l thought l kinda understood this, but now it is going way over my head. What difference am l really gonna see, besides bank names changing on buildings?
Ca not all the countries that owe us money, maybe pay us back a little, or do we owe other countries even more?

It means we are screwed with a capital SCREWED!!!

l seriously think there will be a new great depression.

http://..com/80929142714AA9rJk9

It means your 401(k) probably got f'ed in the a.

You owe everyone else more money than you would ever recieve!

The way to get out of it is to let your currency crash.
Only from the crash can you rebuild!

l have no answer to this, but just want you to know l was wanting to know the same thing.
you are not alone!

Put a bid in. The bailout will pass in a different form before week is end and the DOW will bounce a good 500 points.

l am not entirely sure but l think we are the ones owing all the other countries. haha

Buy that one way ticket to albania and take with you a book on sheepherding, your new occupation-to-be.

To sum it all up, you, and me, and all of us, are screwed, you can thank the republicans and their hurt feelings for that, this is absolutely ridiculous, we had a chance to turn this bullshit around, and now, we're stuck in it, obama will turn this around though.

Well. it means we are going to have to pay for it. we are going to have to pay for all this nonsense that keeps going on.

not much if you do not own equities. Although the price of things like gas and other commodities are tied to the stock market. However, oil got crushed in the markets today as well, so it looks like the price at the pump will actually be coming down as a result.

The market is correcting itself, it has been inflated for the past 15 to 20 years or so.

this is a good thing.

if that bailout would have happened we would have had a bad ten or twenty years. This way we may have a bad year.

That bailout is a form of price fixing!!! and is the definition of socialism

bailout?

you can sit back and laugh at those jerks who got us in this mess.

We owe so much we could never pay it back.Get on your knees and pray we are in for hard times.The rich get richer and the poor get poorer

You lost money if you own any stocks. Also, if corporations are in financial trouble than you could lose your job.

say goodbye to your kid is chance to go to a college if you need a loan and say hello to the new depression of 21st century!

It means they have to try again to take taxpayer money to give to companies that obviously did not know what to do with money or they would not need yours to begin with.

to the average joe it depends...to big banks/businesses everything cause right now banks arent lending money to other banks and businesses which effects loans and business payroll and even some 401k is which trickle down to the average joe

That depends a lot on how old you are. If you are young ( l am 29) and years away from retirement, it probably wo not affect you much in the long run. If you were planning on needing access to your money in the market in the next few months (or years) you may see quite a pinch.

keep that job you have now b/c the unemployment rate will rise and more people will be out of a job, looking for yours

We owe other countries more l believe. If the economy slips into a depression again. as it is on the verge.. it wo not be like the last one. It will affect the whole world. Other economies depend on ours. If that happens prices will go up so high there wo not be enough money for the ''average joe'' like us. Families could lose homes, & people will starve. Worse than it is now. The world has not seen that kind of mass depression. ever. That is why they r planning the biggest ''bail out'' in history. It is hard to follow, but someone who understands it explained it to be in terms l could understand. l hope l have done the same for you. Good luck, & God be with you.

It means that if u try to cash out ur 401K this month, u will have less than u had last week.

If u have more than $100,000 in a bank account, some of ur cash is at risk.

If u have credit card debt, look for ur rates to go up, simply because the bank can raise them at will.

If u r trying to get a mortgage or a car loan, u will need to have 20% down in order to get it.

The US currently has over $9,000,000,000,000 in debts outstanding.
Half of that is to the social security trust fund, which will become an issue in the next decade or two, as we end up with more people retired than working.

The main issue to the average person right now (as l understand it) is a virtually stagnant credit market. This means u will have a difficult time getting a car or home loan.

In a broader sense, the problem with the credit market will put a strangle hold on any economic growth. Businesses will not be able to get credit to buy inventory (especially for the upcoming holiday season), to build and/or expand locations, buy raw materials, or whatever else they might need credit for.

Looking a little further out, this will likely lead to job losses as companies just do not need the manufacturing & sales staff.

it means unless the average joe can afford to wait for the market to recover, which may take years, the average joe just got screwed up the a**. meanwhile the big shots who created the problem just got their millions in salary and could give s**t less about the average joe

It means that a hundred republicans were upset that POLOS l (house speaker) said some true but naughty things about them & no they r not going to do as they r told any more, BOO HOO HOO.

So you, me & about a BILLION people around the world have to wait till Wednesday till they calm down & the markets have lost a few $trillion more dollars.

Politicians behaving like children, what amazed me was they actually admitted this on CNN & defended their actions. WHAT PLANET DO THESE *UCKWITS COME FROM.

