Poll: Americans are Pessimistic about Financial Crisis, Government's Action

[Hissyspit]

Source: McClatchy Newspapers

Poll: Americans are pessimistic about financial crisis, government's action

By Steven Thomma, McClatchy Newspapers
Thu Sep 18, 6:21 PM ET
WASHINGTON — Despite a massive government effort to shore up the nation's financial system, Americans are deeply pessimistic about whether it will work anytime soon, according to a new Ipsos / McClatchy poll. An overwhelming majority thinks the bankruptcy of investment bank Lehman Brothers and the sudden sale of brokerage firm Merrill Lynch will have a negative effect on jobs and the economy.

- snip -

A solid majority said they're not confident that the government can restore confidence following the mortgage crisis. And only a sliver thinks the economy will be better six months from now. A plurality thinks it will be worse. The findings come as the country works to come to grips with the financial turmoil of recent weeks. Rooted in the housing-finance crisis, it's led to rapid-fire government bailouts of several major financial institutions, the bankruptcy of another, Lehman Brothers , and the shotgun marriage of Merrill Lynch — a venerable firm known to millions on Main Streets coast to coast — to Bank of America .

These events are accelerating the country's fast-shifting politics just six weeks before the presidential election, as voters weigh how much they want to strengthen regulation after decades of faith in unbridled free markets and hostility to government intervention. Nine out of 10 adults said they think the failure of Lehman Brothers and sale of Merrill Lynch will hurt jobs and the economy.

The pessimism was felt across the country and in every demographic. Those with college degrees were considerably more worried than those without them. Among those with degrees, 97 percent said the developments on Wall Street would be bad for the economy, while 3 percent said they'd have a positive effect. Among those without college degrees, 88 percent thought the developments would have a bad effect, and 12 percent thought they'd help turn things around. Looked at another way, 40 percent of Americans said they are confident the government can restore consumer and investor confidence following the mortgage crisis. A solid 60 percent said they didn't have confidence in the government.

Read more: http://news.yahoo.com/s/mcclatchy/20080918/pl_mcclatchy/3049190

[MsLeopard]

1. Americans know

we're being screwed without being kissed. K&R

[Liberalynn]

5. Yeah and They didn't even buy us dinner first either.

:evilgrin:

Glad to see more Americans are paying attention than I thought.

[bdamomma]

2. pssssst

is it time for pitchforks and torches yet?

[appal_jack]

3. pessimistic, huh, wonder why?

I mean, we Americans have been told over and over by RepubliCons that there is not enough money for a real national healthcare system, or better education, or a decent national rail network, or a dozen other high priorities. Meanwhile, the huge surplus that WE have paid directly out of our FICA payroll taxes in order to insure some measure of livelihood in our old age has been robbed to fund a trillion dollar boondoggle of a war based on lies. RepubliCons tried their best to convince us to roll what is left of Social Security on the loaded dice of the stock market. Fortunately, we didn't go for it, but the RepubliCon fallback is that the 'system' is in 'crisis' and needs 'reform,' which are all code words to say that they don't wasnt to repay those IOU's they wrote to fund their wars and tax cuts for the wealthy.

But now, that loaded-dice ponzi scheme of a 'financial sector' has come crashing down around them, and we are told that we must fund at least another trillion or so to keep the whole economy from collapsing. And who are we funding with this bailout? Parasites. These 'investment bankers' and the like have paid themselves millions to extract profits from land, labor, and capital: intercessors who demand their due in most every transaction. During a time (i.e.- from the 1950's onward, and particularly during Reagan, Bush 41, and B* 43) when American manufacturing workers, farmers, and providers of social services have seen their wages and quality of life contract, these financial whiz kids have insisted on 15%-25% annual returns on 'investment' (i.e.- parasitism, outsourcing, downsizing, etc.).

And now that their party is over and the house of cards is collapsing, they demand (not want, not hope for, but demand) a bailout. They want to hand us their bad debt of astronomical proportions, and get back to their 'business,' no questions asked. They have not offered to surrender any of their power, nor submitted to any modicum of regulation or oversight yet, but they want the cash. Now. And for some reason, we Americans are pessimistic. Huh, I wonder why?

-app

edit, because the numbers are now even worse than I thought when I started writing this.

[lilyannerose]

6. Well Said

:wow:

[appal_jack]

7. yup, it's scary

We've got to keep telling it like it is, to everyone we know, and hope that people wake up.

Like Ben Franklin said, we've got to hang together or we'll surely hang separately.

-app

[poppysgal]

4. Finally

a poll with results that sound real and honest. :scared: