It turns out that Americans — at least 80% of them — have been paying attention:
“Americans harbor doubts that a financial-regulation bill about to be passed by Congress will do what President Barack Obama says it will: help avoid another crisis and make their finances safer.
Almost four out of five Americans surveyed in a Bloomberg National Poll this month say they have just a little or no confidence that the measure being championed by congressional Democrats will prevent or significantly soften a future crisis. More than three-quarters say they don’t have much or any confidence the proposal will make their savings and financial assets more secure.
A plurality — 47 percent — says the bill will do more to protect the financial industry than consumers; 38 percent say consumers would benefit more.”
This is politically troubling for the two dominant parties: It is bad for Democrats, who are seen as bumbling and incompetent. Despite having bigger majorities in both Houses than George W. Bush did, they were unable to pass substantial legislation without having it substantially watered down by lobbyists. But it may be worse for the GOP, who are seen as married to an intellectually bankrupt ideology, steadfast opponents of all reform, and way too cozy with Wall Street.
The unsurprising datapoint in the Bloomberg poll is that Americans favor stronger regulation by a 3-to-1 margin.
“While skeptical about the bill’s benefits, Americans don’t want a return to the days before the financial markets suffered their biggest turmoil since the Great Depression: A plurality of respondents says they have become more supportive in recent months of tougher regulations. By a three-to-one margin, Americans have grown more favorable to stronger regulation rather than less. Even Republicans have become more inclined to stricter oversight.”
The only ones surprised by that are the dolts in Congress. If ever there was a window for a third party, it would be now . . .
Wall Street Fix Seen Ineffectual by Four out of Five in U.S.
Bloomberg, July 14 2010
Good Evening: U.S. stocks rallied for a sixth straight day on Tuesday, as a positive start to the Q2 earnings season last night was bolstered by a successful sale of short term Greek debt this morning. As a result, the S&P 500, which looked set to probe below 1000 less than two weeks ago, is…Read More
Aaron Krowne writes: Not too surprising given the mixed record of courts on anti-SLAPP, but particularly frustrating given that everything was included in our filings to address the court’s “rationale” for denying the motion: In Bizarre Ruling, Maryland Court Denies ML-Implode.com Anti-SLAPP Motion Against Downpayment Launderer I am left to conclude that the courts don’t…Read More
Via Pollstar, we get the top 20 Concert Tours ranks artists by average box office gross per city and includes the average ticket price for shows in North America. (previous week’s ranking is in parentheses). TOP 20 CONCERT TOURS Artist . . . . Tour Gross . . . Average Ticket Price 1. Bon Jovi;…Read More
These are the most interesting reads I came across today: • Why the Doomsayers Are Wrong (WSJ) • Crisis Awaits World’s Banks as Trillions Come Due (NYT) • Fleck: Tech is the market’s best bet right now (MSN Money) • Global Unemployment Rate Race (economix) • Caroline Baum: Double-Dippers Are All Wet Ignoring Yield Curve…Read More
Category: Financial Press
OK, last post on this subject: Bruce Bartlett wrote me to fill in the full Reagan tax story (recall he was a domestic policy adviser to Reagan and was in the Treasury under President George H.W. Bush). He notes that RR began with tax cuts during the recession, but took about half of them back…Read More
Is Alpha becoming Beta? That seems to be the case lately, with a very high correlation between stocks.The WSJ noted the sync between individual names in Component Stocks’ Correlation to S&P 500 at Highest Level Since ‘87 Crash. Hence, it is not really a “stock pickers market,” as so many know-nothing pundits are trying to…Read More
> In light of our earlier post on Deficit Chicken Hawks, I found this FT article (Support for European spending cuts strong) about European support for across the board spending cuts quite fascinating: “European governments have solid public support, at least for now, for the spending cuts they are making in an effort to boost…Read More