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Just 7% Favor Fed Bailout for Financial Firms
Wednesday, September 17, 2008
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Only seven percent (7%) of voters think the federal government should use taxpayer funds to keep a large financial institution solvent. Sixty-five percent (65%) say let the company file for bankruptcy. These numbers are generally the same across Republicans, Democrats and unaffiliated voters. But while fears of a new Great Depression are rising, most Americans still think their money is safe in a bank. The findings in a new Rasmussen Reports national telephone survey taken Monday and Tuesday night came after federal officials over the weekend refused to bail out the Lehman Brothers brokerage firm, allowing the longtime Wall Street institution to go into bankruptcy instead. Late Tuesday, however, these same officials opted for an $85 billion taxpayer-backed bailout plan for the seriously ailing mega-insurance company American International Group. Two weeks earlier, the government assumed control of the huge federally chartered mortgage finance companies Fannie Mae and Freddie Mac, a takeover of historic dimensions, and other bailouts may be needed. Economists continue to debate how much the federal government can safely absorb. Not surprisingly, more adults now fear the United States could find itself in a financial situation like the Great Depression, triggered by the Wall Street Crash of 1929. After all, former Federal Reserve Chairman Allen Greenspan said recently that the country financially was experiencing "a once-in-a-half-century, once-in-a-century type of event.” Now, forty-five percent (45%) say it is at least somewhat likely the country could face another Great Depression, compared to 38% who thought that in March. A plurality (48%) still thinks a depression is unlikely to happen. Men under the age of 40 are more likely than anyone else to think a Great Depression is coming. Seventy-two percent (72%) of those men say a depression is likely, compared to just 36% of men over 40. Women of all ages have similar opinions: 42% of women under 40 say a depression is likely, while 45% of women over 40 agree. While many adults are worried about the potential for a major financial crisis, most are still confident in the U.S. banking system and the safety of their money. Sixty-four percent (64%) of adults say they are confident in the banking system, while 31% say they are not. Those results have varied little from a separate survey conducted in July that found 68% were very confident in the system. Additionally, 61% say they are not worried about losing money, down slightly from 65% in July. Most adults have followed closely the news of the Lehman Brother’s collapse. Seventy-percent (70%) report following the story at least somewhat closely, while just 9% say they have not been following it at all. See survey questions and toplines. Crosstabs available for Premium Members only. Rasmussen Reports is an electronic publishing firm specializing in the collection, publication, and distribution of public opinion polling information. The Rasmussen Reports Election Edge™ Premium Service offers the most comprehensive public opinion coverage available anywhere. Scott Rasmussen, president of Rasmussen Reports, has been an independent pollster for more than a decade. TOP STORIESMassachusetts: 26% Consider State’s Health Care Reform a Success Public Support for Sotomayor Falls After Supreme Court Reversal Republicans Lead Again on Congressional Ballot 44% Nationwide Have Unfavorable View of Franken Party Affiliation: Little Change As Democrats Maintain 7-Point Advantage 56% Don’t Want To Pay More To Fight Global Warming 37% Say Nation Heading in Right Direction Rasmussen Reports Daily Prediction Challenge 45% of Voters Say One-Party Rule Bad for U.S., 27% Disagree Advertisement
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