The upheaval in the U.S. financial system since Lehman Brothers filed for bankruptcy under Chapter 11 two weeks ago has triggered turmoil worldwide.
The United States government has handed Congress a comprehensive plan to buy up to $700 billion in mortgage-related assets from U.S.-based financial institutions, but it is unclear what will ultimately happen, given the political twists that precede the presidential election in November.
But the fact that such a massive bailout plan was proposed underlines the seriousness of the problem.