From NBC's Athena Jones and Chuck Todd
With the latest round of punditry blaming leaders from both sides of the aisle for failing to explain the mechanics of the Wall Street recovery plan and sell the proposal to the American people, some new wording from both candidates is worth noting.
"Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money," Obama is expected to say in Reno, NV, today. "If all that meant was the failure of a few big banks on Wall Street, it would be one thing. But that's not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won't be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow. "
And here's how McCain explained the crisis today in Des Moines, Iowa:
"Sonic Corporation, a drive-in restaurant chain based in Oklahoma, learned on Thursday that one of its lenders, GE Capital, had stopped extending new loans to the chain's franchisees. That will block plans to rebuild restaurants, add equipment and open new locations. When small businesses like Sonic franchisees can't borrow, contractors don't get the remodeling work, equipment-makers lose sales, and restaurants go out of business. It hurts the entire community."
Both candidates appear to be going full-speed ahead with making the financial meltdown relevant to everyday voters' lives. These new explanations are more direct, more explicit and do a better job of explaining the stakes than past remarks about the so-called "bailout" by either McCain or Obama.