This crisis may affect all US dependant economies, I will try to stay tuned to what’s going on.

President Bush explains big bailout as high-stakes debate heats up

NEW YORK (CNNMoney.com) — President Bush used a prime-time TV address on Wednesday night to press his case for a $700 billion bailout of the nation’s shaky financial system.

Bush’s proposal - to allow the Treasury to buy troubled assets threatening the health of financial institutions - aims to restore confidence to the credit markets.

In the past week, short-term borrowing that businesses rely on to make payroll and cover other operating expenses has shown signs of freezing. Further problems in the credit markets could cause the U.S. economy to seize up - threatening Wall Street and Main Street alike with a loss of jobs and a severe economic downturn.

“We are in the midst of a serious financial crisis,” Bush said. “Our entire economy is in danger.”

Read More:
http://money.cnn.com/2008/09/24/news/economy/bush_address_financialcrisis/index.htm