TIMOTHY GEITHNER, TREASURY SECRETARY: I want to be candid. This strategy will cost money. It will involve risk and it will take time. PAUL KANGAS, NIGHTLY BUSINESS REPORT ANCHOR: Not just money -- big money! The Treasury`s plan to revive lending and jumpstart mortgages comes with a price tag that could reach $2 trillion.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: That plan was not music to Wall Street`s ears. The Dow fell nearly 382 points and the NASDAQ dropped 66 as investors bailed out of stocks on news of the bank bailout.

KANGAS: Despite the slumping economy, Intel is spending $7 billion to upgrade its U.S. facilities, supporting 7,000 jobs. Intel`s CEO says investing its money in the future sends the right message.

GHARIB: Then in 1979, computers were hulking machines that filled a room. Now, they fit in your pocket. Tonight as we celebrate our 30th anniversary, we`re looking at the top 30 innovations in the past 30 years.

KANGAS: I`m Paul Kangas.

GHARIB: And I`m Susie Gharib. This is NIGHTLY BUSINESS REPORT for Tuesday, February 10.

Good evening, everyone. Treasury Secretary Timothy Geithner today outlined his much-awaited financial stability plan, but for Wall Street, it was a dud. All of the major stock indexes tumbled more than 4 percent, with the Dow losing 382 points. Geithner`s plan to fix the financial markets and revive consumer and business lending could cost up to $2 trillion. But critics say the rescue proposal was long on rhetoric and short on specifics. Washington bureau chief Darren Gersh reports.

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: Treasury Secretary Timothy Geithner promised the days of playing catch-up with the credit crunch are over. The new goal is to look forward and get ahead of the crisis.

TIMOTHY GEITHNER, TREASURY SECRETARY: But I want to be candid. This strategy will cost money. It will involve risk and it will take time. But as costly as this effort may be, we know that the cost of a complete collapse of our financial system would be incalculable for families and for businesses and for our nation.

GERSH: Geithner presented the broad architecture of a financial stability plan. It has two main parts. First, it uses up to a trillion dollars in taxpayer money through a Federal Reserve program to support financing for everything from mortgages to office buildings, car loans to credit cards. That program should be up and running in a few weeks. Second, the Treasury also wants a public-private partnership of up to a trillion dollars to buy those so-called toxic assets weighing down banks. For that, the government would provide long-term funding and private investors would price the assets. Investors and taxpayers would share any profits. Regulators also will stress-test bank finances to see how they`ll weather the deepening economic downturn. And if needed, the Treasury would provide taxpayer money as a bridge to private investments. But the private money wasn`t convinced today.

ROBERT ALBERTSON, CHIEF STRATEGIST, SANDLER O`NEILL: It`s too much uncertainty. We need to be removing the uncertainty.

GERSH: Investment banker Robert Albertson says credit markets are still fragile and are frightened by the lack of detail in Geithner`s plan.

ALBERTSON: I think when people look at problem assets, they need to know the details of what kind of backstop they are going to have in terms of risk. They don`t need financing. Private capital is not interested in government financing. If anything, they would probably prefer not.

GERSH: This afternoon, Geithner faced skeptical senators. Tennessee`s Bob Corker said the Treasury still did not settle the key question.

SEN. BOB CORKER (R) TENNESSEE: Isn`t the question really not how big the losses are, but who will take them and when?

GERSH: One critical piece of the financial rescue plan got little attention today -- foreclosure relief. Geithner promises an aggressive plan in a couple of weeks. If you`re interested in tracking all of this, you can do so on a new government web site, financialstability.gov. Darren Gersh, NIGHTLY BUSINESS REPORT, Washington.

GHARIB: Joining us now for more analysis of the Treasury`s economic plan and market reaction, Gary Motyl, chief investment officer of the Templeton Global Equity, which manages $100 billion in assets. Hi, Gary.

GARY MOTYL, CHIEF INVESTMENT OFFICER, TEMPLETON GLOBAL EQUITY: Good evening, Susie.

GHARIB: What was your reaction to Secretary Geithner`s plan today?

MOTYL: I think our reaction was much like that of other investors. We would have liked a little more substance, a little more detail, particularly on the private funding he described.

GHARIB: Tell us a little bit more. What did you want to hear from Timothy Geithner today? I know there were a lot of expectations of a major plan that was going to be laid out. What did you want to hear?

MOTYL: We`d like again more detail, precisely where these moneys are going to go, the timing, but again getting back to the public- private investment fund, you need some idea of how this is actually going to work. There is capital out there. There`s capital in the United States. There`s capital around the world available for a properly structured vehicle. But until investors really get some more detail on this, they`re not going to be willing to change their sentiment and move into the markets.

GHARIB: Was there anything the Treasury secretary said that did encourage you, that gave you confidence?

MOTYL: I think overall the concepts are very good. Again the secretary is doing what many people around the world are doing, the Bank of China, the EU. These people are trying to stimulate the global economy, trying to get it stabilized, allow market forces to come to the fore and really get things moving again.

GHARIB: Are you seeing things moving again? Are you seeing credit flowing through the markets and through the economy?

MOTYL: We have seen I think some improvement in the last several months. If you look at some of the credit spreads, they have narrowed. They`re not back to where they need to be, but there has been some progress made in the last several weeks that we are encouraged that again some of these new programs will have an immediate effect in the next say, three to four or five months.

GHARIB: With the markets off so sharply, are you buying or selling into this kind of market?

MOTYL: I think it`s interesting,, when you look at what the markets have done globally in the last 12 months you now have valuations across industries and sectors, across countries, that you haven`t seen in probably close to 20 years. We are encouraged by what we`re finding, our analysts are really out there searching the globe for value. And we can now buy stocks today that we have either never owned or haven`t owned in 12 or 15 years. Certain things like some of the technology stocks, some of the telecom stocks, really do appear to us to be very good value.

GHARIB: Is it better to invest in U.S. stocks or somewhere else?

MOTYL: We`re global investors. That was John Templeton`s original philosophy. We like to go where the values are. It`s interesting to us that as opposed to in a normal market, you can find pockets of opportunity, either in industries or sectors or a few countries. Right now we`re seeing that opportunity across the globe. It`s interesting in our global funds where we do have the ability to invest in U.S. stocks, we`re finding more U.S. names to buy. So we are again, in the long-term perspective we`re very encouraged.

GHARIB: What about U.S. investors? I`m sure you hear this a lot that people are very nervous about where to put their money, some people are playing it safe and keeping their money in money markets or in plain cash. What do you tell them?

MOTYL: I think for the majority investors, you really do have to hang tough here. The valuations you`re seeing today are not going to last forever.