US economy to get $800bn rescue package

This global money problem that everyone is talking about is very worrying, and since most of it is happening in the US which is still the world's biggest economy I do feel a little powerless to do anything.

I'm not American so I don't get to vote in their election, which sucks because the US economy has been mismanaged for so long and the rest of the world is also suffering.

President Bush this morning (probably last night American time) announced that he wants to rescue the US economy with an $800bn package to keep banks and insurers from collapsing. This is great news for us here in Europe since our banks have invested in the US.

It's interesting though, the US Treasury is going to take over mortgage debt from big insurers and banks and get some of the best fund managers to look after them.

Funny how the country that has been most afraid of nationalized industry has now bought in insurance company (AIG) and now looks like they're going to take on mortgage debt as well. Maybe a completely free market isn't quite so good for a country after all.