This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7634017.stm
The article has changed 12 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Bernanke demands bail-out action | Bernanke demands bail-out action |
| (about 2 hours later) | |
| The chairman of the US Federal Reserve has urged politicians to "act quickly" to support the proposed $700bn (£378bn) bail-out of the financial markets. | The chairman of the US Federal Reserve has urged politicians to "act quickly" to support the proposed $700bn (£378bn) bail-out of the financial markets. |
| The US economy risked "very serious consequences" if measures were not taken, Ben Bernanke added. | The US economy risked "very serious consequences" if measures were not taken, Ben Bernanke added. |
| Mr Bernanke said Congress must "address the grave threats to financial stability" which were being faced. | Mr Bernanke said Congress must "address the grave threats to financial stability" which were being faced. |
| On Tuesday politicians expressed strong scepticism about the bail-out following a five-hour Senate hearing on the plan. | On Tuesday politicians expressed strong scepticism about the bail-out following a five-hour Senate hearing on the plan. |
| 'Work together' Action by Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy Ben BernankeChairman, Federal Reserve Q&A: The $700bn bail-out | 'Work together' Action by Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy Ben BernankeChairman, Federal Reserve Q&A: The $700bn bail-out |
| Treasury Secretary Henry Paulson had told already the banking panel that delaying the bail-out would put the entire US economy at risk. | Treasury Secretary Henry Paulson had told already the banking panel that delaying the bail-out would put the entire US economy at risk. |
| The White House has called on Republicans and Democrats to work together to approve the plan, under which a federal fund could buy bad debt from financial institutions with "significant operations in the US". | The White House has called on Republicans and Democrats to work together to approve the plan, under which a federal fund could buy bad debt from financial institutions with "significant operations in the US". |
| The fund would aim to sell off these mortgage-related debts in the future when, the Treasury says, their value might have risen. | The fund would aim to sell off these mortgage-related debts in the future when, the Treasury says, their value might have risen. |
| But congressmen from both sides said they wanted assurances that the plan would benefit ordinary American home-owners as well as Wall Street. | But congressmen from both sides said they wanted assurances that the plan would benefit ordinary American home-owners as well as Wall Street. |
| Some have gone further, calling the plan a potential waste of public money. | Some have gone further, calling the plan a potential waste of public money. |
| 'Stresses intensified' | 'Stresses intensified' |
| For the economy to pick up required a "return to more normal functioning" of the financial system - allowing credit to flow and giving a boost to the housing sector, Mr Bernanke said. | For the economy to pick up required a "return to more normal functioning" of the financial system - allowing credit to flow and giving a boost to the housing sector, Mr Bernanke said. |
| "Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. | "Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. |
| "Action by Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." | "Action by Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." |
| He added that the US economy continued to face substantial challenges, including a weakening labour market and elevated inflation. | He added that the US economy continued to face substantial challenges, including a weakening labour market and elevated inflation. |
| "Notably, stresses in financial markets have been high and have recently intensified significantly," he said. | "Notably, stresses in financial markets have been high and have recently intensified significantly," he said. |
| "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse." | "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse." |
| Are you affected by the issues in this story? What is your reaction to Ben Bernanke's comments? Send us your calls using 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. | |