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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 ElectionEdge™ Premium Service for Election 2008 offers the most comprehensive public opinion coverage ever provided for a Presidential election. Scott Rasmussen, president of Rasmussen Reports, has been an independent pollster for more than a decade. TOP STORIESWhen the Warmest in History Isn't By Debra J. Saunders What They Told Us: Reviewing Last Week’s Key Polls Electoral College: Obama 260 McCain 160 77% Say Children Should Say Pledge At School Every Day 68% Say Obama Politically Liberal Labels Matter: Progressive Better than Liberal, Reagan-Like Better than Conservative Voters Have Low Opinion of Congressional Democrats Key to the Economy Black, Youth Voters Continue to Show Greater Optimism in Nation’s Future 68% Prefer “Merry Christmas” to “Happy Holidays” Advertisement
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