With the failure of mortgage lender IndyMac and government rescue of Fannie Mae and Freddie Mac, CNBC asked the experts about the state of the country's financial system.
Impact of Fannie, Freddie Bailout
"I suspect (the bailout) is another band-aid to the financial problems...The financial system is changing. The price of borrowing at the (Fed's discount) window is more government oversight, more regulation. So I think until the dust settles, the financials are likely to lag."
— Bob Doll, Blackrock vice chair and global equities
Things Aren't That Bad
"When people talk about a couple of hundred banks that are going under, it's these small banks that really don't matter. And if you take a look at the large banks in the United States, they're healthy, they're going, they're cash-flow positive. So I know that there's a crisis out there, I know that people are panicking beyond belief, but the situation is just not as bad as people represent it to be."
— Richard Bove, Ladenburg, Thalmann & Co.
Fed Rescue Helps Markets
"I think as far as a confidence building measure is concerned, the expertise of the Fed in stepping in and assisting with the prudential standards and the capitalization of Fannie and Freddie is really one of the things that's going to keep the market moving this morning and for the longer term as well."
— Howard Glaser, mortgage industry consultant
Assessing the Government's Action
"I think that this Treasury and this Federal Reserve has been very good during this credit crisis. They have been really on top of issues and coming up with solutions to a very difficult set of problems."
— Abby Joseph-Cohen, Goldman Sachs senior investment strategist
"We've always known that these institutions were too big too fail. It's been implicit and now it's explicit."
— Paul McCulley, Pimco managing director