With the House voting against the Bush Administration bailout plan, many critics are left wondering how the economy will react.

Newt Ginrich, former House speaker, stated that the crisis of the credit markets is real and could have "horrendous" consequences.

Stock fell quickly on Monday in response rejection of the plan -- with Dow down over 700 points -- a drop of nearly 7 percent. The Standard & Poor’s 500-stock index was down just over 6.5 percent.

The New York Times also reported that European and Asian markets saw declines as well, "especially in countries where major banks have had significant problems with mortgage investments, like Britain and Ireland."