Article

2023-03-23 Government Corruption

Already lower than whale shi* - Americans' trust in banking industry sharply declines: poll

[The Hill] The public’s trust in the banking industry sharply dropped in the aftermath of the collapse of two prominent banks earlier this month and their effects on the market, according to a new poll.

A poll released Wednesday from The Associated Press and NORC Center for Public Affairs Research at the University of Chicago found only 10 percent of respondents said they have a "great deal" of confidence in banking and financial institutions. That’s down from the 22 percent who said they did in a 2020 poll.

Almost 60 percent of respondents said in the recent poll that they had "only some" confidence in banking, while 30 percent said they had "hardly any."

In a breakdown of responses from various industries included in the survey, only Congress had a lower percentage say they have a great deal of confidence in the institution.

The lack of trust in banking was bipartisan, as only 10 percent of Democrats and 8 percent of Republicans said they have a great deal of confidence.

Silicon Valley Bank collapsed earlier this month after it did not have enough cash on hand to fulfill withdrawal requests and needed to sell assets, leading to a bank run. Signature Bank, which focuses on cryptocurrency, also crashed a few days later.

The federal government stepped in to protect all deposits from customers even if an account surpasses the $250,000 limit that the Federal Deposit Insurance Corporation protects to try to calm customers and the market.

The country’s largest banks also bailed out First Republic Bank, which is based in San Francisco, to the tune of $30 billion as many of its depositors moved their money to larger institutions.

Pollsters also found bipartisan agreement that government regulation of financial institutions is inadequate. Just more than half of Republicans said so, and 63 percent of Democrats agreed.

Only 15 percent of all respondents said government regulation is too much, while 27 percent said regulation is about the right amount.

Posted by Besoeker 2023-03-23 00:51|| || Front Page|| [17 views ] Top

#1 On the other hand, Americans are still buying stocks & bonds of the banking industry, which has made no sense since at least 2008 if not earlier.

Posted by Gromble Dribble4342 2023-03-23 02:12|| 2023-03-23 02:12|| Front Page Top

#2 Bitcoin Booms in Wake of Bank Crisis

Posted by Skidmark 2023-03-23 08:27|| 2023-03-23 08:27|| Front Page Top

#3 To be fair, every institution is failing. Why should banks be any different?

Posted by Angstrom 2023-03-23 09:42|| 2023-03-23 09:42|| Front Page Top

#4 Banking is now competing with the lame stream media and Congress for last place.

Posted by Procopius2k 2023-03-23 09:56|| 2023-03-23 09:56|| Front Page Top

#5 Big banks are little more than money laundering for leftist elites. They deserve to die.

Posted by DarthVader 2023-03-23 10:50|| 2023-03-23 10:50|| Front Page Top

#6 I bet there is a correlation btwn people who no longer recognize the country and people who have little faith in its former institutions.

Posted by mossomo 2023-03-23 12:24|| 2023-03-23 12:24|| Front Page Top

10:48 swksvolFF
10:28 Procopius2k
10:25 Besoeker
10:19 Skidmark
10:18 swksvolFF
10:18 Besoeker
10:17 Skidmark
10:15 Skidmark
10:14 Skidmark
10:14 Besoeker
10:14 NN2N1
10:14 trailing wife
10:10 badanov
10:07 NN2N1
10:02 NN2N1
10:00 Elmerert Hupens2660
09:59 Grom the Reflective
09:57 MikeKozlowski
09:55 Skidmark
09:54 Grom the Reflective
09:44 NN2N1
09:42 SteveS
09:40 M. Murcek
09:38 SteveS