Yesterday, I attended a local business association meeting and eventually the topic of the financial mess the country is in came up. With four bankers, a couple financial planners, and lots of small business owners and employees in the room, opinions were varied, but everyone was concerned.
For the bankers, communicating to their customers has recently become almost a full-time job. Everyone it seems is concerned about the FDIC coverage of their money. It seems staff meeting and lots of communication tools (web site, emails, newsletters, etc.) are being used to get their message to their customers.
For financial planners, the FDIC is just one of the items they are answering questions about. IRA and 401(k) coverage and insurance are other items that are testing there communication skills. Individual meetings with clients are keeping them busy.
Some blamed the media for hyping the situation, but as WaMu joins Lehman Brothers, IndyMac and others it’s hard to blame the media 100% , as something is going on. But why the confusion on what is happening in the marketplace? Most media outlets are doing their best to educate readers and viewers by putting animations of how mortgage securities are grouped together and sold, but when their value crumbled then the panic began.
The federal government outside the FDIC (who is using Suze Orman to educate) is doing a horrible job. communicating. It seems the politicians aren’t even sure why they are being asked to spend $700 billion. Approval ratings aside, what do you think of President Bush’s messages over the last few days?
Bloggers haven’t let it go by unnoticed. Treasury Secretary Henry Paulson’s apparent lack of communication skills have become the topic for many. I heard that he made the mistake of asking for the blank check from Congress with only a 3 page summary of his plan. Brevity has it’s place in modern communications, but three pages doesn’t seem to do the job.
What do you think of the job your bank and you government is doing in communicating the issues and financial crisis to you? Let me know.
Until next time, Tim
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