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| US bail-out plan provokes doubts | US bail-out plan provokes doubts |
| (about 1 hour later) | |
| Doubts over the US bail-out package, aimed at helping banks shed bad debt, are emerging with concerns from both Democrat and Republican politicians. | Doubts over the US bail-out package, aimed at helping banks shed bad debt, are emerging with concerns from both Democrat and Republican politicians. |
| The $700bn (£382bn) package, set out last week, is meant to help revive banks and calm investors after a period of unusual market turmoil last week. | The $700bn (£382bn) package, set out last week, is meant to help revive banks and calm investors after a period of unusual market turmoil last week. |
| Details of the plan, which initially sent shares soaring, remain unclear. | Details of the plan, which initially sent shares soaring, remain unclear. |
| George W Bush said the world was watching to see if "we can act quickly to shore up our markets." | George W Bush said the world was watching to see if "we can act quickly to shore up our markets." |
| Meetings took place over the weekend between Federal Reserve head Ben Bernanke, US Treasury Secretary Henry Paulson and members of Congress to try to seek consensus on the plan. | |
| 'Unreasonable' expectation | 'Unreasonable' expectation |
| Democrat Congressman Barney Frank, chairman of the House Financial Services Committee, said Mr Paulson was being "entirely unreasonable" expecting Congress to give the plan the go-ahead quickly. | Democrat Congressman Barney Frank, chairman of the House Financial Services Committee, said Mr Paulson was being "entirely unreasonable" expecting Congress to give the plan the go-ahead quickly. |
| He added that Democrats would want certain changes, such as guaranteeing that the pay for bosses of the firms being bailed out was limited. | He added that Democrats would want certain changes, such as guaranteeing that the pay for bosses of the firms being bailed out was limited. |
| "The private sector got us into this mess," said Mr Frank. | "The private sector got us into this mess," said Mr Frank. |
| "The government has to get us out of it. We do want to do it carefully." | "The government has to get us out of it. We do want to do it carefully." |
| Republican Congressman Christopher Shays said members needed sufficient time to debate the issue. | Republican Congressman Christopher Shays said members needed sufficient time to debate the issue. |
| Changing landscape | Changing landscape |
| The Group of Seven (G7) most wealthy nations said it welcomed the US move and reaffirmed its strong commitment to "protect the integrity of the international financial system". | The Group of Seven (G7) most wealthy nations said it welcomed the US move and reaffirmed its strong commitment to "protect the integrity of the international financial system". |
| "We pledge to enhance international cooperation to address ongoing challenges in the global economy and world markets," said the G7. | "We pledge to enhance international cooperation to address ongoing challenges in the global economy and world markets," said the G7. |
| It added it would do whatever was necessary to ensure stability in the international financial system. | It added it would do whatever was necessary to ensure stability in the international financial system. |
| The financial sector has seen huge upheaval in recent days, with Lehman Brothers folding and Merrill Lynch being bought by Bank of America. | The financial sector has seen huge upheaval in recent days, with Lehman Brothers folding and Merrill Lynch being bought by Bank of America. |
| Morgan Stanley and Goldman Sachs - for decades independent investment banking firms - requested to change their status that will see them regulated by the Fed. | Morgan Stanley and Goldman Sachs - for decades independent investment banking firms - requested to change their status that will see them regulated by the Fed. |
| The move, which means they will expand into the commercial banking sector, arguably marks an end of an era on Wall Street. | The move, which means they will expand into the commercial banking sector, arguably marks an end of an era on Wall Street. |