Selling of the bailout

I was quoted in an AdAge piece about the selling of the bailout.

My basic point was that Henry Paulson did a brilliant job (in my humble opinion) at architecting this package, convincing the President and Ben Bernanke that it was necessary, and getting the Democratic leadership on board.

Where he failed -- somewhat miserably -- was in explaining to the American people how the failure to enact this package would impact their lives when it comes to student loans, auto loans, mortgages, etc.   It took Paulson and the administration about two weeks to make the package about ordinary Americans, and not wall street investment bankers, and it cost them on the floor of the House of Representatives Monday night.

They've since changed their tune, and hopefully not too late.   The "bailout" is now an "investment", and main street has replaced wall street as the beneficiary.  Let's see if the House buys it ...