There is nothing like the loss of a trillion dollars or so in stock market value and complete paralysis of the world financial system to concentrate minds, but it took a little more than that in the seemingly parallel universe known as the US Congress. Just 96 hours after the House of Representatives sent shockwaves round the world by rejecting the $700bn troubled asset relief programme, it has passed it on the second go.

Those legislators who changed their votes cited improvements including additional protection for bank deposits, but the real change came down to pocketbook issues and pork. Due to differing electoral cycles, only a third of the senators who voted on the bill on Wednesday night are up for re-election in 30 days, while all the congressmen who voted yesterday are.