I had mixed emotions when I learned the Senate had passed its version of the $700 billion economic bailout bill.

On one hand, I felt intense relief. Finally, there is some action being taken to stabilize our economy in the face of this economic crisis. Regardless of the details of this legislation, the message that something is being done will do its own part in shoring up market instabilities on Wall Street and in financial markets around the globe.

I watched with horror earlier this week as the breaking news of the House’s rejection of the initial bailout plan sent those markets tumbling. More than a trillion dollars lost in mere minutes. I personally can’t even comprehend that many zeros. Even a billion, which is bandied around like small potatoes these days, is difficult to conceptualize.

That is one of the reasons that I also have my doubts about this multi-billion dollar bit of legislation. While I know that something needs to be done, I don’t know if this is the way. But I don’t have any better ideas.

It is easy to feel insulated here in Chenango County, despite the fact that we’re not even 200 miles away from Wall Street. While it is only the giants being affected, our own sense of insignificance gives us a false sense of security. But never fear, it will trickle down. Or rather, stop trickling, as the credit crunch starts to limit things we take for granted like being able to get that loan for a new car, or using a credit card to make a purchase.

It’s not just the financial markets that have lost confidence in the midst of all this chaos. I’ve lost confidence, too.