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Majority of Americans Disapprove of Bailout, Paulson’s Handling of Job

Published 10/23/08 Dustin Ensinger - Print Article
E-mail - editor@economyincisis.org

The majority of the American people hold a dim view of the recently passed $700 billion bailout package and Secretary of the Treasury Henry Paulson’s handling of the financial fiasco, according to a poll released Wednesday by CNN/Opinion Research Corp.

According to the results 64 percent of Americans disapprove of the way Paulson is handling his job with regard to the bailout package. Just 28 percent of respondents approve of the job he is doing to stem the tide of the financial crisis.

The poll also shows that a clear majority of Americans do not approve of the bailout bill. Of those surveyed 56 percent said that they oppose the government spending $700 billion in taxpayer money to buy toxic assets in the financial market.

Additionally, 53 percent believe that it is a bad idea to use taxpayer money to take equity stakes in banks and other financial institutions. Another 58 percent of respondents said that pumping capital into failing companies to keep them alive was a bad idea.

Respondents clearly believe that more aid should be given to taxpayers rather than Wall Street Fat Cats. The poll showed that 58 percent of the American people approve of government assistance to homeowners struggling to pay their mortgages. The poll, conducted between Oct. 11 – 19, has a margin of error of plus or minus 3 percent. A total of 1,058 people were surveyed.

Source CNNMoney

majority of Americans aren't happy with the way Treasury Secretary Henry Paulson is handling his job or with the financial rescue package he and Congress created, according to a poll released Wednesday.

…

In particular, 53% of Americans polled said they thought a major action taken as a result of that package - Uncle Sam providing capital to banks and other financial institutions in exchange for an equity stake in those companies - is a bad idea.

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