Well, I read the transcript and it is now 2:45am so that should tell you my reaction.

It really made me doubtful that any "rescue plan" (formerly known as a bailout) will work. Certainly if the government does nothing we are in big trouble, but I am beginning to think that whatever the government does we are all in for hard time. Personally, we and likely most retirees will be severely impacted with retirement savings and even pensions taking a big hit. Of our 4 kids and their families, I think 2 have jobs that will be in danger. For one family, a modest house that they can afford now will be gone with the job. And we may not be able to help.

Very discouraging. My question is whether or not adequate banking regulations would have prevented this. It sounded like the wonderful "innovative financial products" might still have been developed and any regulations would have only slowed the pace of this disaster.