Obama's Bad Bank Plan

Could Destroy His Promising Presidency -- How Do We Push Him in the Right Direction?

...
The economists whom (I) most respect, such as Joseph Stiglitz, Jeff Sachs, Simon Johnson, and Paul Krugman, all have grave doubts about whether the Geithner-Summers plan can work.
...
The administration's approach to the auto rescue suggests the more robust strategy needed for the banks: take a hard look at the company's books; fire incumbent management; make all stakeholders take some sacrifices; and involve government directly in the design of a leaner and more efficient successor firm. But nothing of the sort is being done with the banks.