EL PASO, Texas -- As news spread that the $700 billion economic bailout package failed to pass in Congress, stocks went down and concerns around El Paso went up.

"Sure, I'm worried about a recession,” said Charlotte Pearson of Central El Paso. “I'm worried about people with the economy and what effect it will have on El Paso."

But even with those concerns, Pearson said she is glad the bill didn't pass.

"We've got to find a better way to solve the problem. I just don't think we could just bail people out and that's going to solve the issue."

Several other Borderland residents along with an El Paso economist disagree.

"We're likely to observe a fairly intense recession at least if nothing materializes over the next few days," said University of Texas at El Paso economy professor Dr. Tom Fullerton.

The financial crisis has already hit the Borderland with Hunt Industries backing out on a deal to develop property in Northeast El Paso. Some El Pasoans are already feeling the pinch in their pockets.

"We do have some stocks and we've lost some money on that. I'm sure a lot of Americans have,” said Bea Briones. “I think the sooner it goes through the better for everybody."

Fullerton said people who are investing shouldn’t make any rash moves. He said that El Pasoans who have money saved up for a rainy day should hold on to it.

On the bright side, Fullerton said the Fort Bliss expansion, the new Paul Foster School of Medicine, along with people coming across the border to shop may be enough to offer El Paso some financial protection.

Fullerton also notes that the nation’s financial infrastructure should not collapse.

U.S. Rep. Silvestre Reyes voted for the bill Monday.