Pres. Bush says bailout may not help now

Report from BBC: Pres. Bush warns economy still fragile after bailout. See: http://news.bbc.co.uk/2/hi/business/7652174.stm

The complex process of auctions to buy up the problem assets will be overseen by the US Treasury and is not expected to take place for at least a month.

Despite the adoption of the bill, share prices in New York ended Friday down, as government figures showed US job losses at a five-year high.

Mr Bush welcomed the approval of the bill, which he said was "essential to helping America's economy weather the financial crisis".

The president acknowledged that there were concerns about the government's role in the deal and its cost.

He said he believed in intervention only when it was necessary but that "in this situation, action is clearly necessary".

"Ultimately the cost to taxpayers will be far less than the initial outlay," he said.

Fearing a backlash from furious voters in November's looming congressional elections, politicians were hugely divided on the unpopular bill during the House debate.

Some who had voted "No" on Monday said they were switching because of the improvements to the bill, but many of them still expressed serious reservations.