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US authorities announce $2 trillion bailout

The US authorities have this evening announced a $2 trillion bailout of the US banking system. This would appear to be Barack Obama's first major economic package and one which has caught the attention of investors and market analysts. The Senate is also in talks to approve an $800 million stimulus package and while a preliminary agreement has been reached the stimulus package has not yet entered into law.

When you consider the figures being mentioned with regards to the US rescue and stimulus package it is mind-boggling to think that this may not be enough to refloat the US economy. As in UK, the US economy is haemorrhaging jobs on a regular basis with over 3 million lost since the start of 2008. While there are high hopes that the combined banking bailout and stimulus package should stabilise the US economy, it may take some time to sink into the far-reaching areas of the US.

Even though Barack Obama has only been in office for a short bit of time he has most certainly hit the ground running and many in the US are very impressed with him so far. Whether he has the nerve and ability to follow these packages all the way through to ensure the US economy does recover remains to be seen.

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