We need to think about just where the time dilation effect occurs. By then thinking about the observations from each point of view, that is the free falling object and the external observer, we can come to terms with just what is happening as opposed to what appears to be happening.
The experience of time
We must remember that an object moving at a certain speed will travel through time (or the 4th dimension) at a slower rate. This does not mean that it moves slower, otherwise it would obviously not be travelling "at a certain speed".
Where time slows is in the ticking of the physical processes of the object itself. 562
In other words, my clock would tick twice as slow according to you as I flew past you at 87% the speed of light. I would be waving my arms normally, but according to you, I would appear to be waving my arms twice as slow and would also appear to be squeezed in size (not really relevant to this).
The falling object's point of view
If you were the object falling into the black hole, you would accelerate as you approached the event horizon, but you would take longer and longer to react to the approach, to the point where you would fall into the black hole in no time at all. From your perspective, your approach to the event horizon would become exponentially faster.
In other words, you would fall incredibly fast into the black hole, but you would have barely registered it in your mind because there just wasn't enough time for you due to relativity.
The stationary observer's point of view
Now, the stationary observer outside the black hole's influence would observe something very different. The light (or rather, information) about your descent would become more and more redshifted, but also take longer and longer to actually reach their eyes.
This means that according to the observer, the falling object would slow down to a halt at the event horizon and have disappeared.
So what really "happened"?
* The falling object fell in very quickly, but hardly realised it happening
* The stationary observer would think that the object disappeared and never reached the event horizon.
* <PERSON> taps on some gravity books and saves the human race. 334