“You couldn’t lend us $700bn, could you?” Over the weekend US lawmakers had a first glimpse of how far-reaching the Treasury’s bail-out of the financial system is going to be. Under the proposal, Hank Paulson can do pretty much what he likes. The plan does not just cover the buying of property-related assets from banks. If he deems it necessary to “stabilise financial markets”, taxpayers could also end up owning anything from credit-card debt to the Anish Kapoor sculpture in Deutsche Bank’s foyer.

This bail-out is necessary and the bill should be pushed through quickly. The utter frenzy in markets last week shows that a systemic crisis needs a systemic solution. By saving some institutions while letting others go, the government created uncertainty. Nor is the package necessarily a disaster for the taxpayer or the US dollar. If the Treasury buys assets well, and confidence is restored, there is a chance that Mr Paulson could win fund manager of the year. And if the plan succeeds in helping the US economy while other countries act less decisively, the plan could be ultimately dollar-positive.