Both the Senate and the Congress could pass this turkey if they so wished since they both hold majority votes; but the Democrats don't have the courage and want the Republicans to cosign to make it 'bi partisan', so that they don't get blamed for the inevitable fall out.

Dr Andris lielmanis, Brampton, Canada

I notice 'no interest-no usury' comments. Dont Islamic Banks work this way under Sharia Law?

chris, Al Khor, Qatar

It is surprising that the public are being blandly told to foot the bill for certain market failures to the record tune of $ 700b without any idea of the breakdown, and how it can be avoided in future.

Saravan, London, UK

I just don't get it. All the Bankers I have ever met were only interested in enriching themselves.

Why the sudden change of heart ? Why the sudden interest in saving the world.

Actually I do see.......You created your mess, you sort it out.

fredfl, LA, US

Petition against this proposed bailout.

http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1

Sean Curto, Willcox, United States

We are all avoiding the elephant in the room. We all need to go back to commonsense politics. Don't spend what you don't have. Go back to social housing, with affordable rents. Where people can rent and then save up to buy when they have a deposit. That's what I had to do, when I brought my 1st home

Daphne Kenward, Cambridge, UK

".. investors (domestic and foreign) will buy troubled banks at fire-sale prices and recapitalize them."

No they won't - they may be happy to buy the assets, and perhaps sound loans, but the state will end up with the dodgy liabilities anyway when the bank goes bankrupt.

Fred, Manchester, Manchester

Welcome to a Bush economy. Americans not smart enough to vote for Kerry in 2004 deserve this.

Jeff, Sacramento, California, USA

Why do I get the feeling that Bush and his cronies are going to be the ones looking after this substantial amount of money.
"Keeping it safe for the country" haha.
Bush and his lot are the biggest bunch of crooks on earth.

Dave, Bushey, USA

Is this really about deliberately devaluing the dollar to allow the introduction of the new North American Union currency the 'Amero'?

ML, London, UK

Lets be clear, the Clinton Administration pushed for increased home ownership by lower income families and pushed the finance industry to facilitate this, while rates were kept artificially low by Greenspan following the Dot Com bubble. The banks simply failed to only lend to those who could afford.

RM, London, UK

The $700b should be used to take every person in America out for breakfast - everyone will be fractionally happier and $700b will have been injected into the economy itself.

How does a bailout to those banks that caused all these problems help the people who have lost their homes?

Gareth, St Peter Port, UK

If we are going to compare our current situation to the great depression we should also look to see how they solved the great depression. The fed should bailout the state and local govnts. Cal needed 15 billion to ballance its books. This would create jobs & build new infrastructure. more for our $

MGates, Chico, US

That's what happens when you constantly manipulate Congress to fund war hawks' stupidity. Why did they ever asume they would get another free cash handout again? I am tempted to say let all roll down so that the storm washes out all of that trash that claims to be adequate world leaders.

Thomas Jefferson, London, UK

The more I read about this crisis the more I notice that a number of people seem to be taking a perverse delight in America's troubles and seem positively delighted that countries like China may become dominant.

Umm, I think I'll continue to pray that America remains strong.

Daniel, Belfast,

This $700,000,000,000 “package” should buy more than enough socks for Uncle Sam to stuff his pants with false confidence. It's just a touch of the old Enron Syndrome.

Tony, Fort Smith, US

Let the banks fail, governments then can buy cheaply, then we effectively own them and we can make them work as they should do.

shedboy, London, Greater London

If the us gov can nationalise the bad bebts then why can't they nationalise the bonuses paid to bankers over the last few years. Seems resonable to me.

Jason White, aberdeen,

Every mortgage should be reduced in value as follows: First 1/4 outstanding written off, second quarter to be paid by the state and the remaining to be serviced by the mortgagee. Banks get 1/4 their money immediately and householders get a fair break also. This may also realign house prices?

