By Duncan Bartlett
Business reporter, BBC World Service
George Bush told the American people that the market "isn't functioning properly"
US President George W Bush's televised speech on the financial crisis was filled with frightening language.
"Our entire economy is in danger," he warned solemnly. Only decisive action now would prevent a long and painful recession, he claimed.
He emphasised the many ways in which the problems which started on Wall Street could impoverish ordinary Americans and harm the nation's reputation.
The rhetoric had a clear and specific aim; to persuade the politicians in Congress to pass the controversial bail-out programme he has proposed.
The president spent little time going through the specifics of that plan, which has been seen by opponents as an invitation to write a blank cheque to support a range of troubled companies.
He suggested that he regarded this expensive solution with distaste.
"Companies that make bad decisions should be allowed to go out of business in normal circumstances," he said. "But these are not normal circumstances."
'Exceptional circumstances'
As a Republican, Mr Bush presents himself as an enthusiast for free enterprise.
His conviction is that the US economy thrives when businesses are allowed to develop with minimal government interference.
These are not normal circumstances
US President George W Bush
It is usually anathema to him to lend tax-payers' money to failing firms or to allow politicians to decide companies' fates.
Yet in recent months he has authorised the effective nationalisation of the insurance company AIG and encouraged the merger of the banks JP Morgan and Bear Sterns.
Mr Bush kept referring to dangerous and exceptional circumstances.
"Democratic capitalism is the best system ever devised," he insisted, but blamed "irresponsible individuals" for causing the crisis.
He castigated bankers and speculators and warned that the next steps would be tighter regulation and curbs on executive pay.
Obstacle course
These sound like the kind of policies normally advocated by left-wing politicians, which is perhaps why the Republicans in America keep talking about "rising above" the partisan divide between left and right and why John McCain has "suspended" his election campaign.
Barack Obama and the Democrats might also find the campaign break useful as it could give them space to support the bail-out proposals without being seen as having being pushed into doing so by the Republicans.
After the election, though, the new president of the United States will have to make sure that once the financial rescue plan is through this political obstacle course, it starts to make a real difference to the nation's troubled economy.
One-Minute World News
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These are not normal circumstances
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