I watched his announcement today.  I wrote an outline of what he said (mostly through gritted teeth):

here is what we think.

we have to do something big.

here is what we will do.

we will allow the american people to see what we do.

here are three more things we will do.

1. stress tests for banks.

2. we will make partnerships with private entities to buy bad assets.  we don’t have a plan yet about how.

3. we will make more credit available.  a big part of this is aimed at housing but we dont have a plan about what to do about that yet.

we are working with chris dodd and barney frank.