Dean, Manea, Cambs, England

american administration needs another crisis to cover its deep rooted problems and at the same time load the americans with another debt from the federal reserve , a private bank with its shareholders. they have laways done it under the cover of a crisis and this time is no exception.

ebbi , valencia , spain

Just print more money, let the dollar fall and inflation rise. All this big deal stuff is centralised control at it's worst. Trying to buck economic facts.

Chris, London,

The people and businesses of the West need retail banks where they can deposit cash, pay bills, earn a modest amount of interest and borrow prudent amounts of money. This is the part of the market which needs protection, preferably in a way which does not benefit risky investment bankers.

Bob, Reading,

Whether you agree or disagree with the proposal, one thing is certain: this is the end of an era of American financial dominance in the world. Our system is broken beyond our government's control. The impending recession will be felt around the globe, and free market greed will be to blame.

Jared R., California, USA

You really have to laugh at George Bush going out like this. An attempt to steal $700bn from taxpayers with few strings attatched. The president who has already borrowed more money that all his predecessors combined, going back nearly 250 years and given much of it to his friends.

Robert, Manchester, UK

Luckly Israel has nothing to worry about as their 3 billion yearly aid will not be affected...

James

James Walton, Texas, USA

A physicist friend tells me that the bailout will weaken our economy as a result of shoring-up business that should be allowed to fail, and that if allowed to fail new and better business will flourish, as they should. The stock market is a self-correcting entity, and it should be left alone.

Jim Harris, New York, USA

The American people and the American economy will be better served by an honest crash than a dishonest bailout.

Thom, New Jersey, USA

I agree with Nick Wilson of Cambridge UK. But I would go one step further in getting those ex-bankers to retrain and be re-educated in business ethics!

Edward, Gt Yarmouth, UK

Which one is more important? Ideology or collapse of economy? If rescue is going to work, why should we clinch the chaotic system which is totally out of control?

Mark, london,

I bet Mr.Bush is relieved, now that our Gordon has arrived to help him out, 48 hours and the problem will be solved,you can bet on it,no? ye of little faith,shame on you.

Eddy, Bury St.Edmunds,

Oh come on. The Democrats are trying to include provisions for forgiving credit card debt, student loan debt and a host of other riders.

Not to mention that the democratic leadership TweedleDodd and TweedleFag contributed quite handily to the present predicament by forcing banks to make bad loans.

Scott, Durham, NC, USA

So we finally come to this-it's not the democracy/capitalism or communism/dictatorship that guarantees nation's success/failure. It's the greed and lust for money of the majority of individuals in power, and the will of the rest people to accept this as given, or stand against-it's the human nature.

Paladin, Yekaterinburg, Russia

At this point I think the small percentage of Americans that still support Bush should be locked up or put into a mental institution. Who needs terrorists when you can put Bush in charge and self destruct from the inside out?

Jeff, Sacramento, California, USA

Yes Bush, we have a big problems and its you.

Susan , washougal, USA

This has got to be the worst time ever to inject party politics into a debate as crucial as this. Indecision is the worst decision.

Indra, London, UK

Fellow Americans, know this : you are always welcome at Russia...if you behave, of course. In fact we are very hospitable and will forget your rude attitude and would gladly accept you to immigrate to our country. It may be your last chance for freedom - use it now, leave America and have peace ! ;)

Paladin, Yekaterinburg, Russia

This is not who we are. It seems everyone is American bashing, but politicians aside we are collectively hardworking people who cant do much at all in Washington. We have our hands tied and a silent rage is begining to boil. God help the government when the common man has had enough.

kim, erie, pa

"costing each American taxpayer $2303.96"

Most Americans don't really have these money, as they have negative savings, which means amount they owe on mortgages, credits etc. is much bigger than their savings or earnings. Americans don't have saving culture, they prefer credit (read debt).

Marius, Hamilton, Canada

The Democrats need to stop the SPIN we are sick of it ! It is about time that you allneed to do the will of the American People. We need an Oil Bill now --the games must stop! I hope you all get put out of office. soon

frances shea, middleboro, mass, usa

"vivienne walker, Glen Iris, Australia"
The situation on Wall Street is mainly due to GREED throughout the world. Both Democrats & Republicans in the US promoted or agreed to the deregulation of banks and financial institutions and worldwide institutions bought into sub-prime loans, etc.

