Disconnect Between Wall Street and Main Street

Congress' inability to move forward with the bailout bill is reflective of a larger issue--a clear disconnect between Wall Street and Main Street. While Paulson has made strides in explaining the crisis to representatives and the general public, it seems that the average American doesn't quite get the urgency. In negotiations we call this a question of framing, and more specifically not offering the right signals or information to convey the point. As a result, representatives are caught between a rock and a hard place forced to accomodate constituencies who are strongly opposed to the idea of a Wall street bailout. Watching the Dow drop nearly 800 points this week hopefully will send a more clear signal that something needs to be done now. Americans need to understand the greater implications of delay. I'd advise Congress to tell the story differently in terms that the average family can grasp. Remaining vague and using language of "crisis" without specifics to back you up begins a vicious circle for miscommunication. In this crucial moment, the U.S and the word cannot afford any further delay.


Update: Tom Friedman's article in 10/1/08's NYT does just that. Check it out here.