Tim Geithner basically acknowledged that previous government efforts had failed. The new program is sort of a grab bag:

• A new bad bank program, to be run by the Treasury and the Federal Reserve, with financing from the private sector, to buy toxic assets to the tune of $250 billion to $500 billion.
• More capital injections for ailing banks, likely to come from the remaining $350 billion in the Treasury's TARP.
• A major expansion of the TALF, a program that the Treasury and Federal Reserve had already announced, which is aimed at financing consumer loans. The program will expand from $200 billion in loans for student loans, car loans and credit card debt to up to $1 trillion.
• A $50 billion program to help homeowners facing imminent foreclosure to renegotiate their mortgages. This will be detailed next week.

So there you have it.

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TARP news from FierceFinance