The fact of the matter remains that the economy will not get better unless the lines of credit are "unfrozen" and banks are able to give loans to people who need them. Thats were the real jobs are gonna be created. Obama's bill will create alot of short term jobs but its about all he can do right now, short of nationalizing the banking system which would have horrible consequences. Once the banks are able to get rid of some of their more riskier investments and holdings they will be able to access cash and rid some of their debts and then they can start lending again, but thats gonna take a long time.
There is no one magic bill that is gonna solve this problem. Obama got stuck with a real messed up situation and it will be interesting to see how his plan will actually unfold.