There are a lot of problems with the plan as presented;
1) International investors and banks transferring their bad debt to the US Treasury
2) Congressional oversight completely lacking
3) Judicial relief legislated out of the law which is an issue of Constitutional nature
4) Golden parachutes for CEOs not completely removed
5) Speed of the presentation and legislation has not served the country well ever in the past
6) There is a divergence of opinion between "experts" on if it is even needed
7) There appears to be high parasitic loss to the methods of using the money (lots of bureaucrat dollars)
8) The stock market is not the economy, the credit market is not the economy, and bailing out either does not help the economy. The stock market and credit market are indicators.

That is not to say things don't have to be done. Panic and a rush to judgement though rarely makes good decisions. The financial crisis has been brewing since the early 1970s. The tendrils of the issues are like a cancer touching nearly all aspects of the economy.