Politicians, regulators and bank chiefs love spending other people’s money. But most Americans still oppose the bailout.
The government’s financial bailout for troubled banks has not worked so far, a majority of respondents to a national poll say, and six in 10 don’t want Washington to spend more money on the rescue.
60-one per cent of those questioned in a CNN/Opinion Research Corporation survey released Friday oppose providing more government money in the financial bailout. There are some supporters, however — 38 per cent said the government should provide more assistance to ailing banks and other financial institutions.
Most of the 1,245 adult Americans who were questioned for the poll were surveyed before Thursday’s Senate vote to release the remaining $350 billion in the financial bailout program.
Actually, opposition to the TARP is growing. In mid-October, only 56 per cent of those surveyed opposed the bailout. But, of course, those are just ordinary people who don’t understand finance very well. Surely they don’t understand things as well as oracles like Ben Bernanke and brainy guys like Bank of America head Ken Lewis.