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Wednesday, September 11, 2013

AEI Releases Public Opinion Survey Covering Banks, Regulation

The American Enterprise Institute released a report on public opinion about the financial crisis: “Five Years After the Crash: What Americans Think about Wall Street, Banks, Business, and Free Enterprise”.

From the report, on banks:
Before the financial crisis hit, confidence in banks was clearly slipping, most likely tied to the recession. In 2008, before the crash, Gallup found that 32 percent had high confidence in banks. That dropped to 22 percent in 2009 and held at 23 percent in 2010 and 2011, hitting an all-time low point of 21 percent in 2012. In Gallup’s latest June 2013 question, 26 percent had a great deal or quite a lot of confidence in banks, the highest level of strong confidence since 2008.
On regulation responses:
[P]olls show Americans have grown more skeptical in the last five years of government regulation of business. They still want the feds to crack down on Wall Street and the financial institutions they see as responsible for the crash. But on the whole, antiregulatory sentiment is high.

Today, antiregulatory sentiment extends beyond a preference for less regulation. On balance, most think regulation actually harms business. Pew asks whether government regulation of industry is necessary to protect the public interest or does more harm than good. In February 2012, 40 percent said it was necessary, while 52 percent said it does more harm than good.
Read the report.

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