Making a better sale

Posted: Tuesday, September 30, 2008 12:57 PM by Carrie Dann
Filed Under: Economy

From NBC's Athena Jones and Chuck Todd
With the latest round of punditry blaming leaders from both sides of the aisle for failing to explain the mechanics of the Wall Street recovery plan and sell the proposal to the American people, some new wording from both candidates is worth noting.

"Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money," Obama is expected to say in Reno, NV, today. "If all that meant was the failure of a few big banks on Wall Street, it would be one thing. But that’s not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow. "

And here's how McCain explained the crisis today in Des Moines, Iowa:

"Sonic Corporation, a drive-in restaurant chain based in Oklahoma, learned on Thursday that one of its lenders, GE Capital, had stopped extending new loans to the chain's franchisees. That will block plans to rebuild restaurants, add equipment and open new locations. When small businesses like Sonic franchisees can't borrow, contractors don't get the remodeling work, equipment-makers lose sales, and restaurants go out of business. It hurts the entire community."

Both candidates appear to be going full-speed ahead with making the financial meltdown relevant to everyday voters' lives. These new explanations are more direct, more explicit and do a better job of explaining the stakes than past remarks about the so-called "bailout" by either McCain or Obama.

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Comments

haha oh god, mccain couldn't find any better business to talk to them about than sonic?? it's best for the public's digestion if that place goes out of business.

happy, boston, ma (Sent Tuesday, September 30, 2008 1:27 PM)

What are the House Republicans saying to thier constituencies? I was a Republican, but these people just embarass me. And... Sarah Palin - I just saw a Paris Hilton interview where Paris comes across as being much more intelligent and articulate than Sarah did this week. Where is McCain's leadership over his party and why didn't he vet Palin?

LithMike, Chicago, IL (Sent Tuesday, September 30, 2008 1:30 PM)

The Sonic restaurant chain is anything but a SMALL business.

McSame & Failin (Sent Tuesday, September 30, 2008 1:41 PM)

jesse St.Paul Minnesota (Sent Tuesday, September 30, 2008 1:41 PM)

It was a toxic bill. Both sides were to suck it up and give King George a bill he would sign. No one really wanted to sign it. It's ridiculous political posturing on both sides, but Pelosi's insult and Boehner's and Cantor's hurt feelings probably did save us a bunch of money and grief in the long run. It's not everyday that Congressional dysfunction saves our asses.

Hopefully, now, the Dems can go back and draw up a bill that will actually help the American people. I have just a feeling that Frank and Dodd have something prepared that they really want to pass, with bankruptcy and mortgage relief for actual people, and now with the political pressure building to get something done, we might just get it.

Chris F. Antioch, CA (Sent Tuesday, September 30, 2008 1:41 PM)

They did vet Palin...She was the best candidate they could pick based on their standards...

RA (Sent Tuesday, September 30, 2008 1:43 PM)

Does it matter what company it was? If Obama talked about Sonic, I'm sure you'd be praising him for recognizing the smaller companies, no?

KL, New York (Sent Tuesday, September 30, 2008 1:43 PM)

McCain/Hilton 2008! But, only if Tina Fey doesn't want the job!

Change of socks you can believe in! (Sent Tuesday, September 30, 2008 1:44 PM)

Blaming "both sides of the aisle" is one of the lamest, longstanding cop-outs of the Washington punditry.

Bottomline is that it was the hardcore, "free market" Republicans who got us into this mess and it is the GOP that is standing in the way of it getting solved.

jbentley, Chicago, IL (Sent Tuesday, September 30, 2008 1:44 PM)

I understand we need to do something about the situation(bailout). I have also heard some senators are putting in earmarks for money for other things. What's up with that? Our government needs to have one line bills sticking to the subject. I also realize that some earmarks are used for good things. ex. Senior building This I can accept. Bears, crabs, roads that go nowwhere. where is common sense??? right now congress should be concerned with what is absolutely necessary...

Paula Kruse Minot, ND (Sent Tuesday, September 30, 2008 1:46 PM)

Well at least they are talking in real main street talk. I fond Obamas explanation as he spoke in Nevada and gave specific but real life time situations on why passing this bill would benefit the American people. I don't care if they need to explain it in terms of 3rd grade talk as long as the message is understood so that Americans can form an informed opinion that relates to life and how they will lose.

Once again Obama seemed to do a good job of explaining the situation and the hows and whys that are needed to restart Americas financial egines even if peopl dont have money directly in the stock market that it will affect them too.

Lets hope this works because the end of the week will be really scary.

Additionally, Obama has continued to maintain calm and also call for a continuation of Bipartisanship on all levels instead of the blame game and then doing another 360 degree turn. I feel he is more capable of leading this nation at this point in time.

Suz, western NY

Suzanne, western ny (Sent Tuesday, September 30, 2008 1:49 PM)

Oh my! John McCain says I may not be able to get my onion rings at Sonic. Well, I can always go to that other place. I'm not worried about onion rings. Wait...what? Barack Obama says I may not be able to send my kids to college, refinance my home or get a new car. Whoa! Now that sends a clear and urgent message. Why is John McCain worried about my onion rings when this is going on?

Bailey Quarters, Twin Cities, MN (Sent Tuesday, September 30, 2008 1:49 PM)

I am an avid Obama supporter, but all candidates are forced to swallow this deal b/c if they don't the Wall St titans will pump millions into supporting their opponent(s).

What everyone is ignoring is the fact that we can use this $700B to directly provides loans to these businesses, through a retooled SBA or a new agency to be formed, rather than sending it to the clowns that got us into this mess in the first place. Making loans or capital available to businesses does not require that money go to Wall St - especially without needed regulation to ensure they don't piss it all away again!

