With the economy being the talk of the town, I've found myself either talking to people who are de facto economy experts or explaining to people just what the heck is going on.
I've probably done a little more of the later than the former. In fact, I found myself in a circuitous explanation on the whole affair with my mom for like an hour. In my attempt to be as simple and thorough as possible, I realized that I had a hard time explaining it in part because the concept of a mortgage backed security doesn't really make any sense. How can you create an industry that people invest in backed by a debt bundle with no actual or liquid value? But that's another conversation.
At any rate, while watching political pundits on TV turned economic experts, I've discovered something else.
Explaining the mortgage backed security fiasco cannot be done in a sound-bite.
There's no condensing this stuff. Forget making the whole matter neat and easy for the common man. There are no winning sports analogy, no bare knuckle moose wrestling metaphors, and no patriotic slogans to explain this mess.
While I've heard a few commentators manage to at least de economize the language, I still hear people tossing in peanut gallery remarks that have nothing to do with the matter at all.
Politicians with any savvy know that if you can't say it in a soundbite, you might as well not say it at all. That's in part what's happening. People are trying to spoon feed an elephant. If you're talking to an audience who get skittish when explaining stocks, well you still owe them a hearty expression on the matter. Pull out some charts, make some graphics, anything but don't act like a few cowboy quips will put those who don't know at ease.
There are so many misguided catch phrases tossed around to sway the masses on the government Wall Street bail out blaming "overcompensated Wall Street CEOs" or "they're giving money to the people who got us in this mess and not the people who lost their homes." There's even a proposed march planned on Wall Street, which I don't understand either.
Oddly, Pat Buchanan was one of a handful of political pundits turned economist who explained the whole deal in a comprehensive three sentences. I was impressed. Barack Obama proposing that American citizens be viewed as investors and should benefit from the upside of their tax dollars in a bail out. A smartly worded statement as well.
While, the television medium is not typically the home for complex brain activity, when it comes to explaining the economy in this day and age, it has to be.
I've probably done a little more of the later than the former. In fact, I found myself in a circuitous explanation on the whole affair with my mom for like an hour. In my attempt to be as simple and thorough as possible, I realized that I had a hard time explaining it in part because the concept of a mortgage backed security doesn't really make any sense. How can you create an industry that people invest in backed by a debt bundle with no actual or liquid value? But that's another conversation.
At any rate, while watching political pundits on TV turned economic experts, I've discovered something else.
Explaining the mortgage backed security fiasco cannot be done in a sound-bite.
There's no condensing this stuff. Forget making the whole matter neat and easy for the common man. There are no winning sports analogy, no bare knuckle moose wrestling metaphors, and no patriotic slogans to explain this mess.
While I've heard a few commentators manage to at least de economize the language, I still hear people tossing in peanut gallery remarks that have nothing to do with the matter at all.
Politicians with any savvy know that if you can't say it in a soundbite, you might as well not say it at all. That's in part what's happening. People are trying to spoon feed an elephant. If you're talking to an audience who get skittish when explaining stocks, well you still owe them a hearty expression on the matter. Pull out some charts, make some graphics, anything but don't act like a few cowboy quips will put those who don't know at ease.
There are so many misguided catch phrases tossed around to sway the masses on the government Wall Street bail out blaming "overcompensated Wall Street CEOs" or "they're giving money to the people who got us in this mess and not the people who lost their homes." There's even a proposed march planned on Wall Street, which I don't understand either.
Oddly, Pat Buchanan was one of a handful of political pundits turned economist who explained the whole deal in a comprehensive three sentences. I was impressed. Barack Obama proposing that American citizens be viewed as investors and should benefit from the upside of their tax dollars in a bail out. A smartly worded statement as well.
While, the television medium is not typically the home for complex brain activity, when it comes to explaining the economy in this day and age, it has to be.
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