These banks that Paulson desperately wants to save have shown themselves to be unfit for purpose, negligent and completely incompetent. I wouldn't spend 700 cents propping them up. Let them collapse and set up a new system that actually works. I doubt whether 700 billion will cure the problem anyway

Simon, LOndon, UK

The Treasury/Federal Reserve do NOT need to find the money to do this. What will happen is the Fed will continue to print Trillions of more dollars, increasing the money supply which, will hugely devalue the dollar. Don't be surprised if 3-6 months from now we have double digit inflation in the US

Steven, Seattle, United States

As usual, McCain is being pushed to take a position on purely political opjectives, and not upon thoughtful economic analysis. A "game-changer" that causes financial collapse. As long as he wins . . .

Politics over reality, the reason for the mess in the first place.

Henry, Washington, D.C.,

At least American taxpayers are up in arms about their hard earned money being used to bail out companies that made very poor decisions.
Here in the UK these things go by with barely a whimper of protest.
I don't think the world will end if the banks are left alone to sink or swim on their own

Kevin, Aberdeen, UK

To help the banks with 700 bln. the US Treasurer first needs to find this money somehow. Increase taxes? Borrow from banks? Borrow from oil exporters S. Arabia / Iran / Russia ?
And will interest rates will go up?

khadler, Hamburg, Germany

The bailout plan is not a quick fix to the economy woes. Simply adding several trillion dollar dificit to US' next generation is just to offset the current headache to the future.
If the loss of momentum in the economy growth can not be (and has not been) solved. Bailout will become a black hole.

Bill, Toronto,

It sounds as though it's a heap of cash; however once a more careful proposal making bankers fully responsible for their greed, is tabled, plus laws to prevent opportunism, then saving the markets from collapse is worthwhile. Is there a risk of a run on the banks? That would be a serious disaster

Mark, Nice, France

The whole system needs to be purged by allowing bankrupt banks to go bust. That will lead to much more pain in the short term but those that survive will recover much more quickly. And there must surely be banks somewhere in the world that are not affected by the toxic debt problem.

Richard, Henley-on-Thames,

Bush has been saying that the market place, and democracy, must be self-regulating, self-balancing. So now, when their own pots of gold disappear, they decide to intervene? Double standards.

Did anyone notice they also want to give 25 billion to the US auto makers - for failing to innovate?

Richard, London, UK

Terence, when the world falls into anarchy and you are in a soup line with the rest of the unemployed homeless of the world, I hope you stand by your comments. The last time the world did nothing it was call the great depression.

Shane, Dublin,

As Blair takes up an advisory post with JP Morgan, at an annual salary of £2 million– some might hope that the shell-shocked US
poplace will mount a objection to this 'payment for services rendered to Wall St ' which will, if Bernanke gets his way, will come from the twice screwed public purse.

James Edwards, Dineult, France

It is a strange spectacle to see a highly self conceited set of congress- men trying to criticise experienced persons like Paulson and Bernanke. if there is no bail-out, trillions of dollars would be taken out by foreign Lenders from US which would be disastrous for Americans, It is hobson's choice.

Rajendra Asthana, Mumbai, India

How about investing the $700 billion in Energy Independence - and create jobs and wages? A $3000 system could save 75% of a $400 bill (google: solar thermal price southface). So give 100 million households a $2000 rebate. That's $200 billion. The same for solar voltaics. Invest in expansion.

Hugo van Randwyck, London, UK

I say, let the temples of the moneychangers fall. They need to be rebuilt... altogether.

Terrence Monroe, Honolulu, USA

It must come naturally to Mr Paulson to act as a merchant banker with taxpayers' funds, but his planned solution would only deepen the problem. Inflated asset prices need to fall, and you don't achieve that effect by wheeling in the government on the demand side.

Paul, Sai Kung, Hong Kong

There are many areas where savings could be effected. Getting out of Afghanistan and Iraq would be a start. Instead of military spending put money into real fundamentals like single payer medicine.

Werner, Regina, Canada

If this bailout goes ahead it will be throwing more good money after bad. Congress should unite in rejecting it completely.

Paul, Coventry,

as usual no thought has gone into this quick fix option, congress should not approve until a detailed appraisal has been carried out. it stinks of stupid bush trying to cover his ass after yet another disaster to follow all the others during his term. americans stop this lunacy ur a laughing stock

peter, ma, uk

Guys - grow up. Nobody forced people to borrow all the money to buy houses, and it is the fact that they borrowed it anyway that has caused this. Next time, when "the poor and middle class" want to buy a new home, a new car, or a new flatscreen TV the answer will be a resounding "no". Happy now??

Andrew, London, UK

Rubbish to say that punitive measures would reduce participation - banks that need the bail out will participate at whatever price - they won't survive if they don't. Beggars can't be choosers - if they try to hold the country to ransom they should be shut down and their boards sacked.

Father Ignatius Brown, London, England

The Banks have made bad loans and bad investments. They should not expect to be bailed out by tax payers. Let them reschedule loans so people to make paymernts that allow them to remain in their homes. Then take action against illegal/irresponsible lending which it will reveal

Andy, Worthing, UK

NEVER mess with the markets particularly in the last bastion of capitalism. Governments cannot win. (especially ours)

I understand the FBI are beginning enquiries into fraudsters.
Brown trumpets Northern Wreck as a triumph - it is a massive failure. Taxpayers will be at least £10 billion poorer.

Victor M, Cricklewood, England

The final act in the harvest of the people's wealth. Ram it through with minimal controls, then sell the assets bought with the people's money to the same elite that caused the problem, at a steep discount of course. These are very bad people doing this.

Scott, Bangkok, Thailand

So give $700 Billion to the very people who lost Trillions ?
Congress should not approve this, they are paying alot for no guarantees, taking all the risk, and for what ... to continue the Status Quo that got us into this mess in the first place with the very same people ! Makes no sense !!!

Joe, Geelong, VIC Austraia

Stephen, China asks :"where else are people rewarded for abject failure in their jobs?" Answer: Government

richard , Brisbane,

The poor and middle class, being blackmailed to bail out the super-rich.. under threat of total economic disaster! Congress effectively being told "Hurry! Give us the money NOW..or else!..and DON'T ask for any limits,restrictions or controls!". THE WHOLE SCAM STINKS TO HIGH HEAVEN!

Garth Strong, Houston, USA

A recent report states that millions of American children have untreated tooth decay of course we already know that millions have no health coverage, Now if this 700Billion was to cover these items I think everyone could easily turn a blind eye but to bail out a gang of fat cats its scandalous,

Peter, Vancouver BC., Canada

The pre-election spin on this will continue. The top two parties will manipulate this and avoid political suicide phrases like take responsibility, cut down mega severence packages for CEO's and more. FYI: Paulson is worth $500 million. I wonder how much he's lost so far?

Tom, Kansas City, US

Sounds alot like Malaysia after the Asian currency crisis, only then it was a "bail-out" which everyone panned, not a rescue and consolidation plan. Banning short-sellers? Ditto. Why is the IMF not telling the US what it has to do and offering some "rescue package" with strings attached?

Jon, Kuala Lumpur,

If I was McCain I would not back it. When this $700bn (or more likely double, the govt is involved here!) hits the books alongside Fannie and Freddy and AIG the next president will have no room for anything other than cutting spending and raising taxes. Who would want to be president?

Ian, Tokyo, Japan

i agree with congress that there have to be punitive measures against banking executives and that they should be given no choice but to participate if the plan is approved. the market has failed, and they've failed the market. where else are people rewarded for abject failure in their jobs?

stephen, china, china