Even New York Times Economist and Obama apologist Paul Krugman dumps on Geithner's toxic asset plan:
http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse
The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won....
Or to put it another way, Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard.
This plan will produce big gains for banks that didn’t actually need any help; it will, however, do little to reassure the public about banks that are seriously undercapitalized. And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.
What an awful mess.