Well, I agree with the PM that 'extraordinary times call for...bold and far-reaching solutions'. That they are attaching conditions is good. At least it isn't going to be a matter of throw money at the problem and pray. As Cameron said, we need assurances that the directors and executives of banks that have behaved irresponsibly will not receive their bonuses.
Lord Jones made a good point that if the cost of this plan (if successful) is lower than the potential cost if the government does nothing, then it is good.
However, it is somewhat concerning that the PM doesn't seem to have a backup, according to BBC reports (I'm typing this while watching the report
) As the BBC say, this is a several billion pound risk. Once the money is in it won't be possible to retrieve it for many, many years. And it looks as though if this is a failure, we are stuffed...