It's the Contract, Stupid!

Back in 1992 the phrase "It's the economy, stupid!" became a slogan for Bill Clinton's successful presidential campaign against incumbent President George H.W. Bush.  The advertising industry was in a simpler place in 1992 than it is now; most advertisers paid their agencies by commission, the Internet was not yet mainstream, media unbundling was in its infancy and agency relationships were much less complicated.