Over the past few weeks, I have been slowly and steadily becoming convinced that "nationalization" i.e. FDIC taking receivership of the big bad insolvent banks, is perhaps the only right way forward. It is not that the plans presented by Geithner et. al will not produce anything positive, but they are unlikely to solve the problem of insolvency!
For more on why banks need to undergo an FDIC intervention, where current stockholders are wiped out, many if not all bondholders take a haircut, and then the banks are recapitalized and sold back to the private sector, read: