We're still waiting for much of the political world to react to the administration's bank plan, but the markets have already responded. The verdict: they like it. The Dow has gained 292 points (4.02%) today, while the S&P has gained 31 points (4.04%) and the Nasdaq has gained 53 points (3.65%).
Stock markets get rampantly overused as indicators of whether or not something is good, but today's gains are significant. Geithner's plan was not only designed to rally investor confidence, it depends largely on investor confidence--and the willingness of private investors to partner with the government in buying toxic assets as part of the Public-Private Investment Program, touted by Geithner as a main piece of the plan.