It's a big day for financial news. The two big items are:

1. Timothy Geithner unveils bank rescue plan. The Treasury Secretary revealed an outline for his bank rescue package. The package includes a number of measures that include public and private investment. It also looks remarkably similar to the plan unveiled last fall by the Bush Administration. As one might guess, the stock market — which didn't like the Bush plan much — is responding by heading violently lower.

2. Senate passes its version of economic stimulus. The Senate version of the economic stimulus bill has made it through, with 61 votes. Now, though, a reconciliation must take place between the House version and the Senate version. It is likely, ultimately, that the economic stimulus bill will pass in the end — despite Republican foot-dragging.