The New York Times front-pages, "The Obama administration's new plan to liberate the nation's banks from a toxic stew of bad home loans and mortgage-related securities is bigger and more generous to private investors than expected, but it also puts taxpayers at great risk… Investors reacted ecstatically, with all of the major stock indexes soaring as soon as the markets opened. The Dow Jones industrial average ended the day up nearly 500 points, or 6.84 percent, to 7,775.86. The thundering response was the mirror opposite of the bitter disappointment by investors when the plan was first vaguely described on Feb. 10."
The cover of the New York Daily News: "Wow! That's better." Subhead: "Bam's bank plan sparks Dow rally; AIG execs start giving back OUR cash."
The New York Post goes all glass is half empty on it's cover: "Half A$$ AIG." Subhead: "Giving back on 50% of bonus bucks."
While the market may have liked the plan, some economists didn't: "Harvard professor Kenneth Rogoff, a former International Monetary Fund chief economist, said the government is 'trying to keep the banks going, trying to hope they'll recover profitability.' He said the plan fails to address the fundamental problem -- that some banks are insolvent and should not be propped up."
The Washington Post adds, "But even as markets exulted, conflicting interests among the program's participants -- banks, investors and taxpayers -- were emerging, leaving in doubt the fate of a program meant to revive bank lending and in turn reinvigorate the overall economy."