium
Contact: Karen Lauerman - (219) 763-6303 ext. 181

Oct. 2 - Fort Wayne, 3-5 p.m. EST
Summit Club
Contact: Kathleen Randolph - (260) 459-1400 ext. 4502

Oct. 10 - Muncie, 9-11 a.m. EST
Ball State Alumni Center
Contact: Roy Bud - (765) 254-1420

Oct. 14 - Evansville, 11 a.m. - 1 p.m. EST
Ivy Tech
Contact: Greg Wathen - (812) 423-2020

Nov. 14 - Plainfield, 9-11 a.m. EST
Brightpoint
Contact: Joyce Zwierlein - (317) 707-2382

Nov. 19 - Notre Dame, 10 a.m. - 12 p.m. EST
Center for Continuing Education
Contact: Robert Bernhard - (574) 631-1862

Folks around downtown Indy gathered today to watch our beloved Hoosier/RCA Dome’s deflation. It’s enough to make one feel downright poetic, so here goes:

"Deflation: Ode to the Dome"

By M.L. Ottinger

Your big top falling
With the foreman’s calling,
We remember Blue fans bawling
And coaches calling suspect plays.

Then came down a twist of fate,
As the lovely Sunshine State
Beheld to us Tony the Great -
A cerebral, calm, and subdued gaze.

Quiet strength with Peyton’s arm,
A line to keep him safe from harm,
Two-minute drills without alarm,
Chicken soup for sad fans’ souls.

Suppressed by revolutioneers,
New England topped us several years;
Then one day came a thousand cheers.
We’d won us a Super Bowl!

For many decades musical tunes
Graced your walls as ballads boomed.
The Piano Man and Elton crooned,
“About her, she’s got a way.”

You fed our state’s beautiful addiction
To Final Fours, like benedictions.
Hoops inspire our soul’s conviction;
Free throws line our DNA.

As your roof drops to your floor,
Your brother watches right next door.
How long ago was ’84?
Those memories of fortune kissed.

Your cheers will cease to deplete,
Echoing down Capitol Street.
Beholding all your glory’s feats,
Goodbye, sweet dome, you will be missed.