The new Public-Private Investment Program looks similar to, and faces the same technical challenges as, plans proposed by then-treasury secretary Paulson last year.

Borrowers should get relief now, and the banks should get a guarantee down the road.

Insolvent institutions should be taken over by the Federal Deposit Insurance Corporation.

The Fed's balance sheet expansion is the only game in town when it comes to avoiding a total financial meltdown.

The stress tests boosted confidence in U.S. banks, suggesting that earlier disclosure of bank balance sheet conditions would have stabilized markets sooner.