Poll: Frustration Growing Over Bailouts

CBS News Survey Finds Public Blames Bank Management For Crisis, Is Resentful Bailouts Are Benefiting Irresponsible Managers

(CBS)  A growing number of Americans are opposed to providing government assistance to ailing financial institutions, according to a new CBS News poll.

The poll also shows that the public clearly blames the management of the banks for the crisis and that many Americans are feel resentful that irresponsible banking executives could benefit from the hundreds of billions that has been doled out to banks and other financial institutions in the last six months.

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Click Here To Read The Full Poll (PDF)

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In the poll, conducted by random sample from March 12 to 15, only thirty-seven percent of Americans approve of the government giving money to banks and financial institutions as a way of trying to fix the nation's economy.

Fifty-three percent disapprove - the highest number since CBS News starting asking about bailouts to financial institutions in December. At that time, forty-six percent approved and forty-four percent disapproved. The disapproval number has risen steadily in polls conducted since then.



As for where to put the blame, Americans are pointing the finger for the nation’s banking problems on the institutions themselves. Three in four Americans say the banks' and financial institutions' problems are the results of their own management decisions, while only seventeen percent say they are mostly the result of economic conditions outside the companies' control.



In addition, it appears bonus payments, such as those made to AIG executives recently, are also having an impact about the public's feelings and perceptions of how the bailout money is being spent.

Nearly half - 48 percent - of Americans say they are now mostly resentful that President Obama's policies toward the nation's banks and financial institutions could benefit irresponsible managers and bankers. But 40 percent say they are relieved that aid to banks might cause them to start lending again.

Along with some public resentment, 48 percent of Americans think the economy would improve without the government providing money to these companies; while 41 percent think the government aid is necessary to get the economy out of recession.

Even a fifth of those who disapprove of the bailout see it as necessary.

On another note about the economy in today's poll, concern about unemployment has dropped since last month. Now, 30 percent of Americans say they are very concerned that someone in their household might lose their job sometime in the next twelve months - down from a high of 44 percent at the beginning of February. Still, another 30 percent say they are somewhat concerned. Thirty nine percent now say they are not at all concerned.

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This poll was conducted among a random sample of 896 adults nationwide, interviewed by telephone March 12-15, 2009. Phone numbers were dialed from RDD samples of both standard land-lines and cell phones. The error due to sampling for results based on the entire sample could be plus or minus three percentage points. The error for subgroups is higher.

This poll release conforms to the Standards of Disclosure of the National Council on Public Polls.

[sayfud-deen]

none of you folks had a pair to go after bush and ol'e cheney boy for an illegal war that cost over a trillion dollars and counting. some moron just accused obama of initiatting the first stimulus package! when anyone with long term memory knows that bush made the first call! obama has'nt been in office six mos. yet and all of you cowards have so mush to say now! but none of you had anything to say when bush did what he wanted when he wanted!! and all of you wussies sat back a let it happen! when want something to do to redeem yourselfs,? call for the impeachment of bush and cheney for war crimes,crimes against,humanity,violation of the geneva convention,lying to the american public that has caused the detruction of a country and the death of its people. and the death and maiming of u.s.lives. if you don't want to do this,then shut up! and let this man do his job! since you like bush so much you should be happy with obama!

[rondq7]

First of all we have a democrtatic house. So everyone can blame Busch if they want. He only gets one vote just like you and I. The house is ran by democrats. The first bail-out should have never happened. But the democrats are always looking for a quick fix. They never look into the long term for nothing. This so-called stimulus is a joke. They need to take the borrowed money from china that was for a 4-yr-plan and was spent in 90 days, and get that money back into circulation. The only people that are going to put it back into circulation is the middle class people. The banks, AIG, Ford, Chrysler, GM, Bank of America, Citi, ETC. whoever needs to be made to fall to go into Chapter 11, reorganize, renogociate contracts, and come back a stronger company. As far as the housing market, If the darn banks would just recall the principle, NOT INTEREST, of what they already have out, that would be enough to put them back on their feet. The middle-class and lower-class are the only one's who is going to spend the money, They are the ones who NEED things , homes, vehicles, even furniture and lenens. Why isn't the money given to them, let them spend it, let them buy a home and a new american made car. It's a no brainer. And by the way, my special olympian brothers can bowl a
240 and 260

[fredrick house]

