David Rosenberg on new RTC

"If we get a resolution trust type of repository for the bad debts and an infusion of taxpayer capital into the banking system that will be good news in terms of establishing a real framework for tackling the credit collapse rather than a hodge-podge of patchwork reactionary policies — which seem to backfire,” he writes in a note to clients today. “But also keep in mind, for all the bottom pickers out there, that the RTC was established in 1989, but it still took a year for the stock market to bottom, two years for the economy to bottom, and three years for the housing market to bottom."
http://blogs.wsj.com/economics/2008/09/19/rosenberg-treasury-plan-not-likely-market-panacea/