The cavalry is coming to the rescue, but not tomorrow, and that's the problem today. Treasury is said to be considering buying equity stakes in major banks, following lead of the UK, but it may take a few weeks to iron out the details. Same goes for the rest of the bailout plan; it's not ready to be implemented. Even if you had some attractive bargains staring you in the face, would you be eager to buy today, knowing that something bad might happen in the next week or two?
That's the paradox of a bailout that has been announced but is not immediately implemented. Buyers keep sitting on the sidelines waiting, and it's a shortage of buyers (see earlier post below) that is the real problem.