I’m no rocket scientist…just a political and PR hack. But, the massive taxpayer-funded bailout of Wall Street has been woefully misbranded. So poorly, in fact, that unless some heavy lifting is done, and soon, I don’t know when any legislation will pass. Imagining a stock market below 10,000 is no longer a nightmare, but a reality.
Look at it this way: why would anyone – Main Street America or Members of Congress – support a piece of legislation called a “bailout,” particularly one that is $700 billion?
To begin, bailout is a pejorative term. It’s uncomplimentary and highly negative. While the term may be accurate in describing the federal government’s financial assistance to a grossly irresponsible Wall Street, someone was clearly asleep at the switch when it came to positioning this piece of legislation.
What if the bill were called the “Main Street Assistance and Recovery Act” or some other more positive term? What if supportive legislators from both parties and Bush Administration officials discussed this not in terms of helping “the Street,” but about how it was essential to the average American voter? We’re seeing more of it now, but where were President Bush, Speaker Pelosi and others early in the debate? In all reality, they were focused on Wall Street primarily because making these folks feel secure was their primary objective.
As it stands now, and with two-plus weeks of damage done, the legislation might as well be called the “Taxpayers Open Your Wallets to the Tune of $700 Billion to Fund Wall Street Fat Cats Act.” Hmmmm. Something is seriously wrong.
I have the feeling that those in Washington – both Republican and Democrat – view the legislation as bitter medicine that must be swallowed. The Democrats, at least as of today, appear to have accepted the fact that the economy is sick and are willing to gulp the medicine/legislation down…provided that the Republicans come along (the we all sink or swim together philosophy).
But, House Republicans are behaving like petulant children. They know that a spoonful of medicine (a $700 billion spoonful) will taste awful going down and, in all likelihood, won’t make them feel better in the short term (i.e., before November’s general election). We saw the impact of delay on Monday – a 777-point drop in the Dow.
I don’t know if re-branding this horrible but needed legislation is possible at this point. But, with all the political consultants swarming around Washington, D.C., shouldn’t someone have been a bit more thoughtful about framing this issue more appropriately?