Just how unpopular is the $700-billion bailout?

Nearly a month after Congress approved President Bush's $700-billion bailout of U.S. banks, the stock market is still in free fall, unemployment keeps rising and the global capitalistic system is on the brink. In fact the poison has long since spread from America to the rest of the world. The photo above is a shot of broker Simone Wallmeyer at the stock exchange in Frankfurt, Germany, as the market fell today.

And what about the American citizens who inundated the U.S. Capitol switchboard with calls of protest? The ones who vented their rage on radio talk shows and propelled a revolt by House Republicans that nearly derailed the proposal? Apparently they like the plan even less now than they did before.

According to a new poll from CNN, 46% of Americans supported the bailout back on Oct. 3. By Oct. 17, that number had dropped to 40%. Likewise, the number who opposed the idea has increased during the same period, to 56% from 53%.

Even more striking was the number -- 58% -- who think it's a bad idea for the U.S. government to take an equity share in big companies that are in danger of going out of business. Apparently, Americans think that the rules of the road should apply to Lehman Brothers as well as Joe the Plumber.

As for Hank Paulson, the Treasury secretary who has been putting his department on lock down to come up with a plan to rescue Wall Street, his numbers are not much better than the president's, clocking in with a 28% approval rating.

Of course both President Bush and his Treasury secretary are still more popular than Congress, which dipped below 20% in a recent Gallup Poll.

-- Johanna Neuman

Photo: Daniel Roland / Associated Press

Comments

[George]

Bailout = Treason.
It was unconstitutional. Whomever voted for it only represented the corporate interest, and they need to be fired.

[Laisseraller]

Great Article! a new blog giving deeper insight into the $700 billion bailout or rescue plan http://got700billion.blogspot.com/

[Cindarella Man]

Bush Saves The Day

Faced with a major economic meltdown, driven by a marketplace distorting government created program (Fannie, Freddie), President George Bush, who is for free markets, swallowed hard and pushed for a government bailout. The problem was created by F.D.R, privatized by L.B.J. and the chance for reform in 2004, as documented on youtube, was prevented by Democrats and it would have been tempting for our President to let them suffer the consequences. However, rising above the fray, to prevent a Panic, our President reacted against standard Republican economic policy, due to the extremity of the situation and appears to have prevented the worst from happening.
The fact that he and his appointees pushed forward a bold plan, before the Congress could get over bickering about the issue was a save the day move by our President. The fact that he has stayed above the fray and has not pointed the finger at those who have stonewalled efforts to reform Fannie & Freddie, lend further credit to our President. Way to go George!

[iron man]

Is Obama The Next Hoover?

Faced with a stock market crash, economic slump and declining tax revenues, President Hoover raised taxes and increased protectionist tariffs on foreign imports. Economists agree that this recipe led to disaster for Americas economy, sending the U.S. into the Great Depression. Barack Obama is offering up the same program of tax increases and protectionist trade tariffs as President Hoover did and that should scare us all.