To save his stinking stock market and banks he is willing to destroy the country!
He had two options:
A) Nationalize the financial industry and have the taxpayer and Treasury cover what they estimate to be $1 trillion in bad assets (it will be more than that). This "fixes" the problem for a very short time, destroys the worth of the dollar in terms of buying power (it will still look OK next to foreign currencies since they are in the same boat), causes real inflation to skyrocket, and gives the largest debtor nation on the planet (us) an immense amount of extra debt.
B)Let the chips fall where they needed to so that our nation might have some chance at economic recovery. This would involve massive unemployment, many people losing their homes, savings, retirement income, etc.
As hard as it sounds, we needed option B. Option A does not actually solve anything, and it will just get worse.