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AP Poll: Public Demands Finance Reform

From the ever dependable (to carry Mr. Obama’s water) Associated Press:

President Barack Obama waves as he boards Air Force One at Andrews Air Force Base, Md., Monday, Sept. 14, 2009, en route to Wall Street in New York where he will give a speech on the financial crisis.

AP Poll: A year later, worries linger on economy

One year after Wall Street teetered on the brink of collapse, seven out of 10 Americans lack confidence the federal government has taken safeguards to prevent another financial industry meltdown, according to a new Associated Press-GfK poll.

Even more — 80 percent — rate the condition of the economy as poor and a majority worry about their own ability to make ends meet. The pessimistic outlook sets the stage for President Barack Obama as he attempts to portray the financial sector as increasingly confident and stable and presses Congress to act on new banking regulations.

The public sentiment also poses a challenge to central elements of Obama’s governing agenda. Half of those surveyed said deficit reduction should be a national priority over increased spending on health care, education or alternative energy

The president, in a CBS interview that aired Sunday on "60 Minutes," acknowledged the public’s quandary.

"This is a very difficult economic environment. People are feeling anxious," he said. "And I think it is absolutely fair to say that people started feeling some sticker shock."

Still, Obama generally avoided public blame for the recession or the condition of the banking sector.

Only one out of five surveyed said Obama bore responsibility for the recession; 54 percent blamed former President George W. Bush and 19 percent blamed former President Bill Clinton.

Financial institutions, however, bore the brunt of the criticism — 79 percent of those surveyed said banks and lenders that made risky loans deserve quite a bit of the blame. Sixty-eight percent held the federal government responsible for not adequately regulating banks and 65 percent blamed borrowers who could not afford to repay loans.

In a glimmer of good news for the administration, 17 percent of those surveyed said the government’s massive economic stimulus has improved the economy, a 10 percentage point increase over July. Nearly six out of 10, however, said they are not confident that $787 billion that Congress approved to lower taxes and inject spending into the economy will do any good.

The White House has been promoting the stimulus package as a job creator and job saver that has helped keep unemployment from rising above its current 9.7 percent level — the highest since 1983.

The Obama administration also has begun to portray the financial sector in more upbeat terms, eager to make the case that government interventions begun under then-President Bush and continued, altered or expanded under Obama have brought stability to the markets.

Obama plans to deliver a speech Monday — the anniversary of Lehman Brothers’ bankruptcy — to outline the administration’s achievements and press Congress to enact changes in bank regulations.

But the AP-GfK poll illustrates the difficulty he faces.

More Americans worry about facing big, unexpected medical expenses now than they did in July — up 7 percentage points to 68 percent among those polled. Likewise, more worry that the value of their stocks and retirement investments will drop — up 4 percentage points from July to 68 percent…

Obama has repeatedly said that the rescue of the financial sector would be incomplete without a new regulatory regime that would prevent a recurrence of the crisis. Obama has sent the outlines of possible regulation to Congress. Key banking lawmakers in the House and Senate have promised Obama legislation by the end of the year, but there is vigorous debate over key elements of Obama’s plan, including a new consumer finance protection agency and the designation of the Federal Reserve as the main overseer of large institutions that could pose risks to the system

In their never ending effort to be of service to our new President, the Associated Press has done a push poll to prove that the public demands Congress act on Mr. Obama’s financial reforms.

What a coincidence.

By the way, note how artfully the AP manipulated the poll choices:

Financial institutions, however, bore the brunt of the criticism — 79 percent of those surveyed said banks and lenders that made risky loans deserve quite a bit of the blame. Sixty-eight percent held the federal government responsible for not adequately regulating banks and 65 percent blamed borrowers who could not afford to repay loans.

So people were asked who was at fault for the financial crisis:

1) Lenders who made risky loans

2) The government, for not regulating banks

3) Borrowers who got loans they couldn’t afford

But in the final analysis don’t all of these amount to pretty much the same thing? Doesn’t the real fault lies in the government forcing lenders to loan to people who couldn’t afford the mortgages they got?

And now we are supposed to think that the same government (especially Congress) who caused the financial crises are going to turn around and pass legislation that will prevent it from ever happening again?

And exactly what reforms is Mr. Obama now promoting?

Does he want to bring back ‘red-lining’ — a practice that he sued to get outlawed?

Is he going to remove what effectively amounts to a quota system that requires banks to make a large percentage of their loans to the ‘disadvantaged’?

Is he going to put an end to the affirmative action and social justice legislation that forced banks to make bad loans?

Of course not.

Even though this very poll shows that the public know very well that this is what got us into the financial crisis in the first place.

This article was posted by Steve on Monday, September 14th, 2009. Comments are currently closed.

6 Responses to “AP Poll: Public Demands Finance Reform”

  1. proreason says:

    Financial reform was about 23rd on the list of the greivances of yesterday’s demonstrators.

    The poll in the AP article is more Libwit propaganda. Steve skeweres it with his usual skill.

    When will we finally have enough of this propaganda bullshit and throw the criminals out of office and bankrupt the “new” agencies, networks, and papers?

    One thing everybody can do this very minute is to refuse to watch the propaganda networks and refuse to click on the online version of the propagandapapers. Drive them out of business.

    • Right of the People says:

      Already do that. Haven’t watched any new program but Fox at least since 2000. The other channels were making my bullshit-O-meter to peg at max.

      Wish I could have made it to DC Saturday, did anyone out there go?

    • Rusty Shackleford says:

      It’s working….actually. Slowly but surely.

      From American Thinker:


      September 14, 2009
      Making it up on volume?
      Rosslyn Smith
      A recent tweet by Virginia Postrel notes that the Washington Posts’ financial results for the last six months works out to a breathtaking loss of $1.10 per copy.

    • proreason says:

      Right, 5 or more posters went to the event and report that it was awesome. Spin through the history.

      ptat, BigOil, Melly are some that come to mind, but some of the tag names escape me.

  2. MinnesotaRush says:

    All these top notch “government regulators and agencies” did such a top notch job helping to avoid all the crisis’s that have taken place already, haven’t they?!?

    How did any of this crap happen with all the government oversight? Bernie Madoff .. how many billions for how long? And right under their noses!

    Government oversight is like a blind man out for a stroll on the Houston beltway in rush hour.

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