Word of the Year - Bailout - Alas, Not New

The Word of the Year 2008 is bailout, according to the American Dialect Society, which balloted yesterday in San Francisco. The word is understood by the Society to mean “rescue by the government of companies on the brink of failure, including large players in the banking industry.”

This word-of-the-year is only 19 years old, or the Society would have run into it before, in the late 1970s when "bailout" was used in connection with the proposed first rescue of the Chrysler Corporation.

It's easy for me to remember because the unflappable lady who handled this for Senator William Proxmire's Banking Committee was Elinor Bachrach. Since she also handled New York City's rescue and a couple of other institutions in trouble, she was then known as Billion-Dollar Bailout Bachrach – and there may have been another adjectival prefix before the word Bailout, like Boondoggle or Basket-Case.

So if the American Dialect Society had been a little older, the word bailout might be taken and the winner could have been one of the other words, like:
- Most creative: recombobulation area, at Milwaukee’s Mitchell Airport where passengers who “have just passed through security screening can get their clothes and belongings back in order."
- Most unnecessary: moofing, i.e., “mobile out of office,” working with laptop and cell phone.
- Most outrageous: terrorist fist jab, a knuckle-to-knuckle fist bump, or “dap,” traditionally performed between two black people as a sign of friendship, celebration or agreement and described as “the terrorist fist jab” by newscaster E. D. Hill, formerly of Fox News.
- Most likely to succeed: shovel-ready, an infrastructure projects that can be started quickly when funds become available.

Other nominees that caught my eye:
lipstick on a pig: An adornment of something that can't be made pretty.
game-changer: In business and politics, something that alters the nature of a marketplace, relationship, or campaign. From sports. "something that changes a match or contest."
Palinesque: Pertaining to persons who have extended themselves beyond their expertise, thereby bringing ridicule upon a serious matter.
long photo: A video of 90 seconds or less. Used by the photo-sharing web site Flickr.
First Dude: The husband of a governor or president.
bromance: A very close relationship between two heterosexual men.

Obama Fundraising a First, Says Election Commission Chairman

Thanks to Congressional Quarterly for noting today ("Obama’s Operation May Become the Model of Fundraising") the comments of former Federal Election Commission Chairman Bradley A. Smith in a Washington Post op-ed piece a week before the election.

Brad Smith was commenting on the fact that the campaigns of both Barack Obama and John McCain had exceeded $800 million in combined spending two weeks before Election Day. The CQ story emphasizes that "It’s not just the amount of money that was spent but also the way it was raised — much of it online, in small chunks and, in Obama’s case, completely independent of the public financing system for the first time in the post-Watergate era."

Smith, in his op-ed, says: "I’ve studied all the great fundraisers of the past, from William McKinley to Richard Nixon to George W. Bush. American politics has never seen anything remotely like this before.”

Smith is overtly partisan - he was a Republican appointee. The online discussion of Obama's citizen "juggernaut" is all the more interesting. He thinks the system has worked, even though his candidate was losing. Here are some excerpts.

Arlington, Va.: Just to counter some of the paranoid posts -- I'm one of those small donors that you fear so much. In <> early September I became so disgusted with the McCain/Palin campaign that I went to Obama's Web site and made a donation. I since have made two additional donations. All three were responses to something that was said by the McCain/Palin campaign. In all I've given less than $100. I was born in the U.S. and have lived here all my life, and despite various Republican's claims I'm not a communist or anti-American. I'm just a regular person who has every right to vote and to support a candidate with my time and money.

Bradley A. Smith: I wish more people thought like you -- not your support for Obama ;-), but regarding your motives for supporting Obama and your willingness to back up your beliefs.

_______________________

Reston, Va.: McCain keeps saying that Obama is trying to buy the election. Isn't it more like the citizens are? They're the ones contributing the money.

Bradley A. Smith: Right on!

_______________________

Wilmington, N.C.: "Former FEC chairman." Given your obvious political leanings, I must say I find that very disturbing. Is that a partisan political post? Should it be?

Bradley A. Smith: The FEC has six commissioners, with no more than three from any one political party. Four votes are needed for most action. So one party can't dictate outcomes. I found that the Commission worked pretty well. But you've really hit the nail on the head -- how can you maintain over time a truly unbiased political police? That's why I generally would deregulate the system, or at least start in that direction. We need separation of campaigns and state, you might say.

_______________________

Maryland: The other day a friend and I were having a friendly argument. He was saying there should be more rules to limit how much a campaign can spend because $200 million is outrageous. I said "$200 million is rock-bottom cheap for a good presidential administration!" It's just a fifth of a billion dollars -- compare that to the cost of the Iraq war. Just saying.

