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| Version 20 | Version 21 |
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| Bail-out fears return to markets | Bail-out fears return to markets |
| (about 2 hours later) | |
| Concern returned to the US stock market as US Treasury Secretary Henry Paulson faced tough questions about his $700bn (£382bn) financial rescue plan. | Concern returned to the US stock market as US Treasury Secretary Henry Paulson faced tough questions about his $700bn (£382bn) financial rescue plan. |
| The Dow Jones industrial average fell almost 1.5% as Mr Paulson finished his testimony at a Congressional hearing. Earlier the index was up 0.7%. | |
| Investors worried the plan could face more opposition than had been expected and either be delayed or watered down. | |
| Mr Paulson has urged Congress to act quickly and pass the rescue package. | |
| Share prices in Europe and Asia also declined amidst uncertainty about the effectiveness of the bail-out. | Share prices in Europe and Asia also declined amidst uncertainty about the effectiveness of the bail-out. |
| 'Private greed' | 'Private greed' |
| Despite positive reaction soon after the plan was announced, doubts over how soon the rescue plan could be applied have emerged from both the Democrats and Republicans. | Despite positive reaction soon after the plan was announced, doubts over how soon the rescue plan could be applied have emerged from both the Democrats and Republicans. |
| Mr Paulson and others on the Senate Banking Committee met tough questions at a Congressional hearing on Tuesday during a session that lasted almost five hours. | |
| Senators from both parties voiced concerns that taxpayers would be paying the price of mistakes made by banks. | Senators from both parties voiced concerns that taxpayers would be paying the price of mistakes made by banks. |
| Until Lehman brothers collapsed, Japanese financial institutions were pretty confident BBC's Chris Hogg in Tokyo Global reaction to financial turmoil | Until Lehman brothers collapsed, Japanese financial institutions were pretty confident BBC's Chris Hogg in Tokyo Global reaction to financial turmoil |
| They also said it was crucial not to rush through the bail-out, without carefully considering how it would work. | They also said it was crucial not to rush through the bail-out, without carefully considering how it would work. |
| Richard Shelby, a senior republican on the Senate Banking Committee said: "I have long opposed government bail-outs for individuals and corporate America alike." | Richard Shelby, a senior republican on the Senate Banking Committee said: "I have long opposed government bail-outs for individuals and corporate America alike." |
| And Senator Chris Dodd, a Democrat and the committee's chairman, said the "economic maelstrom" stemmed from a mixture of "private greed and public regulatory neglect". | And Senator Chris Dodd, a Democrat and the committee's chairman, said the "economic maelstrom" stemmed from a mixture of "private greed and public regulatory neglect". |
| In prepared remarks, US Federal Reserve head Ben Bernanke said: "Action by Congress is urgently required to stabilize the situation and avert what could otherwise be very serious consequences for our financial markets and our economy." | In prepared remarks, US Federal Reserve head Ben Bernanke said: "Action by Congress is urgently required to stabilize the situation and avert what could otherwise be very serious consequences for our financial markets and our economy." |
| The White House has said Congress must back the rescue plan to stop wider economic harm. | The White House has said Congress must back the rescue plan to stop wider economic harm. |
| On the European markets, the UK's FTSE 100 closed down 1.6%, France's Cac 40 fell 1.7%, while in Germany the Dax ended 0.5% lower. | On the European markets, the UK's FTSE 100 closed down 1.6%, France's Cac 40 fell 1.7%, while in Germany the Dax ended 0.5% lower. |
| Earlier in Asia, Hong Kong's Hang Seng index ended nearly 4% lower. Japan's market was closed for a public holiday. | Earlier in Asia, Hong Kong's Hang Seng index ended nearly 4% lower. Japan's market was closed for a public holiday. |
| Will the $700bn package stabilise the economy? Are you in the US? How do you think the money should be best spent? | Will the $700bn package stabilise the economy? Are you in the US? How do you think the money should be best spent? |
| Send us your comments by completing the form below. | Send us your comments by completing the form below. |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |