Today the market bounced back on the buzz that an entity like the RTC (Resolution Trust Corporation)–the government body created to help depositors in the savings and loan debacle twenty years ago–is in the offing. What did John McCain call for? Here’s what:

I am calling for the creation of the mortgage and financial institutions trust — the MFI. The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.

That seemed pretty much on the money. Where was Barack Obama on this? He couldn’t decide. Meanwhile, Obama was still calling this afternoon for the Fed to use emergency powers to keep credit flowing. The Fed already did that — this morning. That is how McCain may emerge from this: as the one who can come up with a concrete plan and move decisively. But first, he will have to explain all that through the media din.