On the edge of the maelstrom

The historicity of today compels me to at least note that I was aware of events. Today Congress rejected a $700 Billion bailout of the banking industry. I am both secretly pleased that the Bush administration's attempt to once again consolidate power failed, but I am also displeased that the banking industry appears about to slide into the abyss. I have no idea how this is going to affect me personally. If banks are unable to lend each other money, and consequently, lend their customers money, then presumably I might have difficulty in securing loans to live for the next two years. I don't fully understand the interconnections between retail and investment banking, so perhaps teh failure of major investment banks might not be as catastrophic as if the retail banks were failing. At least I have duly noted that on September 29 2008 I was scared as the stock market tumbled.