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Poll: 61% of Americans oppose more bailout spending

January 16, 2009 by  

Enough bailouts, Americans sayMore than six in 10 Americans do not want any more of their tax dollars to be devoted to bailing out financial institutions, according to a new poll.

A CNN/Opinion Research survey found that the majority of people feel the first bailout was not successful and do not want to spend more in this way.

"One reason for the opposition to more money being spent may be that more than eight in 10 said that the first $350 billion of taxpayer money for the bailout didn’t work," said CNN’s polling director Keating Holland.

In fact, a similar poll taken by CNN back in October, before the bailout had been approved found that 56 percent of the public opposed the measure.

However, the newest findings do reveal that some people are in support of the government’s proposed actions, with 38 percent agreeing more money should be given to struggling financial institutions.

On Thursday, the Senate voted to release the remaining $350 billion of the $700 billion Troubled Asset Relief Program to the incoming administration.

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  • Bob Livingston

    All Americans would oppose it if they understood it. In typical Machiavellian jargon the propaganda ministry concocts words and phrases which say one thing and mean another. The big “bailout” is the largest transfer of wealth in the shortest period of time in American history. How can there be any kind of legitimate “bailout” when it is all done with paper and credit. American businesses and banks are being nationalized with non-substance (paper money). This means in reality that there is no payment, there is only the exchange of fiat for real property. The term nationalization or nationalizing is a misnomer itself. It simply means the takeover of property without payment.

    • rusty

      the nationalizing of banks, health care, and food. think might be the case in the future, mr livingston. this has been in the making long before i have been on this planet 42 short years. each according their needs. what if anything we can do?

  • Kenny

    The first $350 billion bailout didn’t work. There were no rules or restrictions put on any of those funds, so who’s to say that the bank or financial institution executives didn’t just pocket some of that cash for themselves. The same thing with bailing out the auto companies, GM in particular. Who’s to say that Wagoner (GM) didn’t skim money off of the top and put it in his pocket. It’s an outrage that our hard earned tax dollars are going toward a bailout that is producing absolutely zilch in results, and fattening the wallets of some mule headed CEOs.

  • John

    I have seen polls as high as 78%, and Congress continues to approve these bailouts. I honestly believe that is the one of the worst problems with an Obama presidency. If McCain would have won, Congress would be fighting him tooth and nail for every nickel!

  • David

    Kenny, the bail out worked perfectly.

    the entire point is to transfer goods and services, our goods and services, with tangible value into the hands of the bankers in exchange for worthless fiat currency that will only degrade in value as more is printed and loaned to the government at interest.

    the entire thing is obscene, central banks are evil by their very nature.

    Lately in the news we’ve heard a lot about “Islamic Banking”, my god, what a radical notion that they actually have to have money in the vault to loan it, instead of printing it out of thin air and then having the audacity to charge interest.

    the second part will work equally well.

    the thing that is so outrageous is that it’s not $700b as we’re told, the real number is much closer to $6,000,000,000,000.

    see the 700b was injected as capital reserve, which is then loaned on the incredibly insidious fractional reserve system, which means a bank can loan out up to 90% of EVERY DEPOSIT it ever receives even though the people depositing the money are also drawing it out at the same time.

    It leaves lots of people owing the bank money, but the banks vaults are empty, the savings people think they have doesn’t exist, and never did.

    John Maynard Keynes is responsible for more suffering than Stalin and Hitler together, but no one knows who he is, shocking to me because he is the father of our currency in a very direct way.

    • s c

      Thanks to public education (and the same people who made it possible for J M Keynes and Karl Marx to infect the world with their economic insanity), we were also given the many ‘talents’ of Stalin, Mao, Ho Chi Minh, and the ‘joys’ of WWI, WWII, Korea, Vietnam and all of the rest of the unending series of conflicts and wars that plague the world.

  • jlounsbury59

    The large banks should all be nationalized, there should be claw-back of executive compensation from 2006, 2007 and 2008 and those executives should be retained as consultants (paid about $50,000 a year) to temporary executives drawn from the solvent regional and community banks. These temporary executives would preside over the deleveraging of the large banks to be put back into private hands through an IPO process. Current equity and debt holders shouldbe given some type of preferred price and placement position for the eventual IPOs, but should not be made whole.

