Four out of Five See Financial Reforms as Ineffectual

It turns out that Americans — at least 80% of them — have been paying attention:

“Americans harbor doubts that a financial-regulation bill about to be passed by Congress will do what President Barack Obama says it will: help avoid another crisis and make their finances safer.

Almost four out of five Americans surveyed in a Bloomberg National Poll this month say they have just a little or no confidence that the measure being championed by congressional Democrats will prevent or significantly soften a future crisis. More than three-quarters say they don’t have much or any confidence the proposal will make their savings and financial assets more secure.

A plurality — 47 percent — says the bill will do more to protect the financial industry than consumers; 38 percent say consumers would benefit more.”

This is politically troubling for the two dominant parties: It is bad for Democrats, who are seen as bumbling and incompetent. Despite having bigger majorities in both Houses than George W. Bush did, they were unable to pass substantial legislation without having it substantially watered down by lobbyists. But it may be worse for the GOP, who are seen as married to an intellectually bankrupt ideology, steadfast opponents of all reform, and way too cozy with Wall Street.

The unsurprising datapoint in the Bloomberg poll is that Americans favor stronger regulation by a 3-to-1 margin.

“While skeptical about the bill’s benefits, Americans don’t want a return to the days before the financial markets suffered their biggest turmoil since the Great Depression: A plurality of respondents says they have become more supportive in recent months of tougher regulations. By a three-to-one margin, Americans have grown more favorable to stronger regulation rather than less. Even Republicans have become more inclined to stricter oversight.”

The only ones surprised by that are the dolts in Congress. If ever there was a window for a third party, it would be now . . .


Wall Street Fix Seen Ineffectual by Four out of Five in U.S.
Rich Miller
Bloomberg, July 14 2010

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