Stephanie, Baltimore, USA

all of the banks that dump toxic assets should be checked for other problems and limited in terms of their future toxic levels.

salman, london,

Why glote about America's financial plight, Britain is right behind you, having created its own financial crisis which is probably worse than the States. If you don't believe me ask Guru Gordon Brown who appears to have the solution for everything, apart from the economy of course.

John.gilmore, Chantilly, France

"They used to tell me I was building a dream, and so I followed the mob,
When there was earth to plow, or guns to bear, I was always there right on the job.
Once I built a railroad, I made it run...
Once I built a railroad; now it's done
Say brother, can you spare a dime?"

Scott Benowitz, Rye, New York, U.S.A.

Claire from Herts - fine, I appreciate your comment wrt letting the mkts take their medicine, and follow free market economics. Similarly, those who had the freedom of choice to take the loans they greedily took should also take their medicine. They were no more persuaded. All parties are to blame.

dave, London,

the last time the Bush presidency pushed hard on a Bill to get done early we ended up with the mismanaged Iraq War. I think Congress should take some more time.

Brian, Syracuse, US

One big piece of the jigsaw is being missed here. the 700 billion will take the bad debt off the books of the banks but will not return the assests to the people. If the 700 Billion is to do anything it should be to give the asset to the people who bought the houses / cars etc. then repay the state

Ravi, Birmingham,

Bailout ordinary people losing their homes...
Claire, Herts

Re-read your comment Claire. I believe in the free market, and I urge that they run their course yes. And that includes "ordinary people" who have taken out mortgages on assets they cannot afford.

Give the house back and move.

Laura Roberts, London, UK

Questionable loans to Illegal Aliens as demanded by Democrats sunk a number of greedy spineless bankers; there is NO EXCUSE FOR AMERICAN CITIZEN TAXPAYERS TO SUPPORT THIS SELL-OUT PROPOSED BY MR BUSH AND MR PAULSON WHICH BENEFITS only GOLDMAN-SACHS. Those who made the mess have to clean up after their own selves - isn't that what you learned from your own Mother?

Tucano Fulano, Big Bear, USA

This is a chance to revise the whole banking system. The current one is rigged by the bankers for their benefit. The new one should be based on interest free money and no usery.

Alan Heaton, Frankfurt, Germany

Surely there is still time to impeach Bush?

John, Clifden, Ireland

Let them fail !
This is economic warfare !
No Deal.

Bob Weagly, Chambg, usa

I wouldn't want to be the American tax payer having to bail these idiot bankers out.

They can now carry on gambling and earning massive amounts, safe in the knowledge that joe tax-payer bears the risk.

Just let the banks collapse - yes it will hurt us all, but the lesson needs to be learnt.

Luke, London, UK

Paulson and others CEOs made a hay at their stint at Goldman Sachs, Lehman Brothers, Merrill Lynch, ... seems to me as if they they wanted to rescue their immense fortunes.

Bernat, Barcelona, Spain

Bruce from NZ - before blaming bush for everything please go and look into the Democratic controlled congress. tehy wouldnt let bush reform fannie/freddie, john mccain asked for a reform, it was refused. the dems have a lot of special interest in fannie/freddie so they vote in accordance to them.

Louise, NYC,

The Swedes successfully got themselves out of the same meltdown in the early 90's. It hurt investors but their economy survived and depositors were protected.

It begs the question, who are they protecting here? Investors or depositors? How much does the Bush family and cronies stand to lose?

ian, Edinburgh, Scotland

We could all use a system where there is no interest, no usury.

David, Cambridge, UK

A rescue plan is essential- banks don't/can't lend money - companies cost's rise profits fall they reduce staff therefore unemployment rises- consumer demand falls - it is a downward spiral to possible depression in the US and we will follow- now stop all this politics republicans and do something!!

mario, london,

I understand British banks may benefit from the US bailout. Anything which benefits Andy Hornby and his ilk, I'm against.

eric campbell, harrogate, uk

For crying out loud, don't do it!!!!

