March 30, 2008

Abstract: (Angus Reid Global Monitor) - Most people in the United States think their federal government should not actively intervene in the current mortgage crisis, according to a poll by Rasmussen Reports. 53 per cent of respondents think the federal administration should not help homeowners who borrowed more than they could afford, and 61 per cent feel the same way about banks that made bad loans.

(Angus Reid Global Monitor) - Most people in the United States think their federal government should not actively intervene in the current mortgage crisis, according to a poll by Rasmussen Reports. 53 per cent of respondents think the federal administration should not help homeowners who borrowed more than they could afford, and 61 per cent feel the same way about banks that made bad loans.

Since last year, defaults on so-called subprime mortgages—credit given to high-risk borrowers—have caused volatility in domestic and financial markets and raised concerns that the U.S. economy could fall into a recession.

On Mar. 26, U.S. president George W. Bush discussed the current state of affairs, saying, "There’s a rough patch right now in our economy, but I’m confident in the long term we’ll come out stronger than ever before. One of the most decisive actions a government can take is to give people their money back so they can spend it, and that’s exactly what we’ve done. In the second week of May, a lot of folks are going to be getting a sizable check. And I’m looking forward to that day, and I know they are as well."

On Mar. 27, Illinois senator Barack Obama—who is seeking the Democratic Party’s presidential nomination—called for a complete overhaul of financial regulations in the U.S., saying that the country has "lost a sense of shared prosperity," and adding, "Our free market was never meant to be a free license to take whatever you can get, however you can get it. (...) The American economy does not stand still, and neither should the rules that govern it."

Polling Data

Should homeowners who borrowed more than they could afford be helped out by the federal government?

Yes	29%
No	53%
Not sure	17%

Should banks that made bad loans be helped out by the federal government?

Yes	15%
No	61%
Not sure	23%

Source: Rasmussen Reports
Methodology: Interviews with 1,000 American adults, conducted on Mar. 19 and Mar. 20, 2008. Margin of error is 3 per cent.