The depth of the US crisis was highlighted by President Bush’s address to Americans yesterday on prime time television to explain, and accelerate, the government’s proposed financial system rescue package.
"We're in the midst of a serious financial crisis,'' Mr Bush said.
"Our entire economy is in danger.''
The US$700 billion (A$870 billion) plan had been met tentatively by the American public, concerned about the cost of the bail-out to taxpayers.
Without government intervention however Mr Bush said more institutions could fail and the economy could fall into a “long and painful” recession.
"We must not let this happen," he said.
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