Bush said last night "the market is not working properly".

NO!!!!! The market is working perfectly!!

Leave it all alone! Those who have outreached themselves - quite rightly - should fail. Let them, it will all recover, let it naturally rebalance.

$700b mess.

Laura Roberts, London, UK

It's interesting to note that it was the Clinton administration which oversaw and pushed for the lending of money to people who could ill afford to repay it based on the ill-informed belief that property values would always continue to rise.

vivienne walker, Glen Iris, Australia

This financial crisis started in the US mortgage market. The Americans seem to be keen to sort out the rest of the world's home grown problems using military force. This problem, appears to be too big for the institutions to sort out. The west should divert all of its funds earmarked for "aid".

Ian M Jones, Reading, UK

Almost 8 years ago to the Day GWB was doing the exact same thing over Iraq. He is talking utter nonsense. How could they possibly know this deal will work. It is nothing more than an engineered grab of taxpayers cash. Let the market sort itself out. USA is gone now, they have self destructed!

Lloyd, UK,

"A smaller role for government" involves the government not subsidising failing private financial institutions. The Republicans cannot insist on public spending without public control.

James E. Petts, Burnham, England

If the argument is that nobody knows enough for the assets to make fair value why don't the owners (the banks) pay for independent auditing and credible reporting? Could the federal government pay for this? But of course transparency would mean the junk debt is recognised as junk.

Craig Ross, Glasgow, UK

This is what happens when you waste a trillion dollars (yes, $1000 billion) of taxpayers money on a futile escapade in Iraq.

...not to mention the 4000+ lives of US citizens and countless Iraqis.

Way to go Dubya.... foreign adventures while the homeland falls into rubble.

A.Kirk, Bolton,

How to raise 700 zillions:
- "creative accounting" that is cook the books
- the printing press: relieves the short term stress. You leave the long term to the next President
- sell Alaska back to the Russians. You might raise a tidy sum
- pray

Michel Bodiansky, Paris, France

It all comes down to the US , UK & some other economies living beyond their means. The politicians and bankers that allowed & even encouraged this should pay the ultimate financial price and be kicked out of office with their assets sequestrated - just like the UK Tesco heiress over housing sales.

Stephen Marchant, Newton Abbot, UK

A bit of shame we went to war in Iraq! The money that has been wasted there would have more then paid for this bail out and we would have still had some change left to ride the bus home.

David, London,

The New Dark Ages begin. The US modeled itself on Rome and seems to be suffering the same fate following it's disasterous attempts to expand its influence by military means, exhaustion of its resources in futile foreign adventures and corrupt politics. God help us all.

Arthur, Glastonbury, England

Offer the money to mortgage owning tax payers. We can use it to buy our mortgage debt from the banks at a reduced rate. I can buy my 200k mortgage back for a smaller sum. The banks get liquidity - I reduce my chances of getting into negative equity. Central bank earns interest. No crash..

John J, London,

Scaremongering and blustering aside, one wonders if there is any meat on the bail-out bone.

Shouldn't the deal keep the risk in the failing institutions?

By say a facility, provided at a cost; dealing only with the non-performing asset element.

Let the bankers sort their own confidence out.

Terence Park, Burnley,

It seems to me, that maybe the Republicans are stalling for time so that McCain can avoid having the first debate tonight! Surely if the events of the last few weeks show nothing else, complete free market capatilism does not work, just as communism didn't..the European model is the only way!

Nick , London,

Yes , Earl A R

Why does it all matter ?. Investment banking, will it touch
the lives of ordinary people ? If our stock market looks
reasonable strong for the next few weeks, who cares ?

Or is it the loss of political control thats really at stake here !

Time will tell.

M Walker, Bromsgrove, Worcs

I expect a deal will be done, just late enough for McCain to miss the debate.
Then it can be rescheduled for next week, thus ensuring Mrs Palin doesn't have to think out loud.
The depths to which the republicans will sink knows no limits.

