U.S. Rep. Baron Hill, D-Ind., outlined his reasons for opposing the Emergency Economic Stabilization Act, which has been rejected by the U.S. House. Hill said there has not been enough time to evaluate the impact of the legislation if enacted. U.S. Rep. Steve Buyer, R-Ind., also voted against the plan. He said the legislation was a compromised bailout that did not protect the taxpayers or preserve free market principles. U.S. Rep. Mike Pence, R-Ind., did not support the proposal. During a speech on the House floor Pence said "the decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy."
Ribbon-cutting set for medical center
St. Vincent will host a ribbon-cutting this morning at its new medical center in Fishers. St. Vincent Medical Center Northeast's three-story facility will serve patients from Fishers, Noblesville and southwesten Madison County. More than 35,000 patients are expected to visit within the first year of operation. The center will officially open on October 6.
Economic development announcement planned
Hardwood lumber supplier Norstam Veneers will make an economic development announcement this afternoon. Fire destroyed the Mauckport company's main warehouse and production space in February. Executives were going to move operations to Kentucky, but decided to stay in Indiana and rebuild after Harrison County committed $900,000 toward water-line improvements for a new sprinkler system.
MIBOR: Housing activity decreases
The Metropolitan Indianapolis Board of Realtors reports housing activity decreased in a three-month, six-month and 12-month comparison in Central Indiana. Despite an overall decrease in sale price, Shelby County's average sale price rose 5 percent between June and August 2008 compared to the same period in 2007. Boone and Brown Counties saw an increase in average sale price in the six-month comparison, while Brown County also saw an increase in average sale price in the 12-month comparison.
Montgomery Co. paper buys Noblesville Daily
The Paper of Montgomery County has purchased the Noblesville Daily Times from South Bend-based Schurz Communications Inc. Terms of the deal have not been disclosed. Schurz ceased publication of the Noblesville paper a few weeks ago citing a lack of advertising revenue and uncertainty in the newspaper industry.
IU expert questions $25B injection
An Indiana University expert says significant job losses could still hit the U.S. Big Three automakers despite a $25 billion line of credit from the federal government. Associate Economics Professor Bill Witte questions why the government felt is was necessary to help out General Motors Corp., Ford Motor Co. and Chrysler LLC when other automakers are producing vehicles in the U.S. that are more in tune with consumer needs.
