(2010-06-07) — Faced with concerns that mounting U.S. debt will depress sales of U.S. Treasury bills, the Obama administration announced today it will launch a $750 billion global ad campaign to encourage skittish investors to take another look at U.S. bonds.
The campaign will feature American entertainment icon Willie Nelson singing the praises of investing in long-term U.S. debt. The nation’s I.O.U. total just surpassed $13 trillion, on pace to exceed Gross Domestic Product by 2010, according to the International Monetary Fund.
However, a spokesman for Omnicom Group, one of the world’s leading ad agencies, said the launch of the multimedia blitz has been delayed over demands that the U.S. government pay cash up front for the billboards, broadcast and print ads it wants to run in 75 nations.
Treasury Secretary Timothy Geithner today sought to allay industry fears about getting paid, noting that, “We’re good for it. We’ve always been able to pay our debts. Anyone who says otherwise, would have you believe that somehow China and Japan are going to go broke tomorrow, or that our currency printing presses would all break down at the same time. Absurd!”
8 responses so far ↓
1 onlineanalyst // Jun 7, 2010 at 1:51 pm
"Reinforced Capitol Dome Fails to Stem Massive Money Leak" : http://optoons.blogspot.com/2010/06/reinforced-ca...
2 onlineanalyst // Jun 7, 2010 at 2:40 pm
Does the ad campaign feature purple tie wearing executives and purple tee-shirted SEIU members singing, ":Look for the union label"?
3 ChileSerrano // Jun 7, 2010 at 3:57 pm
Somehow, that whole “Debt Clock” thing does not seem to make any impression on people.
Perhaps we need a more arresting representation – one that gives you a more visual experience. Something modeled on the BP Live Oil Spill Camera feed.
Try to imagine it. All that tax money foaming & frothing away, billowing out in an enormous black cloud, accomplishing nothing …
4 Hawkeye_R // Jun 7, 2010 at 6:08 pm
They should get rid of Willie Nelson and hire the GEICO™ gecko… "Fifteen minutes could save you $15 trillion if you buy now before inflation spikes!"
5 boberin // Jun 7, 2010 at 6:43 pm
Oooh, I like it. We could show the trucks backing into the dock at the treasury loading/taking away skid after skid of cash…perhaps a million per skid…10 skids per truck, 10 trucks an hour…something along those lines might make an impression. Prolly not mind you but maybe…
6 camojack // Jun 8, 2010 at 4:28 am
…the launch of the multimedia blitz has been delayed over demands that the U.S. government pay cash up front for the billboards, broadcast and print ads it wants to run in 75 nations.
Well, they could borrow that from China…
7 skip2 // Jun 8, 2010 at 5:36 am
I thought printing worthless money was just like being a counterfeiter!
8 Warren Buffett // Apr 6, 2012 at 7:55 am
tell me your view:What do you think about Warren Buffett's recent IBM investment? Do you think it will outperform the market? I am thinking about buying but I think the market went up too much.
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