Talks to agree a huge $700bn (£380bn) bail-out of the US financial industry have ended in a "shouting match".

After several hours of discussions with President George W Bush, a group of Republican members of Congress blocked the government plan.

The proposal would have seen the government buy bad debts from US banks.

Without a swift rescue package more finance companies are expected to collapse, causing more serious damage to the global economy.

http://news.bbc.co.uk/1/hi/business/7636943.stm

I wonder where things go from here.

Well I'm crapping my pants cos I need a mortgage.....

Well they got the money, now the taxpayer can't pay their mortgage and the US banking system as gone tits up.
Hang on hasn't that already happened, I am confused.

Well with any luck the euro will hold its own and if the pound loses much more value we can just switch currency. If not then we can just trade in fish and epson ink. A rainbow trout being the most highly valued...

I should think Bin-Laden will be rubbing his hands as the modern world goes into capitalist meltdown.

Long live communism! We will become the USSGB

I think you can actually look at this period from a positive light.

House prices are going down, banks are lending more sensibly (albeit very reluctantly) and the government is getting more pro-active, although declaring Iceland to be a terrorist state was a bit unexpected I have to admit.

Things are essentially slowing down and some things are getting cheaper because people don't have the money to buy them and the demand is down.

You simply have to cut your expenditure as much as possible (I walk or cycle where I can), postpone any plans that depend on loans and look out for schemes such as local currencies that you can join.

If you're seeking a mortgage try to save as much as possible and you can get excellent money saving tips in books sold from second-hand shops.

I see it as an opportunity but I'm a glass-looks-full-enough-for-me kind of guy.

Polite Gorilla

I quite agree - until things get so bad that looting is rife and every street features a burnt out car. At least it will take our minds off the anguish of being single

Funny how the current so-called Global Financial Crisis all seemed to start with the price of fuel going sky high, and the countries that have oil and gas seem to be least affected by the global recession. At the risk of starting a contentious aspect to the topic, could this be a well-planned long-term economic attack on the west?

The west has shot itself in the foot. Whether or not the middle east loaded the gun is another matter