Gary, Fort Lauderdale, FL (Sent Tuesday, September 30, 2008 1:52 PM)

jesse MN -Johnny,Sonic restaurants are a Million dollar operation,

Most, if not all, restaurants are million dollar operations. You have to pay off the local unions, so that makes the building alone worth that. Then you have your union workers making three times what they should, that kills your payroll. Then Obama and his klan show up to tax you at the federal, state and local level. Now you're up to a multi-million operation. All cause you wanted to sell a few hot dogs.

Union Rules (Sent Tuesday, September 30, 2008 1:52 PM)

If you want any hope that your ship will come in, make sure John McLame isn't your pilot. That dipstick couldn't lead a ship into harbor if he were the figurehead carved on its bow.

JCR, Cedar Falls, IA (Sent Tuesday, September 30, 2008 1:54 PM)

jbentley, Chicago, IL - Blaming "both sides of the aisle" is one of the lamest, longstanding cop-outs of the Washington punditry.

You're right jbently - it's the Democrats fault.

Dick Dublin, IL (Sent Tuesday, September 30, 2008 1:56 PM)

I don't get two things:

1) why do business all need to borrow money? Isn't the idea to make a profit, then use your own money, interest-free? How can you be successful if you NEED credit, every month?

2) Why can't banks loan money to good credit risks? DO they just loan money when they paper the walls with it, or nothing at all?

Not an Econ major (Sent Tuesday, September 30, 2008 2:00 PM)

Sonics.......I can cook a hot dog at home if I had a home and could buy hot dogs.

WOW (Sent Tuesday, September 30, 2008 2:01 PM)

Johnny,Sonic restaurants are a Million dollar operation,maybe in your mind thats a small biz.but not mine .In my mind a small biz would be a mom&pop operation where mom works the counter and pops works the grill,they work 80 hours a week, do the books ,order the supplies,clean the joint after hours and still try to have a life.While in your mind the middle class earns 5 million a year it only makes sense that you would think Sonic was a small biz.I wonder how many burgers you recived to shill for them.Or who on your staff lobbyed for them.

jesse St.Paul Minnesota (Sent Tuesday, September 30, 2008 1:41 PM)

--------------

Not sure what kind of resturants they have in MN, but down here in the Big City, USA, even the fast food places employ dozens of people. No two people even working 100 hours each a week will be able to keep even the smallest resturant running. Maybe you're thinking of some guy with a cart selling hot dogs perhaps? Any brick and mortar place would easily be a million dollar operation. And yes, I would call someone running that operation a "Small Business owner", just the kind of evil American Barack Obama wants to tax to death, or at least until they go out of business.

Jules, Big City USA (Sent Tuesday, September 30, 2008 2:01 PM)

Both components of our economy are suffering; the financial services sector (the tracks on which our economic train runs) and more importantly the producer/consumer sector (the engine that pulls the train). The bailout plan that was rejected really only offered relief for the financial services sector. Democrats need to assume more of a leadership roll; re-write the bill adding relief for producers and consumers and then properly educate the public as to why it needs to pass. In this way they reach out to Republican legislators through their constituents. Since Bush and his team have proven inept in educating the public, the Democrats should use their most recognizable figure as their spokesperson Barack Obama. The Democratic bill should be just one component of a strategy aimed at rebuilding our economy to the point when it was at its greatest strength; from the years 1948 to 1962. What gave it its strength then was a large, productive and fairly paid middle class.

Al, Houston, TX (Sent Tuesday, September 30, 2008 2:01 PM)

Interesting that Obama frames the crisis in terms of people and Biden frames it in terms of business.

DaveB, North Las Vegas, NV (Sent Tuesday, September 30, 2008 2:02 PM)

I just watched Obama making remarks. He made it easier for the average voter to understand how this will affect each and every one of us. This is not an exact quote, but it stuck with me."If your neighbors house is on fire, you may say well he always left stove on or smoked in bed. That may be true. However, the fire at his house will affect your house. First, you have to make sure the fires out. Later, you can make sure they stop leaving the stove on."

Jackie , Chester, VA. (Sent Tuesday, September 30, 2008 2:04 PM)

As some Republicans have pointed out: Confidence, Man, Confidence

Con-men., (R) Spokane, Wa (Sent Tuesday, September 30, 2008 2:05 PM)

McCain just doesn't get it. Sonic is big business, not the kind of small businesses that Obama wants to support and help with his middle class tax cut. McCain thinks that middle class is people who make less than 5 million dollars a year. How can McCain relate to us- his economic adviser Grahm says we are all a bunch of whiners, and McCain himself said that the fundamentals of the economy are sound. You do the math- who do you think will help us more?

dyellon md (Sent Tuesday, September 30, 2008 2:05 PM)

The candidates need to back off and let the people on the committees handle this. When it comes for a vote on the Senate floor they can go, vote, and then resume their campaigns.

eagle1776 (Sent Tuesday, September 30, 2008 2:08 PM)

I hope that as they rework this bill, they do not suspend the "mark-to-market" rule. The last thing we need is less transparency.

Chris, Binghamton, NY (Sent Tuesday, September 30, 2008 2:08 PM)

I recommend the onion rings.

iowan (Sent Tuesday, September 30, 2008 2:09 PM)

Quick... we need $700 billion to save Sonic Drive ins, d@mmit!!!

(And here you thought this bail out wasn't important, HA!)

dp in PHX (Sent Tuesday, September 30, 2008 2:10 PM)

When are the Republicans going to admit they were wrong about deregulation and apologize to the American people for getting us into this mess. It is time they took responsibility for their actions.

This crisis affects every American. Try and get a car loan, mortgage, or student loan. It is nearly impossible. If we do not fix what is broken, we all lose.

Obama/Biden 08!!

Cathy, Asheville, NC (Sent Tuesday, September 30, 2008 2:12 PM)

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