Wall Street Journal: Geithner Unveils Econ Rescue Plan Next Week

The Wall Street Journal's Deborah Solomon has got the must read article online right now because it will change the tempo of the week.

Here's why you care: Wall Street, K Street, and Capitol Hill have been waiting for the new administration to lay out the new game plan for recovery. It appears as though it will happen next week. As we pointed out in our futures calendar for this week - Next Week's News Today - the big focus for this week would be on the stimulus package in the Senate.

But, Ms. Solomon's article is something of a game changer - as some like to say in DC these days - because it means that the rest of the week will be equally about stimulus trial balloons as it will solutions to getting Wall Street lending again. What might it look like? Well, see our posting on understanding good bank vs. bad bank because that was a trial balloon a few weeks ago, and is still getting ink in the press. (Quick breakdown: The bad bank is essentially a way for banks to dump those items that are dragging down their finances to a degree that they can't lend. TARP originally was set up to buy those items (ie -assets) but when October '08 saw the market drop the Treasury opted to use the money as a direct cash injection into the banks - thus where we are now. We do encourage you to take a moment to read our prior posting because this balloon will continue to be floated, and variations.)