Thursday, March 27, 2008

Americans oppose mortgage bailouts

A majority of Americans oppose federal assistance to homeowners who borrowed more than they can afford. A Rassmussen Reports survey indicated that 53% disapprove of Washington taking action, while 29% support it. Also, contrary to the liberal stereotype that conservatives favor big business, the poll suggests Republicans are more likely than Democrats (by 68% to 53%) to oppose bailing out the banks who made bad loans.

It will be interesting to see if this skepticism of federal handouts holds up should the mortgage crisis worsen. Over the past week, investment banks have averaged $32.9 billion per day in borrowing from the Federal Reserve's new emergency lending facility. No doubt Hillary and Obama will be ratcheting up their calls for command economy solutions to address the problem, but hopefully the American people will remain skeptical.

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