I don't think regulation alone is going to be enough to really make the American people happy. I know I won't be satisfied until we see bankers in pai
I don't think regulation alone is going to be enough to really make the American people happy. I know I won't be satisfied until we see bankers in pain - serious pain. (Or jail.) Because after all, how else will they learn?
About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll.
Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.
A third pillar of the reform effort draws a more even split: 43 percent support federal regulation of the derivatives market; 41 percent are opposed. Nearly one in five - 17 percent - express no opinion on this complicated topic.
President Obama, who traveled to New York last week to deliver his case for sweeping changes to the financial system gets an even-up review of his performance on the issue, with 48 percent of those polled approving of his handling of financial regulation and 48 percent disapproving.
But compared with congressional Republicans, Obama has a clear advantage. A slim majority - 52 percent - of all Americans says they trust Obama over the GOP on the issue, while 35 percent favor the Republicans in Congress. Independents prefer Obama 47 to 35 percent, with 16 percent trusting neither side on the issue.In the poll, most Democrats back each of the three major elements of the reform legislation and most Republicans oppose them, echoing the congressional showdown expected this week.
With such high unemployment numbers in the black community, this was inevitable -- especially given Obama's stated reluctance to target African Americans for specific help -- even though unemployment is hitting them twice as hard:
New cracks Read more...