And what is this bailout plan?
US President George W Bush has proposed to bail out the banks that did not invest judicially leading to the panic on the Wall Street. The plan has been devised by US Treasury Secretary Henry Paulson who is a former Goldman Sachs CEO.
Paulson has proposed that $700 billion of taxpayers' money be used to help the banks come on an even keel by buying out their liabilities, primarily in the form of mortgage bonds that are hardly worth anything now.
Image: US Treasury Secretary Henry Paulson (C) and Federal Reserve Board Chairman Ben Bernanke (R) prepare to testify before the House Financial Services Committee on Capitol Hill. | Photograph: Chip Somodevilla/Getty Images
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