Why the Bailout Plan took too long & confused America
Bernanke and Paulson needed to speak English. Better yet, they should have had a good ad agency behind them to market the heck out of the plan. The naming of the plan whether by them or the media wasn't the right way to go about it. It's a path (one of the only really) for the Average American to get a home, car or college loan in this decade. It's also a way to avoid an unemployment rate that would rival the Great Depression and to ensure there's money at the ATM when you go there 2 weeks from now. Sell the sizzle for the man/woman on the street! The Rescue Main Street Plan would have resonated much better, don't you think?
We needed decisive action and a responsive Congress to get the plan passed. What we got was political jargon and poorly managed expectations with no accountability. Seriously, if MOB Media or any good agency had this "account" there would have been more action and less talk. We would have immediately shown John Q. Public how he beneifts - he'll have a job, she'll get a loan, they will keep their house, the future is bright, that kind of thing. The impression the public got instead was that billionaires are not going to have to pay for their sins. It's all about accountable advertising!
Let's face it, now more than ever our economy is based on credit and confidence without which more banks and the economy would have failed. Right now we're seeing not a response to the Rescue Main Street Plan (not "Bailout the billionaires" which is counter-productive to getting buy-in from anyone), but a lack of confidence in anything - thus the DOW has lost over 40% of its value from just a year ago.
Yes, the $ initially beneifts a bunch of fat cats that knew better, but there can be restrictions on compensation with them, a "show trial" and devil be damned attitude that screw it, they don't deserve the $, will only hurt the average consumer. Goldman Sachs was a best of breed company and failed even while they were not the worst of the bad mortage paper holders.
You may ask, how does this plan benefit the avereage taxpayer, didn't I just tell you? Want more? This is an opportunity for the gov't (taxpayer) to pick up cheap assets (the bailed out cos) and make $ for the taxpayer by increasing mortgage paper (home buying etc). More homes, more home value. INVEST IN AMERICA with the Rescue Main St. Plan!
Simply put we needed to avoid finanical collapse of the banks (not the DOW which has its own issues), loosen the loans for colleges, cars, homes and get the economy moving - INVEST IN AMERICA! Buy into their plan, It could mean your job and home if you don't. And, don't panic people!