This morning Treasury Secretary Timothy Geithner unveiled the Obama administration's new bailout plan, making it clear that the new plan is intended to be swift, comprehensive, and transparent. He conceded:

The spectacle of huge amounts of taxpayer money being provided to the same institutions that helped cause the crisis, with limited transparency and oversight, added to the public distrust. American people have lost faith in the leaders of our financial institutions and are skeptical that their government has — to this point — used taxpayers’ money in ways that will benefit them.

Touching on the credit crisis, executive compensation, the housing crisis, and rising unemployment, Geithner emphasized that the Treasury is in touch with the concerns of the American public. He said:

We believe that access to public support is a privilege, not a right. When our government provides support to banks, it is not for the benefit of banks, it is for the businesses and families who depend on banks . . . and for the benefit of the country.

And if Americans want to see how that money is working for them, they can check out FinancialStability.gov.

Meanwhile, the President is tackling the $800 billion stimulus plan set to pass through the Senate today. In last night's press conference, Obama came off confident, but he also had the patience and humbleness to justify his imperfect plan.

In tandem, the Obama administration is sending a clear message: The plans are not perfect, but the failure to act is not an option.

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