Dave, Edinburgh, Uk

They need some one with a cool head as a go between, I put forward Tony Blair the yanks like him and has trust that you can not buy?

bill , Liverpool, England

Who really cares? this proposed bill is not going to be enough anyway not even close. The damned turkey is over-cooked nothing is going to bring it back except the recession which is coming......period.

Sam, NY, US

I suspect the real reason behind the Republicans action is that they are organising the problem so they can make a lot of money. Shame politics is no longer about serving the people, but about getting as much public cash and property as you can into private hands!

Ron, Milton Keynes, UK

Congress is right to block the deal. It is a complete dud. After all, Warren Buffett gets something for his money. Why should the tax payer pick up trash for cash at a premium price. Completing the buy out under current plans would deprive the americans of a future in which a government had options.

Stephen O'Mara, Tamworth, Australia

This bailout is Controversial, and no one knows whether or not it will actually work, no one knows how deep the problem has become, as still there, there is still no transparency.
however i would say that $700bn is not the god send that the US economy may think it is, e.g WaMu over $900bn assets

Tom, Leeds, UK

The parallels between the Hoover/Roosevelt stand off before Hoover finished up as the worst President to that time and now Bush attempting to involve his sucessor in an attempted bail out of the usual suspects on Wall Street are amazing: Roosevelt had the good sense to go fishing and ignore Hoover.

Peter Murray, Kenmore, Australia

Almost unbelievably I find myself agreeing with Paul in Thailand.

Democracy in both the US and the UK has failed all the people miserably. Not only in managing capitalism.

Human rights is a nonsense too - obscene differences in income & criminals have greater rights than victirms.

Alistair Nicholls, Manchester, UK

I'm not a fan of Bush either, but I think it is inaccurate to say that it is because of his incompetence that the world is on the brink of financial meltdown. A lot of the deregulation occurred under the watches of President Clinton and Reagan. Both parties are to blame for this mess.

Sam, Singapore,

The problem is that this is the wrong deal - the US shouldn't bail out the investment banks - we should leave them to the market - we should support the Retail Banking system to minimise the impact of reduced liquidity .Might take the same money but it wouldn't go into traders pockets!

Neil, Ipswich, UK

Mr Chiang duh ! Yeah that might happen but it will cost me and millions of others our life saving , pensions etc.

Ian, Belfast,

Well if it's really going to be that bad... bring it on.

This is a done deal with a display of resistance to create an air of theactrical drama to help sell this idea to the American public

colin, wolverhampton, UK

If there ever was a reason for the politicians to set aside differences and prove they can pull together, this must be one. Sadly though, impending elections seem to take a higher priority.

matthew, london,

This proposal is the equivalent of aiding and abetting a murder (of the banking system) and then helping the purpetrators to bury the evidence in the garden (White House lawn) while the police, media and the public look on.

Alan, Luton,

Looks like Paulson's learnt his grovelling ways from his masters.

Reg , London,

Why doesn't Mac suspend the economy crisis instead of his campaign? Even better, suspend Barack's campaign, then he will win for sure.

torun chakrabarty, hong kong,

It all because of this crazy president,recovery will take time,We will never see the time past,this wound will take long time to stabilize,

wazdan, ny, USA

They should all go bankrupt (Banks), the only reason any one wants to save them is becuse they know tha their replacements will come from china and middle east.

No american could live with all the banks beeing owned by the middle east or china.

MR W Jones, Liverpool, England

As soon as the Jonah gave his seal of approval(kiss of death) the plan was doomed, is there anything he has touched that has not been jinxed?Can we prevent the Jonah coming back? Perhaps he might be more at home in north Korea, Ive heard they are on the lookout for a Nu 'dear leader'!

Stephanie King, larnaca, Cyprus

It seems as if you can't make a decision on your own future which is hardly surprising. Pity you made the decision so quickly to lend to people who couldn't afford it and now you're going to have to bail out each other to the sum of thousands of dollars each. Tough. Get on with it....

James, London, UK

So much for McCain's "Country First" - stalling the rescue package so the Republicans can get their noses into the trough one more time. He seems to be suffering from a split-personality, careering recklessly from one extreme to another. Pathetic, and scary.