    This process has three primary things to recommend it:

    The executives who either didn’t have a clue (best representation) or were outright crooks (worst representation) would stop receiving compensation they do not deserve.
    The ultimately resulting banks would be sound and established at the lowest cost (after IPO revenue recovery) compared to the other options (normal bankruptcy or bailout).
    The resolution of the crisis would be accomplished in the shortest time possible.

    • P McBride

      The banks did not cause this economic problem. The people in congress did when they forced banks to change their conservative way fo doing business and adopt a much more liberal way of giving loans. In fact, some banks were even taken to court and forced to accept bad loans when they refused to follow the lead of congress. I am sick to death of hearing you folks blame the banks for our problem when the congress is really at fault, and you are the same yahoos who put the same people right back in there. And now, they will bankrupt our country and want to tell doctors and colleges how to operate. Since they have all but destoyed the banks, what will they do to our medical community and medical care and higher education in the country.

  • charles conly

    I for one, suspect that the “bailout was never meant to be anything but a gift to the elite execs, who are ilk of Paulson, Their belief that they are worth it and “the great unwashed” were meant to be their servants. If you notice–Switzerland has lowered the interest rate paid on acts. to 1%. They have so much money on deposit that they won’t pay any more interest. Most of the moneys paid to the banks probably went to numbered acts. in Switzerland. NONE was used to ease up the crdit supply and re-invigorate business. I also noticed that the gov. also came up with new rules for the credit companies, As pointed out: Rules, not laws! And they gave the credit companies 18 months to lock in higher interest rates and fees! I’m sure that helped those in danger of foreclosure!! I was following the new bankruptcy laws as they were written (as best I could) I was told by a lawyer working on them that all of the new restrictions that the credit companies and banks wanted were incorporated!! None were intended to help the ORDINARY citizen. In fact they were made to permanently enslave him AFTER stealing ALL his belongings! Not just those put up for security! Now– All of the congressmen have received campaign donations from the bankers and credit companies—-do you think ANYTHING will CHANGE ?????

  • James

    We might as well give 700 Trillion Dollars, it would not solve the problem. They have so much “financial paper” that has been “marked to market” (when there is NO market) that they don’t even know how much they have lost. Rules are about words, and you can make anything work if you redifine the words. Thus we have central banks to do the redifining for the system and help by transferring non-money when needed. 1+1 equals 3 if you add in a handling fee, bank charges, transfer cost, secuity cost, etc. Makes perfect sense.

  • Ron

    I for one have absolutely no trust left for the thieves who have stolen our livelihoods for generations and have built a culture of secrecy and lies, bribed our government officials and justices to enact laws to shield them from any meaningful prosecution.

    Our fearless leaders have given the first 350B to the very people who helped to perpetuate and now continue to reward those that have profited most from exceedingly bad behavior. They have deported our jobs instead of illegal aliens, they have destroyed our manufacturing capability, they continue to push for higher and higher immigration levels and foreign workers programs for the sole purpose of having cheap labor thus undermining American workers wages. They have actively sold out America in every conceivable manner all in the name of greedy profits. Our elected officials have the power to vote in their own raises and have the health protection that is the envy of every person on Earth while we suffer from unaffordable health care, lowered wages, reduction and elimination of retirement packages to supplement our meager SS earning, all we see are cuts in all of the programs designed to help people in trouble while CEO wages rocket out of the solar system.

    Then they ask us who they have literally robbed to dig deeper and help us out because we got caught stealing and we need your help oh and please don’t put any restrictions on that help because we want to steal that as well.

    Credit is at the lowest level in my life time and I am 65, but credit card companies haven’t lowered their rates, Banks have lowered their rates but won’t lend it to anyone, that would cut into their buying up failed companies and mergers that will eventually give them even more ways to stick their hands into your pockets. Stop mortgaging your Grand Children and smarten up vote these bum, thieves, scumbags, out of office and replace them with real leaders, people with brains not deep pockets.

    If any money is given it should have very powerful and meaningful restrictions and be administered with full openness to the public. It must be used to help American Citizens and America not corporations and CEO’s.


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