[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/25/art.bank.gi.jpg caption="Bush is encouraging the Nation to support his financial bailout plan."]
FROM CNN's Jack Cafferty:
If the bailout package works, it won't come a moment too soon.
President Bush told the nation last night without quick congressional action more banks could fail, the stock market could drop even further, slashing the value of retirement accounts.
Home values could go into free-fall in this environment which could lead to a dramatic rise in foreclosures.
The President also said more businesses could fail as a result of this crisis and millions of Americans could lose their jobs. As it is, first time unemployment claims hit a seven-year high this morning.
Ultimately the President said our country could experience a "long and painful recession."
It's comforting Washington finally decided to get in the game. This is a crisis that's been developing in plain sight ever since the housing bubble burst. People who should never have gotten mortgages are seeing their homes foreclosed on because they can't make the payments.
Let's just hope our government decided to act in time.
Here’s my question to you: How is the nation's deepening financial crisis affecting you?
Interested to know which ones made it on air?
Inflation of many of the everyday items my wife and I purchase is really beginning to impact our budget. It's not just gas anymore.
Cindy from Ohio writes:
We just retired. We thought we had a good income and that our life savings in our IRA would be there for us. Now, my husband took a part-time job to pay everyday expenses and we're afraid our nest egg will completely disappear.
I was planning to retire early next year. Now, not so fast.
As a recent college graduate, I feel it already. Finding a job has been difficult and thinking how I am going to pay off my school loans is very stressful.
This crisis is not affecting me, because I was not so irresponsible as to purchase a home I can't afford.
This seems like this is Shock Politics, and it is being used to help Wall Street. I was a small business owner. I already lost my business, home, car and I am struggling to keep a roof over my head. I am making 25% of what I used to earn. I am struggling week to week to pay my bills. I can't afford to have $700 Billion of our taxes to be wasted on propping up Wall Street.
It won't affect me because I have land, a shotgun, a garden, warm clothes and a stockpile of canned goods and moonshine.