Thursday, October 2, 2008
Should the bailout be called a rescue?
Lengthy story in Advertising Age this morning about how the positioning of the bailout helped doom it in the House earlier this week. For one, people now seem to think that "rescue" may have been a better term than "bailout" all along. On the one hand, I couldn't agree more; on the other hand, I sense that most Americans won't really believe this is all happening until it hits them squarely in the credit card. The reason the perception that this is a bailing out of Wall Street persists is that the effects of the credit crisis hasn't been felt by most people. If you turned off all news sources and just went about your business these last few weeks, the most you might notice is that the economy isn't quite trucking along the way it was a few years ago. Even hearing about the crisis on the news seems somehow distant, as though we're reading reports of a tsunami in Asia, but meanwhile, back home, the sun is shining and the birds are singing in the trees.