The art of memeering (planting thought virii and seeing what takes root in the popular conscience through media - both traditional and non-traditional like online message boards, email chains, etc.) is interesting to watch in action.
This "rescue plan" is a very interesting case in point. The crisis appeared to rush up on the elites and catch at least most of them unprepared to spread the memes needed to shift public opinion. We can leave the whole theory that this is all just part of standard Shock Doctrine for another day.
They let the whole "bailout" tag linger too long to the point where it remains a key tag for this cynical power grab/necessary evil.
But watching the Senate "debate" last night and CNBC this morning, the elites seem to be getting their shit together and are trying to rapidly grow memes like:
- We have suffered an Economic Pearl Harbor!
- This is a bailout of Main Street, not Wall Street
- This is a financial rescue plan, not a bailout
- You will not be able to get a loan, small businesses won't be able to make payroll
- Car sales suffered because of this credit uncertainty
- The big drop in the DJIA on Monday was solely because of the House of Representatives' failure to pass the plan
These seem to be the core themes due to their endless repetition, but you may have spotted more.
What To Watch For
If the House votes this down again, then we may enter into hardball territory. Don't be shocked if a few banks use this as an excuse to "temporarily" shut their doors as part of some emergency bank holiday. They are scared to death and they may give the Congress folk a taste of what they say is to come. The blowback from such a tactic would be huge and unknowable.
I still expect the House to cave. I still expect it to not make a damn bit of difference.
Beware October, friends. Be prepared.