This is a serious situtation that could have very catastrophic consequences on the economy.
Credit lending has effectively stopped. No student loans, car loans, mortage loans or creditcards. In addition many companies temporarily borrow money to meet payroll.
It is quite possible that if this happens you will go to the ATM and there won’t be any money in it. As I said before it may be wise to keep some cash on hand.
They have no choice but to give the 700 billion to avoid a cascading effect where the whole economy shuts down. However, I really do not want these assholes to get their bonuses. I think that’s what pisses most people off the most.
I wrote about this very problem in 2004 on my blog.
http://webbahsblog.blogspot.com/2004_11_01_archive.html