My PR story of the week has to do with the $700 billion plan to fix the nations financial system. I found several articles that dealt with why the plan failed to pass in congress. Most of them blamed the public relations failure on what it was called and the timeframe they were given to complete the project.
I feel that this is an important story because our nation is in trouble and it seems like things are just getting worse. Plans like this $700 billion plan to fix the financial system is a big deal, therefore it is critical to have a good PR plan to inform the public properly. The american people are the ones that ultimately get affected by these plans and if they are not publicized well they can go south really fast.
One of the main reasons this financial plan failed so terribly was because of what it was being called. Initially the Treasury Secretary, Henry M. Paulson Jr., called it the Troubled Asset Relief Program. However, everyone else called it a bailout. Since then the american public has perceived it as “a taxpayer-financed parachute for high flying Wall Street Tycoons.” So by the time the plan went to vote in congress, America wanted nothing to do with it. This just goes to show why a name or title can be so critical to the success of a plan. If everyone had gotten onboard with calling it a Troubled Asset Relief Program, whether they agreed with it or not, as opposed to a nation-wide financial bailout it could have had a better reception by the public.
The other reason the plan failed was due to time. The public affairs office at the treasury department was given less time than normal to propose the plan. Due to the congressional timeline they had to get the idea out fast and there just wasn’t enough time to gather all of the necessary components like allies in the business community, let alone to research the subject. Time is always important. There will always be deadlines and timeframes but people should understand the limits of a department. The Public affiars office should have said that they needed more time to align the proper allies, organize surrogates, and create a vocabulary to present the idea in the most positive light.
In this case I feel that there was not much research done at all. They should have researched if anything like this had been attempted in the past. If so was it successful? Why or why Not? What sort of terms for this topic would be more acceptable by the public? What sorts of things should be avoided? Unfortunately for the PR team there was just not enough time to research; they barely had time to do what they normally do in these situations.
As far as goals and objectives are concerned I believe that there goals may have been to broad. There goals may have simply been inform the public on this plan so the government can get support to pass it in congress. They were probably so frazzled about their timeframe that they worried about getting the job done as opposed to creating good goals and objectives.
In conclusion the recent failure of the $700 billion plan to fix the nations financial crisis was due to the fact that there was not a unified name that everyone was calling the plan and the PR office was not given adequate time to propose the plan to the public properly.