December 2, 2008 3:36:45 AM CST
(Newser) – What caused the financial and housing crises? Three-quarters of Americans think a lack of federal regulation played at least some role in current economic woes, and 90% characterize the economy as doing badly, according to a Los Angeles Times/Bloomberg poll. When asked about the most crucial financial focus for the next president, the majority cited regulation.
The opinion that lack of regulation contributed to the financial collapse holds at around 70% across various demographic groups, and nearly half want more regulation in the future. "I always thought the least amount of government in people's lives, the better," says one Republican respondent. "But now you see what happens when you take it to the extreme."
Source Los Angeles Times
Nov 30, 08 2:37 PM CST Washington's latest $1 trillion injection into the economy echoes Depression-era and WWII revival plans, but with a dangerous twist, writes Jim Puzzanghera in the Los Angeles Times. Even if the bailouts succeed, the government's mountain of debt will likely bury the next generation in high interest rates and inflation. And unlike Depression-WWII spending, today's rescue plans are not building new factories or creating new technologies. More »
Nov 23, 08 12:00 PM CST Joe Lieberman told Meet the Press today that he regrets "some things I said in the heat of the campaign that I wish I'd said more clearly," and hopes Barack Obama will put, er, "country first" by leading in a bipartisan fashion. Lieberman said he called Obama during the campaign, but, oddly, never heard back from him, Politico reports. In other talk shows:
Nov 21, 08 10:32 AM CST The state of the economy right now reminds Paul Krugman a lot of the start of the Great Depression, including a lame-duck administration that seems to have no credibility, hence no influence on the markets, the columnist writes in the New York Times. Drastic damage was done to the country in the months of paralysis between the election and the inauguration of Franklin Roosevelt, and Krugman sees the same thing happening now. More »
Nov 17, 08 10:29 AM CST While some experts argue his work contributed to the economic meltdown, former senator Phil Gramm stands by his efforts to deregulate the lending and financial sectors, the New York Times reports. “There is this idea afloat that if you had more regulation you would have fewer mistakes,” Gramm said. “I don’t see any evidence in our history … to substantiate it.” More »
Oct 12, 08 6:29 AM CDT The White House is abruptly overhauling plans for the $700 billion bailout package it pushed through Congress just two week ago—raising fears that valuable time was lost on a plan not carefully considered, reports the New York Times. Instead of using funds to buy up troubled securities as initially intended, the focus will now shift to purchasing bank equity—in essence partially nationalizing banks. It's the same tactic the British government began last week. More »
It shouldn't go to bailing out CEOs and places like AIG where they take a nice little vacation on us and get expensive massages. - Californian Craig Cohen, on what the $700B bailout should not be used for
Financial Crisis • bailout • economy • opinion polls • bank regulation • deregulation
