Mubarak has lost power ,Egypt army steps in Watch Full News

Cairo: Egypt's armed forces on Thursday announced that they had begun to take "necessary measures to protect the nation and support the legitimate demands of the people," a step that suggested the military intends to take a commanding role in administrating the strife-torn nation.
The dramatic announcement showed that the military was taking control after 17 days of protests demanding Mubarak's immediate ouster spiraled out of control.
Three decades after Israel settled into a "cold peace" with Egypt—breaking its encirclement by hostile Arab states but failing to win much popular sympathy from Egyptians—Israeli officials are reviewing the ways the U.S.-backed transition in Cairo could affect the Jewish state.
In addition to harming the military's economic interests, a Mubarak departure would adversely affect the personal status and fortunes of the military elite. All of the senior generals are personally linked to Mubarak. The president himself chooses all generals, ensuring they have absolute loyalty to him. A diplomatic cable released by WikiLeaks quoted a midlevel officer describing Defense Minister Muhammad Tantawi as "Mubarak's poodle," an allusion to the undying devotion Egyptian generals feel for their president

Over the years, the military has built up its businesses, including building roads and airports, food processing and manufacturing. That caused friction with businessmen whose political power grew in the ruling party.

Many Egyptians credit the military with what they view as their victory over Israel in the 1973 Middle East war. Its adherence to a military strategy that places Israel as Egypt's most likely enemy in any future war resonates with the population.