David Smith:

Tim Geithner, the US Treasury Secretary, did not underplay his first big announcement, describing it as The Financial Stability Plan: Deploying our Full Arsenal to Attack the Credit Crisis on All Fronts. It included a joint public-private-sector fund to buy up to $1 trillion of illiquid assets and a $1 trillion program to supply new credit to consumers and businesses.

The markets, initially at least, were unimpressed, the Dow closing down by nearly 400 points. As with last month’s UK toxic asset proposals, investors wanted more detail and bank shares dropped. Geithner’s statement is here, and the links will take you to further details of the plan.