What are Obama's options to breathe life back into the banks and get the economy going again?

Basically, it boils down to three options, says the New York Post's Michael Gray.

The first is to nationalise the banks. The problem with that is that wipes out shareholder equity and increase the US Government's massive debt. The only positive is that it might create some certainty because the public knows the US Government is standing behind, well bankrolling to put it more accurately, the institution.

Option number two is to continue the Bush administration's policy of tipping in money when needed. The problem with that is that it's been about as effective as a band aid on a bullet wound. It doesn't really stop the bleeding.

The final option is to create a government -owned "bad bank" to take all the toxic assets. That's easier said than done. How much does the US government pay for toxic assets. If it pays too much, taxpayers suffer. If too little, the banks will have to write down their assets.

None of these choices are easy. Just how the Obama administration will get through this remains one of the great mysteries.

What we can be certain about is the new Government will move quickly to tighten financial regulations. We can expect stricter rules particularly on derivatives, like credit default swaps. There will be more regulation in these areas.

But for now, that's the only certainty.