You are making a segmentation error. You think that when all the banks go out of business that business will be great for the rest of us or something.
The problem is that we have reached the point of chain-reaction selling. Prices of the assets in these bad investment decision are not going to stabilize at fair value. They are going to overshoot spectacularly to the downside. This financing plan could have prevented that, by creating a mechanism to allow the assets to stabilize AT fair value. THAT is why the bill was not going to create net debt. It was buying assets that had some worth.
Now instead we will have ongoing bank failures, and FDIC bailouts, but with a deep recession to boot. If you think the bill didn’t SOLVE anything, wait and see what the LACK of the bill solves.
How will you ever make it through the day without killing yourself? I’ve never seen such gloom and doom.