In the history of product launches, the rollout of the Obama Administration’s plan to stabilize the financial system was in the category of “Ishtar,” smokeless cigarettes, and New Coke. On February 10th of last year, the newly appointed Treasury Secretary, Timothy F. Geithner, appeared in the Treasury’s Cash Room to outline proposals that would relieve banks of toxic assets, force them to undergo stress tests, and provide relief for struggling homeowners. Immediately after Geithner’s speech, the Dow fell sharply, and it closed the day down 382 points. Critics from all quarters dismissed Geithner’s plan as vague and inadequate. “Has Barack Obama’s presidency already failed?” Martin Wolf, the Financial Times’...