I really wanted to respond to <PERSON> question in the comments to <PERSON> excellent answer below, but I don’t have the “reputation points” to do so.
In brief, the escape velocity for any planet is v = (2GM/r)^1/2. That can be derived from Newtonian physics by setting the gravitational potential energy Fds of a fall from infinity to r equal to the kinetic energy, that is, the integral from infinity to r of (GMm/r^2)dr = 2GMm/r = 1/2mv^2 gives us the formula. Since rs = 2GM/c^2, we can say that the escape velocity v = c(rs/r)^1/2. This is also by symmetry the velocity of any object that is falling towards a mass from an infinite distance. (It works to use these simple equations even for relativistic situations because the masses appear on both sides of the equation and can be canceled.)
The Shapiro Time Delay makes the speed of anything in a high gravitational field appear, to a distant viewer, as v’ = v(1-rs/r). A hand-waving argument is that, as an object falls towards a mass, the distance to the mass seems to contract as (1-rs/r)^1/2 while the time seems to slow by (1-rs/r)^1/2, for a total effect of (1-rs/r). 483
It can also be derived from the <PERSON> metric.
So Equation 1 in <PERSON> answer is that the velocity of a falling object c(rs/r)^1/2 as seen from far away is v = c(1-rs/r) (rs/r)^1/2. We can plot these for the last few seconds of a fall into a black hole and get this result. Hence an object falling into a black hole thinks that it hits lightspeed at the event horizon, but we on Earth see it as stopping. <PERSON> wrote “Although you wouldn't notice anything particular as you fell into a black hole, someone watching you from a distance, would never see you cross the event horizon. Instead, you would appear to slow down, and hover just outside. You would get dimmer and dimmer, and redder and redder, until you were effectively lost from sight.”
I would put it as objects that fall into a black hole enter a region of such huge time speed difference compared to us, that while it sees itself as quickly zipping past the event horizon, we see billions of years pass before the object gets there. 334