1- Buy stricken commodities (TARP original) and set a price in the markets. This price will trigger systemic trust in valuations. This will help restart the credit markets.
2- Equity Injection (TARP extended). Take preferred participation alongside private interest to ensure arm's length dealing and recapitalize the banking system with up to $250B. This will translate, if properly enforced at banks, into 2.5T liquidity available for lending. This will help restart the credit markets.
3- Guarantee debts in the credit markets. To make sure step one and step two restart the credit markets, guarantee the debt taken on by the banks and reduce counter-party risk.
These are all coordinated move. The US and EU are following suit to the brave if puny Bank of England. Smart boys leading the way. Hopefully this is enough to stun the shadow banking beast and stop it in its track if only temporarily. Already the markets have stabilized. At least we bought time. Time is expensive. Time is money.