Geitner-Schmeitner!!
Although I am very perturbed about the bailout, I am even more enraged at Congress and the Clinton Administration for pushing theCommunity Deveopment Act that spawned this mess by forcing lenders and loan insurors into backing loans to people who never could have paid them back.Then to add insult to injury , another Democratic Administration is blowing our taxpayer money to bail them out. Senators Dod and Rep. Frank were in the forefront of this mess. They are now trying to throw Geitner to the wolves to cover up their own incompetence and treachery and should be removed from office , pronto!
fch

[sdesgrou95030]

You people are misinformed. It was the congress and the Clinton Administration who made the banks give a minimum of 50% of their loans to moderate and low income people. It was Obama who sued the banks for not giving these subprime loans to lower income families, which brought about more abuse. The banks were required to give these subprime loans, so who is really to blame? The Democrats in Congress, Frank, Obama, Dodd, Schumer, Reid. And the bonuses were approved by the congress, the very people who are screaming the loudest. The approval was in the latest Obama spending bill, which was 1000 pages, everyone signed, including Obama, and no one read. These are the people running our country, it is scary!

[noloyalisti]

Darn, it didn't work yet. We gave Obama and the Dems 2months after letting the right wing wackos since Reagan ruin it. The ignorant, stupid, impatient TV, high speed Internet Americans are impatient. What surprise.

[LLOYDSBOY]

When Obama signed the budget he justified the large expenditures by stating"it is last years business". Why can't AIG simply state the same,"it was last years business"? In both cases it is OUR money.

[ferdann]

our economy will come out ok on its own. obama spending is crazy none of this stuff should not ever passed.if it had been read maybe we wouldnt be in this mess. but crazy nancy polosi is so dumb it is written all over her face. please dont spend anymore on banks or car dealers. they need to bite the bullet & take controll.

[rollaire2]

Oh yeah, no doubt about it. I think all of those THIEVES that got bonuses they clearly did NOT deserve should face some serious and multiple limb breakage!

RT
www.online-privacy.pro.tc

[cbsblogger]

Hey, dont forget Carter, Bush, Clinton, Obama, Pelosi, Reid, Franks, Dodd and a host of others!! Why arent we locking ALL of them up?

Posted by mortar29 at 8:31 AM : Mar 17, 2009

I agree that every fed politician had a part in this. But the real problem and housing bubble began in 2002 with Greenspan lowering interest rates and the Federal Reserve was the initiator and they failed to regulate the industry. The second part of the problem was Bush ordering the OCC to overrule state laws on predatory lending. All states opposed this because it permitted these lenders to create the mess what we have.

http://www.responsiblelending.org/press/releases/page.jsp?itemID=28011384

[cbsblogger]

Too bad we can't edit ....because I'd like to add my previous post that the financial services industry and Wall Street in particular represents true terrorism that has struck our country and the world. Their greed has resulted in major economic real pain for millions if not billions of people around the world and all we hear from these Wall ST people is we need the political will to bail out the banks. What we need is exactly what Sen Charles Grassley said.....these financial terrorists should commit hari kari and get out of our lives.

[cbsblogger]

The most aggravating part of the bailouts is that you know darn well the same greedy bunch of goldsmith shysters who recklessly put the world and America into this mess to feed their need of endless greed are rubbing their hands in gleeful anticipation of getting even more bailout money.

Bernanke, Geither, Summers, Greenspan and Paulson are all part of the cabal that set this up and now they reward their friends with our money.

[afmcalax]

The real issue as I see it is the continuing inability of the print and television journalists to do their jobs and report the news and intelligently INFORM the public about the issues. The quality of journalism has been lowered so much that only sound bites and tabloid stories pass for journalism these days. That so many news outlets are owned by large corporations ensure that unbiased news will not be forth coming. Even now the news people are more interested in guessing and wondering about popularity than actually trying to explain what happened, how it happened, and what we must do so it never happens again.

Second is the politicians that only want to score points with their bases instead of actually performing their jobs. Since they are in power the Democrats are mostly to blame for the pork laden stimulus and budget bills that Obama waas forced to sign. Pelosi is a political idiot. If the Democrats would have shown real leadership, for once, and came out with clean, well thought out bills they would have captured the hearts and minds of voters for years to come. But, alas, Pelosi let Obama, her party, and the American people down.

