Geithner and the Great and Big Secret Show

Treasury Secretary Timothy Geithner's Financial Rescue Plan Sends Private Capital Running - WSJ.com: "Mr. Geithner told us in an interview that he doesn't intend this to be a resolution agency for failed assets, and acknowledged that 'we're trying to do something that hasn't been done before.' So this devil is all in the details, especially if it becomes a back-door attempt to recapitalize banks by overpaying for bad paper. Mr. Geithner would be wise to put someone strong and independent in charge of this fund -- someone who can say no to Congress and has no ties to Citigroup, Robert Rubin or Wall Street.

Like President Obama's, Mr. Geithner's rhetoric tends too much toward doom and gloom for our tastes, or to help public confidence. Americans know this mess is going to take time to work out. But there is a great deal of private capital ready to take risks again if the Obama Treasury lays out transparent, consistent rules -- and if it makes clear that its goal is to restore at the earliest possible date a healthy, privately run banking system."

This is all fine and good, the problem is that everyone has different desires and outcomes. I have hope that we will see more efforts in this regard, but I have little to hang my hat on other than this first (albeit vague) effort points in the right direction.