Finally US politicians came forward to help by publishing a $700bn deal to rescue America's financial system and end the credit crunch.
The move, backed by both Republican and Democratic leaders, allows the Treasury to spend up to $700bn (£380bn) buying bad debts from ailing banks in the US.
President George W Bush announced his support of the bill. If this plan is approved, it will lead rise in Asian stock markets.
Nancy Pelosu, the Democratic speaker of the house of Representatives, said the message to Wall Street was that "the party is over". She said the "bipartisan deal was not a bailout of Wall Street", but designed to ensure pensions, savings and jobs would be safe.
On approval of the plan, it will lead to biggest intervention in the markets since the great depression in 1930's.
Tags: Bail out bill, rescue bill
Labels: Politics
