Americans are pessimistic about financial crisis, government’s action

Steven Thomma
McClatchy Newspapers
September 19, 2008

Despite a massive government effort to shore up the nation’s financial system, Americans are deeply pessimistic about whether it will work anytime soon, according to a new Ipsos / McClatchy poll.

An overwhelming majority thinks the bankruptcy of investment bank Lehman Brothers and the sudden sale of brokerage firm Merrill Lynch will have a negative effect on jobs and the economy.

In this first close examination of popular sentiment on the question, Americans appear skeptical at best about the prospects that the government can fix the mess.

A solid majority said they’re not confident that the government can restore confidence following the mortgage crisis. And only a sliver thinks the economy will be better six months from now. A plurality thinks it will be worse.

The findings come as the country works to come to grips with the financial turmoil of recent weeks. Rooted in the housing-finance crisis, it’s led to rapid-fire government bailouts of several major financial institutions, the bankruptcy of another, Lehman Brothers , and the shotgun marriage of Merrill Lynch — a venerable firm known to millions on Main Streets coast to coast — to Bank of America .

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