Political Cartoon by Michael Ramirez
When asked the question: Do you favor or oppose additional government spending or guarantees being to help the troubled banking industry? The answer is a resounding NO.
While the Obama Administration is pledging up to $2.5 trillion in support for the troubled U.S. financial system, 56% of Americans oppose giving bankers any additional government money or any guarantees backed by the government.
Twenty percent (20%) support such assistance, and 24% are not sure in a new Rasmussen Reports national telephone survey. The polling was done Monday and Tuesday nights. Treasury Secretary Timothy Geithner announced the bank bailout plan on Tuesday, but its contents were widely reported before that.
Among those more closely attuned to the workings of the financial industry, opposition is even higher. Fifty-nine percent (59%) of investors oppose the new bailout, compared to 53% of non-investors.
The stock market plunged 4.6% in reaction to Geithnerâ€™s plan, and consumer confidence as measured by the Rasmussen Consumer Index fell to an all-time low. The Rasmussen Investor Index remains just slightly above the all-time low it hit in December.
Americans want to see details from Treasury Secretary Timothy Geithner and President Obama on how they deal with toxic bank assets.
Why not just let the banks fail and recapitalize new banks?
A plurality of Americans say the earlier bank bailout plan has either had no impact or made the economy worse. Moreover, most Americans donâ€™t think their political leaders know what theyâ€™re doing anyway as they wrestle with the countryâ€™s economic problems.
As the bank CEO’s go up on Capitol Hill today, hat in hand, keep in mind the American public does NOT support any further government bailout.
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