On Friday, the House passed the revised version of the $700 billion bailout crafted by the Senate. Today, it is time to assess the damage, and see what is going to happen from here on out.

All of last week, anytime there was hope that the bailout would pass, the stock market would recover. Today, though, the story is different. Now, many are saying that $700 billion isn’t enough, and the stock market is down.

Additionally, the same people that told us that the bailout package needed to be passed now or the economy would die a quick and painful death, are now telling us that the "rescue" may take weeks or months to become effective.

In the meantime, the liquidity that this measure was supposed to promote has yet to appear. Which means that you will continue to find it difficult to get approved for home mortgage loan and equity lines of credit.