Today the stock market lost more than 4% after Barack Obama and Treasury Secretary Timothy Geithner unveiled the much anticipated bank rescue plan. This TARP Plan as it is often called is being setup to try to make banks able to lend to each other and consumers once again. What did the market not like about the plan? It seems as if the plan itself is a pretty good one, but many investors are worried that Geithner as well as Federal Reserve Chairman Ben Bernanke haven’t been nearly specific enough about exactly how the plan will be put into place and how it will be tracked. Investors have had enough of the uncertainty, especially surrounding the troubled financial institutions.

In the last few days the major banking stocks have been the leaders to the upside as anticipation grew of details and full transparency on the plan to rescue banks and get our economy back moving again. Today, banks were crushed and some major banks lost up to 20% of their overall value in a single trading session. Many market analysts said that Geithner offered very little in the way of substantive new ideas, and that is exactly what Wall Street as well as Main Street needs right now.

I believe what we need now is a plan that holds Wall Street accountable, while still pushing for a way to make the banks able to get rid of these “toxic assets” that they have so broadly held for many years now. It is my hope that the details and specifics will increase and not be pushed into the background as they were a few months ago when Henry Paulson came up with a plan to save the banks. We all know how that one turned out, and quite frankly we don’t have the time for another one of those mistakes. This TARP plan isn’t just about Wall Street, it is about the banking system and the overall economy. The stakes are high, and time isn’t on our side.