Oh Crap

Secretary Geithner's plan has apparently been leaked, and the initial conclusion is that it's not good. Krugman:

I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.

There are many people smarter than I who are putting this together, so far be it from me to question the wisdom (or not) of the administration's plan. But my on-going question on this front is, admittedly, a simple one: isn't there something to be said for not reinventing the wheel? There seems to be a simple solution in temporary nationalization, but instead we're getting this melange of potentially dangerous measures.