It means the depression is back. Save your money do not invest in anything. Many countries owed us money before and still do but we wiped their slate (debt) clean.

we owe other countries even more. china has been buying our bonds & notes like crazy! on a base level, besides bank names changing, ur money in the bank is insured, unless it is over the amount covered by the FDIC. at most, u will receive a letter in the mail saying that ur bank name & account number has changed. u may get some new bank cards & checks, but the switch over should be painless for the end user such as yourself. if u have some automatic payments set up, u may have to change the account numbers & routing numbers on those, but other than that, it will be a seamless transition.

if u have a 401K, i'm willing to bet the amount in ur account has dwindled even a little by this point, so u will see a change in ur retirement accounts. when the market improves, those should improve also, but that will take time. if u r not close to retirement, u should have plenty of time to earn back what u lost. if u r close to retirement, u should have already had ur assets in more secure places like government bonds & notes to reduce ur risk.

also, going forward it will be harder to obtain debt like car loans, home loans, & credit cards. banks do not have the money to lend, & especially not if ur credit rating is not up to par.

being the ''average joe the biggest affect for u right now, minus what i've already covered would be the risk of losing ur job during a layoff. several companies r scaling down head count right now mainly due to the fact that they r uncertain about what will be happening in the future. of course, we all know the domino effect of what can happen if u lose ur source of income, so l wo not dive into that.

It means the greed of the past has caught up w the US of A. Greed on wall street, greed in real estate, greed from CEO's, average joe/jane rackin up to much credit card debt (gotta have that 52'' tv, or Toyota Tundra ya know).
Start living in your means, or below. This is gonna be a rough ride for most.
The last generation to understand sacrifice was the ww2 gen. We could learn from them.

USA is now the biggest debtor in the world. And even now USA spends about $700 billion more than it earns every year. Which means that US debts r getting bigger.

US taxpayers r already responsible for trillions of US government debt. And adding $700 billion on top of that was simply too much to stomach for many voters & politicians representing them.

But the stock market is plunging so much now because many investors kept hoping against hope that all these huge debts will go away & everything will be okay. Now they've realized that a lot of borrowed money has been squandered & lost. And they r not as rich as they thought they were.

man l love this. u all complain & blame bush & repubs in general when the root cause of the bubble was the MASSIVE numbers of subprime loans banks were passing out to people that couldnt afford to pay them back. The Community Reinvestment Act & subsequent regulation under CARTER AND CLINTON forced banks to meet gov requirements by forcing them to give out a certain # of subprime mortgages. Regulation got us into this mess NOT deregulation. The market is correcting itself after decades of socialist policies have caught up to us.

lost in all of this is the fact that obama worked for a law firm that sued banks for not giving out subprime loans. Google Franklin Raines, ex Fannie Mae CEO & corrupt member of obama is campaign.

its going to take a bit for the average joe to feel this. commodities r trading lower so u could pay less at the pump. 401k accounts r going to be worth less today than yesterday. however, u can not take a single day in the market & assume its going to destroy us all. by the end of the week, stocks will still be down after recovering slightly.

A lot of these r completely wrong. We r a long way from another Great Depression where people r standing in breadlines just to eat. And to clarify, the 1929 Depression WAS a world depression.

What u have to understand is that Wall Street is the equivalent of a spoiled little four year old. It throws tantrums all the time when it does not get what it wanted. It WANTED this bailout packaged, & when it did not get it, it threw a tantrum & sold off. What u do not see is that after a 700-pt. drop, there r many, many people buying back those same stocks after hours. Those r the people who do not buy in to the hype & know the value of well-run companies.

Just because Wall Street throws a little tantrum does not mean it wo not recover. Just because this bailout fails does not mean there wo not be another form of a subsidy that will make the market soar. It is unfortunate that most ordinary Americans only follow the market on days like today; they do not understand it & will contribute to the selling. The Wall Street elite that sold today know that they just lost one single round in a long, drawn-out game. The mistake others make is thinking they have lost the game entirely.

Some people bought some overpriced housed they could not afford.
Then they stopped paying their mortgages.
Then the banks that they borrowed money from had less money coming in so they could not provide any new mortgage loans.
Then the home prices started to drop because people could not get loans as easily.
Also the banks cannot provide loans for other things like cars, vacations, furniture, etc.
When people cannot borrow money businesses cannot sell things as easily.
Then production & prices r reduced until the price drops enough for people to pay without having to borrow money.

The direct difference is high unemployment. The 1.2 trillion loss to the stock exchange means that every company that suffered a loss has to recoup it. meaning firings, store closings & rise in prices.

retirement funds 401K is took a big hit.

the credit market also dropped 104points meaning less or no loans, for cars, or businesses. Any business needing a loan or just expanding many have to fire people.

It means high prices for everything, Less interest for savings accounts & high interest on credit cards.

There is a way to ease the burden. It is not all bleak. If a good modified version of the bail out passes or another economic
plan passes that can free up money to to build up a stronger economy. Less banks will fail, less business will fail. It still is a long way to healthy but we can stop short of having a depression. We r not at a depression yet.