Mr Clinton, interviewed on CNN, said that something has to be done to rescue the financial system, 'and it's not Wall Street versus Main Street right now'.
'More than half the American people have a direct or indirect stake in the stock market.'
However he said the measure presented to Congress by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernake lacks details.
There should also be Congressional oversight over any bailout programme 'so we can keep asking questions', Mr Clinton said.
But in the end I would say it would be a good thing - I think there's a fair chance if this is done right, the taxpayers will get all their money back.'
Mr Clinton also had positive comments on Mr Paulson and Mr Bernanke, who on Tuesday and Wednesday faced gruelling congressional grilling on their bailout plan.
'In general, I would give good marks to secretary Paulson and chairman Bernanke for getting out here and facing the political heat' to present the plan, he said.
Mr Bush on Wednesday called unprecedented crisis talks on Thursday with congressional leaders and White House rivals John McCain and Barack Obama.
In a speech to the nation late Wednesday, Mr Bush said inaction could wipe out banks, threaten retirement nest eggs, send home values into freefall and foreclosures skyrocketing, and lose millions of jobs. -- AFP