No one likes banks. According to the latest Gallup poll, a massive 36 percent of Americans have "very little" or "no" confidence in US banks . That's up from 30 percent last year and the highest on record.
Part of that is because of the huge number of American banks going to the wall. So far, 48 American banks have closed down this year. But more to the point, Americans see bankers as greedy businessmen who try to make as much as they can and do whatever it takes to make a buck.
And that lack of trust is likely to keep falling with Treasury Secretary Timothy Geithner telling Congress that Wall Street and large banks were spending "a huge amount of money to erode, weaken, walk back" the financial reforms brought in last year.
And of course, we all know who the banks are turning to politically. Republican front runner Mitt Romney wants to wind back the Dodd-Frank reforms, claiming "banks are afraid to make loans right now because of the government hanging over them like gargoyles". Not to be outdone, his rival Newt Gingrich wants to scrap those reforms and the Sarbanes-Oxley legislation introduced in response to acts of corporate delinquency like Enron.
The banks and Republicans are out of touch with the mood of the public. There's something about people in institutional finance. When you are working with so many zeros, you lose touch with reality.
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