Tim Geithner is taking a lot of criticism for his lack of specificity yesterday, but some of the criticism, like this from the WSJ, is just absurb:
Some investors said the program, called the Public-Private Investment Fund, likely will be too small to spur purchases of battered mortgages and other assets. Others complained that the plan is so vague that they are likely to stay on the sidelines for now.Of course they are. No one was expecting investors to sign onto a plan that doesn't even exist yet. Until the details of the public-private bad bank are released, potential investors have no choice but to "stay on the sidelines." Investors couldn't get off the sidelines and start using the public-private bad bank even if they wanted to.