Embattled Treasury Secretary Tim Geithner will announce his new program for unfreezing the credit markets and ridding failing banks of up to $2 trillion dollars in "toxic assets," that are generally seen as perpetuating the recession, on Monday.
This comes on the heels of a pretty bad week for Mr. Geithner, which was part of a pretty bad month for him as well.
The plan he announced in February was highly criticized by pretty much everyone for not having enough details and many elements of the plan were seen as dubious as far-reaching and wouldn't actually tackle the root of the problems facing the banking industry.
Mr. Geithner faces a pretty uphill battle with both Congress and the American people and has little political credibility to help sell his plan and he's going to rely heavily on political capital from the president, possibly placing both of Obama's feet directly into this solution. This could cause further embarrassment to the Obama administration if Geithner's plan does not go over and is met with further skepticism, possibly making the calls for his resignation ring a little louder.
A lot more details and analysis will be available on Monday, but a pretty good rundown of the proposed program can be found here.
UPDATE: The plan has leaked in full, and Paul Krugman hates it,
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