I don't blame congress at all - Bush has overseen this free-for-all for 8 years now, there were plenty of opportunites to reign in the hedge funds and market gamblers. But of course the banks were Republican donors as well.

And no he expects the public to bail out his friends?

Owen, London, UK

If "Mr Bernanke did his PhD thesis on the 1929-1934 Great Depression.", as you say, then he is Dr Bernanke, not "Mr"...

Saving Fortis and Dexia seems to be the first thing the factions of the Belgian government have agreed on in months- what a relief that they have finally agreed on something!

V Jones, London, UK

@Simon Allen:

Making God more important then Politics and/or Economics is exactly why the world is slowly going down the drain under the strain of war and poverty.
With God out of the loop, at least we have a chance to make it work.

Erwin, London, UK

One of Hitlers main manifesto promises in mein kampf was a nationalisation of the banks.

I'm sorry Camilla, but the British public have got two years to simmer until the next General Election. How dare the government use our money to build up its banking portfolio. This is still a democracy.

Howard Wiley, Ascot,

Considering that this whole process was brought about undemocratically by poor financial controls, I fail to see the benefit of being told to sit down, shut up and stump up, with no guarantee of getting the cash back. I envy the USA for this behaviour - they actually argue with themselves. do we?

John, Knutsford, UK

The taxpayers who are footing the bill and allegedly being put at great risk are the ones who will untilmately benefit from some decisive action. Its the average joe taxpayer who will to get a loan someday, or earn a return on their savings or have a pension. If the banks go, we all go.

Kate, London,

Mussolini, where are you when all the world needs you?

Jon Maynard, Lansing MI, USA

Eduardo DeSevila-Pierce, Atlanta, USA - are you for real?

Wasn't it Thatcher who was the doyen of all that has gone wrong with her belief that there was only one true god and one true religion - Milton Friedman and monetarism???

Greg McKay, Manchester, England

Camilla, I can normally empathise with your viewpoint. However, you appear to be suggesting that senators are wrong for listening to their electorate. It is this very attitude about 'mother knows best' that has got the US & UK into this mess. Taxpayers money should be protected at the very least!

Stephen Marchant, Newton Abbot, UK

I find it baffling why you (or anyone else) supports throwing $700bn dollars down a black hole. Of course banks are going to warn of collapse if they can get their hands on more cash. And what happens when the markets crash again? Another $700bn/£9.99 - what? Congress are doing what they are paid to

Tony Smith, Rochester , UK

Not at all we need strong leadership from a difinative party,all 3 parties seem to be vieing for the centre ground. I think the Lib-Dems should disband and pin their allegence to Tory or Labour allowing the voter to make a clear choice. The 2 members I belive in most in the House is Norman Tebbit and Dennis Skinner, you know exactly where you stand with each of them!

Dave Farmer, Broxbourne, England

The representatives are listening to what the overwhelming majority of their constituants want. Sad to see that described as "childish shenanigans". I call it democracy.

Anne, Kent, UK

Well said David Danville. Europe is declining. America will always reinvent itself. Europe's problem is it has to high opinion of itself.

Gary Morgan, Cannock, UK

By "leadership" you mean no-questions-asked state intervention?Hardly a tough decision for a politician.The fact that the US hesitates before redistributing the misery is a sign that there is at least some opposition to big government.Wise,seeing as this mess was caused by government monetary policy

Perry, Paris, France

In the US religion and the state are speciically kept separate by the constitution. So why are ALL politicians taking Rosh Hashanah.as a holiday. That should be reserved for the Jews - and Christmas Day for the Christans. Does Congress close down for Muslim holy days - I bet not.

Chris, Ashford, Middx, England

Surely the real worry is that no country, or government, seems capable of dealing with our woes. I would agree that the US is on the verge of losing its power and influence, but nobody is going to convince me that the Euro-trough is any good either, except for those who are making money out of it.

David Gardiner, Wolverhampton, England

Well said Camilla. Would you like to run for President in the US? We are in desperate need of an American Margaret Thatcher.

Eduardo DeSevila-Pierce, Atlanta, USA

Not to worry. We, (America), will survive while Europe, (including "Great" Britain,) continues its century old decline. What has Europe given the world besides colonialism, anti-semitism, world war and appeasment? I am certainly happy to see isolationism returning to popularity in the U.S.

David, Danville, Ca., U.S.A.

why is everyone assuming the diagnosis and proposed remedy for the prsesent financial crisis offered by GWB the only way forward? 6 years ago he and his cronies assured the world of WMD in Irag and its link with Sept 11...

J J FONG, London, UK

I totally agree with the article.

I find it offensive, however, to describe legislators as 'lazy' because they did not work on Rosh Hashanah.

This is a religious holiday. I am not Jewish but I recognise that God is more important than politics or the economy.

Simon Allen, Melbourne, Australia

Paulson and Bernanke should be fired! They have been uttering false analyses since this crisis began and are obviously totally and irredeemably incompetent. Now they want 700 Billion handed to them on a plate. I wouldn’t trust them with ten dollars much less 700 Billion. Greenspan destroyed the USA

William Kent, Brandon, Canada

What a rant! The TARP is a grossly flawed bill put together by a flawed and discredited administration. What are a few days of democratic accountability to make this pig fly? Democracy may not be pretty but it is better than the alternative. Bush tried that and failed.

William, Guildford, UK

I am so angry with Self-Centered Congress, self-serving bankers, and selfish corporate leaders. I pay my taxes, pay my bills on time and did not live beyond my means, yet I am being asked to pay for a situation that is not of my making. It really bites the big one!!!!

Aimee-Michelle Gower, St. Louis, USA

two wks ago Euros were boasting "this is a US crisis - no impact on Europe." Now that EU banks are collapsing, they're boasting "our bailouts are more effective" (guess the concept of moral hazard doesn't exist in Europe). Voting on TARP and regulators saving banks = apples and oranges. Grow up.

drew, new york, us

A market is a now thing, not a long term view.

roger sykes, christchurch,

It's nice to have an economic discussion. Only later. Now ewerything is about psychology with a scary tilt into psychiatry.
Sure the provincials in US House are just that. This is what you pay for democracy. So, no stamping of feet, but soothing reasoning with a nudge in the ribs is the way

Felix, Mountain View,

Wonderful that Europeans have at long last grown up. I hope that as fron now on they will stand on their own two feet and not come running to the USA for help when the next war breaks out.
And maybe they will stop emigrating to the USA.

m. smith, Kingston, Jamaica.

This crisis is to a great extent a creation of the federal gov't. The Community revelopment Act is at the root of the problem. you know European style wealth redistribution, which NEVER works.

Dan Carruthers, Boise, Idaho , USA

Ms. Cavendish, have you actually read all 100+ pages of the Bill? Exactly how was this product going to immediately free up credit markets at the micro-economic level, which is at the core of your apocalyptic vision.? Credit worthy debtors are still able to readily obtain loans at the retail level

Robert, Louisville, USA

Is the move by Eurpoe as good as it looks? Ireland are guaranteeing all deposits for six banks. But what about the Ulster Bank owned by RBS, couldn't the action of Ireland result in a run on Ulster and RBS. Another case of unintended consequences perhaps?

Graham, glasgow, scotland

Who are the children and who are the adults? The banks demand less and less regulation and less government, and then the second things go wrong they go screaming to the government to help? "Privatized gains and socialized loss" is not an equitable system of governance.

Ian, New York, USA