The Republicans fair no better. Their plan for just letting everything fail would now have America in a deep depression. Those Senators from the old confederacy might not care about a decent standard of living, but most people want more from life than what is offered in AL, SC, GA, and LA. 25% unemployment, failed banks, and further erosion of American manufacturing is not an economic stimulus bill. You may follow Rush; but you are following an idiot.

[cheetah-man7]

You CAN blame this all on the Republicans, you know. They have been attacking laws that were designed to encourage competition and prevent monopolies for three decades.

As a result, mega-financial institutions came into existence, creating the scenario of "too big to fail".

The problem with the Republicans (well, besides the fact that they are in general lying, hypocritical, two-faced, amoral-to-immoral scoundrels, at best) is that their vision is exceedingly myopic.

They simply cannot see further than their wallets.

Posted by missingamerica
__________________________________________

Thanks, I could not have said it any better.... Although, I would replace the word CAN with DO.....

[longtree-2009]

congress and obama are powerless. how obama can have a 62 percent approval rating is amazing since, though he is trying, every thing is still out of control. perhaps obama is of the belief that everyone will do the right thing even when no one is looking. naive of obama to believe that, if in fact he does believe it. though he might be doing the right thing, setting the example, it is not enough to ensure everyone will follow his example. big business, wealthy investors, large shareholders and the very wealthy, in general, control city, county, state, federal government, justice system, congress and by default the office of the potus. what is a person to do? except to relax and hope one is kissed before being royally hosed.

[clowry1611]

You CAN blame this all on the Republicans, you know.
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well maybe americans need to stand up and take their fair blame. i personally know of several families that have gone out and bought houses WELL outside their range of living. Everyone has to keep up with their neighbor, friends, other family members, etc. Young couples are the worst too. They get married and instantly want the life that their parents have without realizing that it took their parents 30, 40, 0r 50 years to get that life. Don't get me wrong, the bank exec's have some blame to carry, but only because they had the loan consultants push these people outside their living range. But much like a car dealership, I know how to get up and walk away after saying "NO". Well that is all for my venting. :-)

[missingamerica]

You CAN blame this all on the Republicans, you know. They have been attacking laws that were designed to encourage competition and prevent monopolies for three decades.

As a result, mega-financial institutions came into existence, creating the scenario of "too big to fail".

The problem with the Republicans (well, besides the fact that they are in general lying, hypocritical, two-faced, amoral-to-immoral scoundrels, at best) is that their vision is exceedingly myopic.

They simply cannot see further than their wallets.

[fzy1hc]

CEO's been setting themselves up with contracts for over 20 years.

So if they don't do good they still get money. And then pushed out the door.

All corporations should never do contracts. If they don't perform fire them.

If the workers make the COE's look good, how come they don't get a raise or bonus

[fzy1hc]

There's no checks being sent out, come on this is the world with technology. News Media get it together.

Direct deposit and they have their money all ready.

Only in America.

Looks like Obama's administration didn't do their homework.

[gangesdak]

In a country where anyone can be arrested without showing any cause and holding him indefinitely without showing any reason, or sending him off to an internment just because of his ethnicity, just by a stroke of pen by the president, can also undo the bonus money from AIG. No use whining with the public, Mr Obama. You have the power, all you have to do is exercise it. That's what the public wants you to do.

[skyk-2009]

Being mad at the bankers and businesses won't help. Being mad at the previous administration and this one, along with every elected representative in Washington will! The people that caused this meltdown were given the people's money and future money! What makes Washington and our so called leaders believe these same people are now upright and honest. The bailout was just another rip off of the taxpayers. Bush, Obama the congress and senate are now a part of that ripoff! Walking on Washington and locking each and everyone of these offensive and corrupt people might cause change but what you have now is what the people voted for! Change isn't coming and the sheeple will continue to feed the corrupt and dishonest brokers of Washington.
Posted by stoltz61 at 4:04 AM : Mar 17, 2009

So we shouldn't be mad at the Greedy CEO's who created this mess but instead should blame our New President who wasn't involved but tried to salvage our economy?? No wonder you people gave us the WORST in our HISTORY!! Anyone who buys that DESERVES the Worst in our History! We KNOW who took the Regulations off these people and we KNOW who proceeded to cause the Meltdown! We KNOW who they are and YES they should be blamed... BIG TIME!!