Survey reveals 40-year low in America's view of Wall Street

[Better Believe It]

40-year low in America's view of Wall Street
By Lindsay A. Owens, Special to CNN
October 7, 2011



The Occupy Wall Street protest may be the answer to a favorite question of social scientists ever since the bank bailouts of 2008 -- where is the social movement? Americans are famously willing to tolerate a relatively large amount of income inequality (especially compared to our European counterparts). Americans love meritocracy, and are typically quite happy to see hard work rewarded, even to the tune of millions of dollars, as is often the case on Wall Street. But there is a catch — we want the rules of the game to be fair.

Recent scandals involving Wall Street banks and financial institutions, headed by some of the world's most well-paid managers, executives and analysts, have many Americans asking themselves whether this game is rigged. It is this sense of injustice, coupled with economic insecurity, that animates changes in Americans' attitudes toward Wall Street. It's not just a small number of Americans, those who are actually "occupying" Wall Street, who feel such injustice. That's just the tip of the iceberg.

The public has been down on big Wall Street banks and financial institutions for some time now. The General Social Survey, administered by the National Opinion Research Council, has asked Americans about their confidence in banks and financial institutions since 1973. Between March of 2006 and March of 2010, the percent of Americans with a great deal of confidence in banks and financial institutions plummeted 19 percentage points, from 30 percent to an all-time low of 11 percent. According to a similar trend from Harris Interactive, the percent of Americans with a great deal of confidence in the people running Wall Street had already reached an all-time low of just 4 percent by February of 2009. These figures are not just a reflection of Americans' dissatisfaction with the size of their bank accounts — they also reflect the increasing belief that Wall Street is playing a game that only the bankers can win.

To be sure, material hardships such as unemployment rates in the 9 percent range and the continuing high levels of foreclosures and bankruptcies undoubtedly set the stage for a public outcry. But this outcry has a distinctly moral tenor. The sentiments of the Occupy protestors holding signs reading "Blame Wall Street Greed," "People not Profits" and "Wall Street was the Real Weapons of Mass Destruction" certainly echo the wider American public's sense of moral indignation.

Read the full article at:

http://www.cnn.com/2011/10/07/opinion/owens-wall-street-disapproval/index.html?hpt=hp_c1

[yourout]

1. And rightfully so.

[Tuesday Afternoon]

2. they did it the old fashioned way. they earned it.