DAYTON, Ohio -- Lawmakers are still working to put together a $700 billion bailout plan for the struggling financial industry.

Thursday morning, a leading economist told a Dayton audience that taxpayers are going to have to bite the bullet to help the economy.

The presentation, sponsored by KeyBank, was held at the Mandalay Banquet Center.

The speaker, Dr. Ken Mayland, is an award-winning economist who said the bailout is not designed to help Wall Street firms, but to keep local banks willing and able to extend credit and loans to small businesses and consumers.

Dr. Mayland has degrees from MIT and the University of Pennsylvania and is known as the "optimistic economist."

He said unfortunately, he feels the bailout is necessary.

Mayland told Dayton-area banks and business people that the economy has experienced a double shock this year because there's been a tremendous increase in oil and energy costs and now the credit crunch.

Maryland said if you can’t use your credit card, “how do you make an airline reservation? What if you go to dinner and you can’t use your card to pay for dinner? A lot of activity would come to a screeching halt if the system freezes up and that is what we’re trying to prevent.”

According to Mayland, the bailout is about you and I being able to walk into our local banks and get a car loan or a college loan for our children.

He also believes we can not afford to roll the dice and ride it out, hoping that the market corrects itself.