Tim Geithner will announce his latest “plan” to fix the banking crisis tomorrow morning at 8:45AM EST. The NY Times is out with details here. I’ll wait to comment on the plan until formal details have been released, but the early details make this “new” plan sound awfully similar to the original Paulson Plan – a plan which has already failed for all intents and purposes.
Futures are up 2% as Asia celebrates the new plan. There hasn’t been a single government announcement that didn’t sell the news. Unless we see something very different than the leaked details – don’t be shocked if stocks swan dive tomorrow morning after Geithner releases the Paulson, err, Geithner Plan version 2.0.