John, Cleggan, Ireland

If they adopt this measure i for one would be concerned on just why subsidy to investors at taxpayers, investing is a risky business. And how transparent the terms of the loans are and the powers of the agency that would be in control. And the long term effects on prosperity of America.

Clive, Dartford, Kent

Bush and big oil profit if the financial system goes bust - they can buy up assets, increase control of the political system etc. McCain and Reps are idiots and criminals for helping send America to total collapse. They'll pay the price. Hyperinflation will wipe out their cash too.

pat, london,

America is living the outcome of an economic system built on the mantra.... Greed is Good. I am not opposed to a bailout for the greater benefit of the savings and pensions of the population. However where are the consequences for those multi millionaire business leaders that got us here?

Bill, Windsor, UK

this money isnt going to change the fact that basic goods, food water and fuel, are rocketing in price. This could be a huge waste of money.....

Chris, Rochdale, UK

The Republicans ar edisgracefully playing poker with the future of the world to help economic illiterate Mccain.
\markets need morals and the lack of them and incompetent sand wilful lack of supervision caused the problem. No the syste. A system is only as good as those operating it. Damned poor.

R G James, Brussels, Belgium

Even at this moment of terrible crisis. You have to love Bush's turn of phrase. "If money isn't loosened up, this sucker could go down", priceless George. Let that be the epitath on the Bush Administration. What else can I say?

Paul, Carlow, Ireland

Everything seem to be going so well with the USA $700 million rescue deal until Gordon turned up; now it's all gone sour.

albert hall, hove, england

Bailing out financially irresponsible businesses with $700 b, is unlikely to work. Option 2, use the $700 b in rebates for households investing in alternative energy. E.g. $400 bill switching to a $3,000 solar thermal hot water system, saving 75% of bill, with $2,000 rebate = jobs/wages to pay loans

Hugo van Randwyck, London, UK

An unjust dictatorship can be overthrown, an unjust democracty remains.

No wonder our politicians favour democracy!

colin, wolverhampton, UK

This crisis was entirely caused by greedy and unscrupulous bankers selling products they knew to be worthless in order to make huge bonuses, which should now be paid back. Then proper controls need putting in place to ensure no repeat in 10 years time.

Kevin Hawthorn, Hereford, UK

How much do these people earn?
The general public seem to have a better handle on the situation!
If you read the comments here, it is apparent the utter contempt these so-called finacial experts are held in for their obvious self interest above what is right and proper in a free market enviroment

Graham, Littlehampton,

God bless the socialist US of A. The new command economy is emerging - move over China. Goodbye to the free market.

Bart, Blackwood, UK

Well, apparently I have a horrible dictator: George W. Bush. I don't really need another one.

Morgan, Sacramento, USA

To Paul in Thailand - I'm sure one unopposed dictater acting in his own self interest is better than bickering old men acting in their own self interest, right?

Richard, Middlesbrough,

The scare tactics of Bush & co after 911 led to a diminuation of human rights. Contrary to all past precedents Bush and his British lap dogs talk down the economy to open an era of increasing fascism in the West.

john, motherwell, u.k

The U.S. will no doubt be very thankful in the years ahead to China, which has chosen not to sell its mountain of green pieces of paper with the pictures of dead presidents on them.

Rajeev, London,

Someone knew this was going to happen and it was probably engineered to happen , to make a few hundred million before everything goes sour . There has to be a paper trail back to the people responsible for the stall.
This deal will go ahead today.

Nick Dixon, Sutton Coldfield, England

So the US government now owns 50% of all American mortgages and the largest US insurance company. Now it is about to buy up all the bad loans which its citizens can't pay back on worthless properties.
The US is now a socialist state.
Comrade Bush needs YOU!

Fred, Bristol, UK

Something like 99% of all ordinary Americans are TOTALLY against this bailout and prefer a smaller collapse, to a gigantic, World Depression further down the road. I, and the 300 million "normals" will vote out every incumbent in USA, if this bail out is passed in ANY FORM WHATSOEVER!!!!!

victor compton, Cherbourg, France

Calm down everybody. The $700 billion should be used to buy the insolvent banks which will then be at least partially recapitalised, and the taxpayers (rather than the bankers) will benefit from their longer term recovery. Paulson, as an ex-banker, is the wrong man to be dealing with this crisis.

Arnold Ward, Weybridge, Surrey, UK

Following on from Dave's point:

I've just read that Washington Mutual has/had around $188 billion of deposits and over 40,000 staff.

It is the first time I have heard of this organisation and this "takeover" must be a serious economic blow.

Des, Edinburgh,

Republicans like to live with high drama. Call it Iraq or matters of national bankruptcy. What a bunch of loonies they have come to be. I wonder whether I can continue to support the modernday Republicans who are remarkably at odds with their predecessors.

Prabhat, UK,

There is no other option. If the bailout doesn't happen immediately there'll be a global meltdown of the financial system. This mess is down to irresponsibility of the banks, regulators and investors and it is not fair that the average joe bloggs should pay....but the alternatives are much worse.

Katie, London, UK

I seem to recall reading an Osama Bin Laden speech reported in The Times, some time back, in which the elusive fugitive suggested America would be bankrupted by the ongoing conflicts in Iraq and Afghanistan. Presumably the cost of these wars is taking its toll now.

Albert Grudge, Taunton, UK

Bailout ordinary people losing their homes not city bankers losing their jobs. If you believe in free markets, let them run their course and let the whole house of cards fall. Any support fund should benefit those who were persuaded to into stupid debts that they could never afford to repay.

Claire, Herts,

as if Thailand Paul, with its hideous dictatorships and reliance for decades on foreign aid, has any claim to lecture the West.

with respect, your country is - people and culture aside of course, an international laughing stock.

al cerf, sunnyvale, usa

Yeah Paul,

Look at all those hugely successful dictatorships.

Patoba Ipririm, London, UK

Who created and wrongly rated the toxic debt? Why aren't they involved in the clean-up, or, at least, charged with "financial polution"? Do they stand to gain from the "solution" to THEIR problem?

Bill Peter, Kuala Lumpur, Malaysia

Whats the worst that could happen if it all goes wrong?(Genuine question)

Phill , The Wirral, England

To Bailout or not to Bailout that is the question? What ever your decision decide quickly. This is a historic moment. We are witnessing the decline of America as a superpower and with it the rise of China becuase America needs Chinese gold and he who controls the gold makes the rules.

Rupert, London, UK

Maybe now, finally, people will accept the need for Congressional reform. America is hamstrung by a broken political system.

Edward, London,

There are a few of us that have had arguments with those that have been promoting the concept of deficit accounting. It did not make sense but to the many the apparent evidence of success was undeniable. We now see the results, BANKRUPTSY. The West is uneconomical. & like Sampson lost its power.,

Jas, Alders, UK

The Bush scare tactics "if this blank cheque is not given to Wall St RIGHT AWAY there will be an end to civilization as we now know it" is just to blatent, we are in the middle of the biggest rip-off in economic history posing as a rescue plan. Takeover the banking infrastructure not its poison.

john, motherwell,

I did a back of a fag packet sum. Cleveland has 34,000 repossessions. Lets say the average mortgage is $100,000. Lets say only 50% of that mortgage is realised. Thats a loss of .....$17,000,000,000 on cleveland property isn't it? Can any one tell me 1. Is this right. 2. If so are we doomed?

Steve Norman, Cheltenham, ENGLAND

"costing each American taxpayer $5,300"

This is off by a factor of two:
$700 billion / 303,824,640 population (source CIA Factbook, 2008 estimate) =
$2303.96 per person.

Note that this is the size of the program, not how much it would cost. Figures vary, but 60% was recovered from the 1980s RTC.

Alan Peery, London, UK

Can the Chinese help out.? They have got enormous dollar reserves and a will to win.

Charles Morgan, Madrid , Spain.

