Traders on the floor of the New York Stock Exchange watch a television monitor as the vote on the bailout package is counted, Monday Sept. 29, 2008. Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, after the government's financial bailout package failed the House. (AP Photo/Richard Drew)
As politicians scrambled to pick-up the pieces of the bailout battle on Capitol Hill after the house voted down the President's $700 billion dollar plan, sending stocks plummeting almost 800 points.
Local financial advisers are weighing in on what it could mean here in Kentucky. According to many of our local advisers much of the fear surrounding this financial crisis isn't necessary and one in particular says it's actually, not as bad as it appears.
"People watch TV, they see these things and they get worried," said Tom Dupree, of Dupree Financial Group in Lexington.
Dupree says he believes a lot of the fears people have, are being sparked by the mere fact not even our nation's leaders can seem to agree on a solution to fix the problem and while he says people should be concerned, right now he says their is no need to panic.
"If I felt like their was something to be scared of, I would be scared, " Dupree said.
Dupree also says the banks in Lexington for the most part are very healthy, but in any case he recommends Kentuckians be aware of where their money is at all times..
"As in any financial shakeup there are winners and there are losers and what we always emphasize to people is to know what you own," he said.
When it comes to loans, Dupree says it just depends on your financial institution and their borrowing habits. He does stress most banks, are not heading for financial failure.
"Some banks will have to merger, others will do just fine," Dupree said.
As for the Dow's record plunge following the bailout bill's failure to pass, Dupree again says, it's not time to panic.
"Yes, it's a big correction, it's very ugly and painful, but in prospective, it may not be the end of the world," Dupree went on to say.
He and others in the financial field locally, support a future bailout plan, because right now, many say it could be the only way the nation will recover.
Dupree also says during these uncertain times, if you don't need it, don't buy it. And do your homework before applying for a loan, don't just settle for the first offer.