More banks will fail if we don't act: Paulson

Ben Bernanke, the chairman of the Federal Reserve, and Hank Paulson, the US Treasury secretary, have told lawmakers that a failure to rush through proposals for the purchase of up to $700 billion-worth of distressed assets would cripple the US economy.

Paulson told the Senate Banking Committee on Tuesday that quickly passing the plans was essential "to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, t

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