Earlier this week, I did a blog entry explaining why the times were right for Obama to move on Wall Street in the post health reform era. As I explained at the time, the public want the banks to make amends for dragging the economy down and costing jobs. And they want justice.
This is backed up with a Bloomberg National Poll showing that most Americans now despise Wall Street. They don't want any new regulator to protect them on mortgages and credit cards. What they want instead is that the exising regulators be given more power.
And they hate Wall Street. According to the poll, 57% of Americans now have an unfavorable or very unfavorable view of Wall Street, 54% have a low opinion of banks and 60% despise insurance companies. Bosses don't come out too well either. According to the poll, almost two-thirds say they have an unfavorable opinion of business executives.
To understand how bad that is, let's remember that a similar proportion feel the same way about politicians. So business leaders and lawmakers are held with the same contempt.
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