As I said in the last post both candidates should take a strong NO position on the suggested financial sector bail out for purely story reasons. Lets start with McCain.
Remember, this election is about America choosing its “hero-in-chief” We are looking for someone who can hold their ground in a difficult and dangerous world. In marketing terms it is about having a strong and sustainable brand.
The McCain campaign has been pushing two related brand concepts; 1). McCain is a maverick and 2) McCain “will fight for you”. Saying yes to this bailout seriously erodes both messages.
By definition a maverick does not run with the herd, and that goes double in the middle of a stampede. It looks like that is what Paulson is trying to get going. The Treasury Secretary probably sincerely believes that this is best way to save the situation, or it may just be that this is the way the Bush Whitehouse likes to market its proposals (it does seem eerily similar to how we got into Iraq and passed the Patriot Act) but that is the current administration’s story choice. For McCain to beat the bad rap that he is “McSame” he needs to separate himself from those choices. He needs to stand strong against the biggest special interest in Congress – the Financial Products Industry. If he doesn't his maverick brand is toast.
McCain also needs to say no to protect his only really effective brand slogan “I’ll fight for you.” You can’t go into a fight by giving up before it starts. And you won’t have much leverage to “hold the bad guys accountable” and “make them famous” if you give them a blank check and promise not to ask any hard questions for the next two years, and that is what this bailout does.
So McCain should just say “Thanks but no thanks” to the Treasury Secretary’s proposed 700 Billion dollar “bridge loan to nowhere.” His political survival depends on it.
If you don’t think a tsunami of populist anger is heading our way check out this ad I found on that bastion of socialist skullduggery – Market Watch. BTW last Friday was the 13th Annual “Speak Like a Pirate Day” so in the spirit of better late than never – ARGHH!