It is much better to be a banker in the US than in the UK. The rescue announced on Tuesday in Washington is significantly more generous than the British equivalent. But it is moot whether US public opinion will be as generous towards the architect of the scheme, Hank Paulson, the US Treasury secretary.

The Paulson scheme has clear echoes of the plan announced in London last week. The US Treasury will buy stakes in nine large banks on terms which are open to other investors. New interbank lending – and more deposits – will be guaranteed by the Federal Deposit Insurance Corporation and the Federal Reserve will finalise a new, broader liquidity scheme.