BLOOMINGTON - Twin City finance and real estate experts weighed in on national and local economic issues Wednesday in light of the ongoing global crises.

The Economic Development Council of the Bloomington-Normal Area hosted the economic summit with a panel of local experts at Illinois Wesleyan University's Minor Myers Jr. Welcome Center in Bloomington.

Panelists shared their thoughts on such government intervention as the stimulus checks and the $700 billion bailout package. They also talked about a potential bailout for the automotive industry and the status of the local business climate.

Financial markets would be a lot more frozen, or even dead, without some of the government actions, said Bob Lakin, president of Commerce Bank's Illinois region. The government's $700 billion package was extremely important to prevent a total collapse of the financial institutions, he said.

"If the banks do well, and I'm confident that they will, the U.S. government will eventually get that money back," Lakin said.

An area where the government should not intervene is in the automotive industry, panelists agreed.

"Chapter 11's my answer," said Mike Seeborg, an IWU economics professor.

That doesn't mean a company like General Motors will disappear; it means it can reorganize, he said. In response to the common argument that no one would buy a car from a company in bankruptcy, Seeborg said the government could step in just to guarantee vehicle warranties.

While panelists agree the economy in Bloomington-Normal is better than the rest of the nation, the community is not as immune to outside pressures this time, said Greg Yount, commercial sales manager for Coldwell Banker Commercial Heart of America.

Many commercial projects are ongoing and businesses continue to make inquires, but inventory of available space also is growing with vacant retail and restaurant space, Yount said.

"We don't see these things filled up yet," he said.

Twin City banks have plenty of money to lend for small business start-ups, but it's not going to be as easy to get money.

More money is needed for a down payment, said Larry Maschhoff, president of Bank of Illinois in Normal.

Banks also won't be as willing to lend to a potentially risky borrower, Lakin said.

"The game has changed," Lakin said. "The rules have tightened up."

While the economic base is fairly solid in Bloomington-Normal, consumer confidence has slowed, said Jim Payne, economics professor at Illinois State University.

"A decrease in spending is going to have ripple effects," Payne said.