There are two main reasons for the underwhelming response to the new bank bailout plan.

1. Not enough details. Frankly, people need more specifics, especially when it comes to how a bad bank would value bad assets. That has been an issue from the beginning and the plans did not address it. The sheer size of the plans ($1 trillion) did not impress, as most assume credible plans will need more. People in particular would like to know how TALF-like programs will work.

2. Interest rate pressure. People are really questioning the idea of expanding the supply of Treasuries right now. At some point, the market can only digest so much. We're already seeing rates creep up, and that certainly works against any attempts to revive the real estate industry. 

For more:
- here's an AP article on stock market reaction
- Bernanke vows more transparency. Article
- here's a Fortune article