Hank Paulson, the US Treasury secretary, was a man with a plan. He argued passionately for his proposals for rescuing the US financial system. Now it has passed Congress, however, he wants something different, closer to the UK plan for bank rescues. This is good news – it is a better plan – but Mr Paulson ought to be wary. The UK and the US are divided by more than just a common language.

Mr Paulson’s original plan was for a $700bn fund – the troubled assets relief programme – which would buy up toxic mortgage-related securities. By creating a floor price for these assets, the Tarp aimed to stop companies dumping them on the market and prevent their values from falling.