I'm here in Denver USA reading these blogs. I think it's time the USA reap what it sows. Time to come off the bubble. No more suvs, fat burgers, american idol, lazy people getting rich off the others. The party is over. Now it's China's, India's and Russia's turn.

Christian, Denver, USA

Adding the politics of the election to this mess has only made matters appear worse, while each side jockey's for position to wear the mantel of saviour! Neither the Republicans nor the Democrats will stand in the way of this bailout, they just want a little extra face time with the camera!

Graham, Toronto, Canada

Sick Patient

Congress debates fault and best treatment, when the patient gasps for breath before them. Markets wait for no man, and noble principles die quickly when the heart stops. Revoke the credit cards of congressmen, and pay for their own bills. Turn off their mobiles.

Goldfinger, Gloucester, UK

Keystone Cops anyone?

Robert, Provence, France

Earl A. Reitan, Normal IL, USA

All well and good Mr Reitan, but which banks/ institutions will the investors buy when they ALL collapse? Be careful what you wish for!!

ipd, Tokyo, Japan

Pure and utter insanity.

Don't do it. Don't endorse it. The markets were falling for a damn good reason. Let them fall.

Do not reward failure and punish the good decisions of others.

Laura Roberts, London, UK

If this deal goes through, Banks and Financiers will think christmas has come early. I notice on the news the bank of england has introduced £30 billion into the market at favourable rates, yet the mortgage cos have just put up rates. Wheres the money gone?

rob, ashbourne, uk

Strap yourselves in for a history lesson, folks. If you've ever wondered what living in 1931 felt like your dream is about to come true. And all because of party politics. Democracy, like most things, is great when things are going well. But then so were laissez faire economics!

Mike, Bristol, UK,

Yes a benevolent Dictator is the answer ! NZ had one- R D Muldoon but then he went the Mugabe way! Absolute Power etc !

Grahame Thorne, Christchurch , New Zealand

It is amusing to watch the apologists and architects of this mess fighting over the life raft.
At the same time, I wish I, and everyone else could be further away from this horrific wreck.
Bailouts are just sticking plasters, austerity is the only cure. Which politician has the guts to say so?

Pat, Coromandel, NZ

McCain is playing politics with this, hoping to emerge as the man who saved American capitalism.
If he is'nt careful, this will sink him.

Michael Rigby, blackburn,

I just hope they dont default on the 1 trill that they own china. Other wise theyde screw up the other half of the world. china stops investing, Africa goes bust to

David, Weymouth, UK

The answer is to set up a system whereby Governments loan money direct to individuals and Companies using Government Bond issue for funding.
The Banks are not nationalised, they are sidelined and left to rot.
That answers all the problems and removes the criticisms.

Nick Wilson, Cambridge, UK

Have to agree with Earl from the wonderfully named "Normal" (Do they have a twin town of "Abnormal" I wonder?) What happened to the American dependence on letting the markets play out? Could this be the beginning of the decline of the US Empire? Maybe the world will end up a safer place if the US goes into meltdown and has to concentrate on it's own problems for a change...

David, London,

On top of everything else, Washington Mutual, the United States' largest savings and loan association went bust today. Its toxic waste went to Uncle Sam, its deposits and real estate were bought for a pence by J P Morgan.

Recession in the US? How about the world.

Dave, Boulder City, U.S.A.

This is terrifying - America appears to be on the point of collapse and about to drag the rest of the world down with it. Bush is no better than Mugabe. At least Zimbabwe is a local problem, whereas the imcompetence of America's leader has dragged the world to the brink of financial meltdown.

Bruce McDonald, Auckland, New Zealand

Time for America to give up on democracy if you want a decision let's call American democracy what it really is a bunch of old self interested men (and Sarah Palin) bikering until all self interests have been satisfied...Get yourselves a good dictator.

Paul, Chiang Mai, Thailand

As an independent Democrat I am flatly opposed to this bailout. It is fiscally irresponsibly and administratively ridiculous. The markets will sort this out, and investors (domestic and foreign) will buy troubled banks at fire-sale prices and recapitalize them.

Earl A. Reitan, Normal IL, USA