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When the public owes itself...

Looks like the bail-out of dodgy financial mortgage lending has rallied markets. The American Public now is in the business of lending money to itself to buy houses - cool.

Shares in Europe and Asia have rallied after the US government said that it was taking over troubled mortgage giants Freddie Mac and Fannie Mae.

Investors hoped the largest bail-out in US history would prop up the country's housing market and ultimately help to end the credit crunch, analysts said.

London, Paris, Frankfurt and Tokyo markets all rose by more than 3%.

US president George Bush said the two mortgage lenders had posed "an unacceptable risk" to the economy.



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