Bradley A. Smith: You are right. Political spending needs to be kept in perspective. Americans will spend about $12 billion on potato chips this cycle. Coca-Cola will spend more on advertising this year than will be spent by all the candidates who have run for president combined. Auto makers will spend more than twice as much this year advertising cars as all political spending for federal office. It cost money to communicate, whether you are talking about cars, cola or politicians.

Brand Expert Scores Obama v. McCain 7 Ways

Pat Cottingham

The Obama and McCain brands have been rated by branding-strategy expert Pat Cottingham of Genuine Imprints, Ltd. Her paper "Brand Obama or Brand McCain?" is featured this week on brandchannel. It's astute. Here's a summary she wrote for me:

On November 4 the American people will buy the Obama or McCain brand. I think the Obama brand is winning on seven criteria:

1. Logos. The Obama Campaign chose an icon that captured the feeling of sunrise over a field of red and white stripes. There is also a subtle "O" for Obama that is in play here though the name Obama is not used in the icon. This makes it a universal logo/icon to which anyone can bring his or her own meaning. It also communicates the Obama brand style. The McCain Campaign chose a logo that comes directly out of his family heritage of three generations in the U.S. Navy, as well as his prisoner-of-war-hero-status political leader. The colors of blue and gold are the U.S. Navy colors, the star icon comes directly from military-rank designations on uniforms. Graphic icons are more new-school in the branding world, indicating change. Names on logos are more old school, indicating traditional values.

2. DNA. The Obama brand has a clearly defined brand code delivered in a simple three-word line. "Yes We Can". McCain has not clarified his brand code. His brand has delivered multiple messages - "Change You Can Believe In", "Country First", "Reform Prosperity Peace", "Don't Hope for a Better Life, Vote for One", "Courageous Service. Experienced Leadership. Bold Solutions".

3. Benefit. Obama has a clear product benefit. "Hope". It is hard to discern from the variety of McCain's brand messages what his product benefit actually is.

4. Positioning. The Obama brand positioning is We/People based. The McCain brand positioning is more Me/McCain based. If you would like to see evidence of this go to the Brooklyn Art Project site and see their Visual Word Maps. These word maps reveal the Obama and McCain campaign strategies by the top words used.

5. Values. If a brand is to be trusted it has to shed light on its values. Obama conveys the values of hope and unity. The McCain campaign has attempted to undermine these values, starting with exploitation of the Rev. Jeremiah Wright's sermon on YouTube. This inspired Obama to give a well-regarded speech on race in America on March 18 at the Constitution Center in Philadelphia. This strengthened the Obama brand, as Obama showed he could stand up to adversity. McCain has clearly communicated that he values country and service but it's not clear how this message relates to current economic, energy, and environmental challenges facing America. Television coverage today showed Palin with "Country First" in the place of McCain's name on the campaign logo. These two words sound like implicature - a new word for the ancient practice of implying or suggesting something more than what it said. Saying that McCain puts his country first implies that Obama does not. It's as if Coca-Cola advertised "No Arsenic Added" - a statement that is surely true, but carries the (false) implication that other brands of soda do add arsenic. Sarah Palin at the same time was suggesting that Obama "pals around" with terrorists, the evidence being a long New York Times story on Bill Ayers that in fact concludes that the connection between Ayers and Obama, who both served on the Chicago Annenberg Project, was not very strong.

6. Mission. A brand must have a clearly defined mission so that its messages flow in one direction. Obama's mission is to bring "Change to America". The fact that he is the first African American running for the president of the United States is the embodiment of this mission. There could be no bigger change than an Obama administration and the Obama family in the White House. McCain's claim that he will bring reform to Washington with bold solutions is harder to buy into, no matter how much he positions himself as a maverick. The McCain brand simply hasn't demonstrated that his administration would be different from the last eight years under George W. Bush.

7. Vision. Finally, every great brand must have great vision. The Obama brand's "One Nation" vision is wrapped up in his quote "There is not a Black America and a White America and Latino America and Asian America; there's the United States of America." This viewpoint is the uniting principle that the Obama brand has promulgated throghout the country. The McCain brand vision is a world that is more threatening and fear based. He says: "We must win in Iraq. If we withdraw, there will be chaos; there will be genocide; and they will follow us home." A vision of fear in how we face our challenges here and around the world will diminish us. It will make us smaller and this is not the America that we want to see at home or how we want to continue to be seen around the world.

For a longer version of this post showing the logos and including links, go to HuffPost.