President of the United States George W Bush holds up the American flag.
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In perhaps the most exciting moment of the Olympics so far, the Americans took nearly four seconds off the world record, an extraordinary margin in swimming. France were a finger-tip behind, and the first five teams all beat the old record.
That left Phelps with two golds, after he destroyed his own world record on Sunday to win the 400m individual medley. He is still on course to beat Mark Spitz's record of seven in 1972.
Phelps now has eight Olympic golds -- he won six in Athens -- and needs 10 to have the record overall haul.