I just received this email from Brian Wesbury at First Trust:

Research Reports
We Need a Game Changer, Now! To view this article, Click Here
Brian S. Wesbury, Chief Economist
Robert Stein, Senior Economist
Date: 10/8/2008
The Treasury’s $700 billion plan to purchase troubled assets has had no visible effect on financial markets. Since the bill’s passage, the Dow has fallen 1500 points.
Treasury will not make its first purchase of assets with its new fund for at least two weeks. In today’s world, this is a long time…too long. Every firm that fails increases the odds that another will fail. And every failure undermines confidence in the economy and causes a deeper distrust of the capital markets. We need a game changer, now.
The Treasury should use the broad latitude it has been granted with its $700 billion rescue fund to enter the market directly to help firms that face liquidity or capital issues. This could take the form of buying preferred shares, or directly helping with short-term funding needs.
We are hearing that the Treasury is thinking hard about these options and are hopeful that a move in this direction will be taken quickly.

Click the link above to read the whole thing.