Stocks plummeted across the world Monday in the first full day of trading since President Bush signed the bailout package Friday.

The Dow Jones Industrial Average experienced its largest one-day drop of 800 points before rebounding to close 360 points below its opening value. It fell below 10,000 for the first time in four years. European and Asian markets also tanked overnight.

President Bush tried to reassure Americans as he paid a visit to small business owners in San Antonio.

"It's gonna take awhile to restore confidence in the financial system,? the president said. ?But one thing people can be certain of, the bill I signed is a big step toward solving this problem."

Some say that?s little consolation to Long Island?s middle class, who they say are the ones really suffering. "I?m self-employed and it?s harder and harder to make a living,? Richard Dante, of St. James, says.

Residents say they are frustrated, as are lawmakers. The House Committee Oversight and Government Reform began hearings Monday on just what went wrong.

Long Island Association Economist Pearl Kamer says it could be months before the bailout package begins to make a difference. For now, it?s going to be harder than ever to buy a house, car or get a student loan, Kamer says.

To watch the full interview with Pearl Kamer, go to Channel 612 on your iO digital cable box and select iO Extra.The bailout?s likely impact Long Island?s economy

The status of the markets is also affecting student loans

House OKs, Bush signs $700B rescue package into law Bailout passes Senate, House foes soften