Folks, if there’s one thing to be learned from the failed bailout plan it’s this: the days of the bling-bling are dead. Saving accounts are much sexier than gold and diamond-encrusted grills.

The failure of the $700 billion bailout is going to hit a lot of us where we live — as in, our homes. I think the reason it was rejected out of hand was because it didn’t have anything to slow the foreclosure rates down and save our homes. So if you are behind on your mortgage payments, you better get caught up real quick. The banks are in a mess, and not ready to give anyone a break. And for those of us buying cars, houses and the like in this economy? You better be sporting a FAT bankroll, because the days of “no money down” are just about over.

You know the deal. Banks want damn near half up front to loan you money at a high percentage, even if your credit is right, which, of course, it ain’t. Student loans are going to not just get harder to secure, but the terms are gonna be more stringent, and you won’t be able to wait three, four years before you start repaying. You’ll be walking across the stage to get your diploma and dropping off your payment on the other side.

Both Obama and McCain are pointing fingers, saying this is the result of partisan beef. But that doesn’t help you or me get a car loan or put our kids through school now does it? The truth of the matter is that even as hopeful and boisterous as officials were about the bailout, they knew if would fail. It was too much money and too few long-term fixes. All the fat cats got off the hook, and it left you and me holding the bag. We have to be more serious about socking money away.

Quiet as it’s kept, the failure of the bailout is probably the best case scenario—now heads can go back and draw something up that actually benefits all Americans, now and into the future. What do you think?

QUESTION: What would be the best bailout plan for you?  Tell us here.

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