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US bail-out plan provokes doubts US bail-out plan provokes doubts
(about 1 hour later)
Doubts over the speed at which the US financial bail-out plan can be introduced have emerged from both Democrat and Republican politicians. Doubts over the speed at which the US financial bail-out plan can be introduced have emerged from both Democrats and Republicans.
Democrat Congressman Barney Frank said it was "entirely unreasonable" to expect Congress to give the rescue plan the go-ahead quickly. Democratic Congressman Barney Frank said it was "entirely unreasonable" to expect Congress to give the rescue plan the go-ahead quickly.
Urging speed, President Bush said the world was watching to see if "we can act quickly to shore up our markets". President George W Bush said the world was watching to see if "we can act quickly to shore up our markets".
Few details about the $700bn (£382bn) package have been announced. Few details of the $700bn (£382bn) package have been announced.
The uncertainty has caused the Dow Jones share index to fall by 2%.
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.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.
However uncertainty over how the programme will work has caused the Dow Jones share index to fall by 2%.
'Unreasonable' expectation'Unreasonable' expectation
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.
Democrat Congressman Barney Frank, chairman of the House Financial Services Committee, said Democrats would want certain changes, such as guaranteeing that the pay for bosses of the firms being bailed out was limited. Democratic Congressman Barney Frank, chairman of the House Financial Services Committee, said Democrats would want certain changes, such as guaranteeing that the pay for bosses of the firms being bailed out was limited.
Never before in the history of our nation has so much power and money been concentrated in the hands of one person John McCainRepublican presidential candidate
"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."
But President George W Bush said it "would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan". Democratic presidential candidate Barack Obama joined those Congressional Democrats asking for limits to be placed on personal benefits given to bankers, whose unwise loans contributed to the crisis.
He also called for a wider bail-out that helps homeowners at risk of losing their homes as well as those on Wall Street.
His Republican opponent, John McCain, also raised doubts about the mega bail-out, calling for greater supervision of US Treasury Secretary Henry Paulson, the architect of the plan, who will decide how the $700bn is spent.
"Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable," Mr McCain said.
While neither candidate can hold up the plan themselves, they can create the space for its opponents in Congress to delay it, BBC North America editor Justin Webb notes.
President Bush said it "would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan".
Changing landscapeChanging 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.