50% In Favor of Directly Breaking Them Up … Many More In Favor of Stopping Artificial Support and Letting them Shrink On Their Own
A new Huffington Post/YouGov poll finds:
Sixty-one percent of respondents said that banks and other financial institutions have become too large and powerful ….
A Rasmussen poll conducted last month found that:
A new Rasmussen Reports national telephone survey shows that 50% of U.S. Adults favor a plan to break up the 12 megabanks, which currently control about 69% of the banking industry. Twenty-three percent (23%) oppose breaking up the largest banks, while another 27% are undecided.
While polls show that Democrats favor breaking up the big banks more than Republicans, many Republicans point out that the big banks would fail on their own if the government stopped bailing them out. Indeed, a Harris poll from last year shows that 87% of Republicans are against bank bailouts. In other words, the percentage of Americans who favor breaking up the big banks – either directly through government intervention or indirectly by pulling the plug on their taxpayer life support – is probably more like 90-99%.
The 27% of Americans who don’t yet have enough information to decide whether they are for directly breaking up the big banks may want to note that the following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion:
And the head of the New York Federal Reserve Bank – and former Goldman Sachs chief economist – William Dudley says that we should not tolerate a financial system in which certain financial institutions are deemed to be too big to fail.
Federal Reserve Board governor Daniel Tarullo also backs a cap on the size of banks, and Former Treasury secretary under Reagan and George H.W. Bush, Nicolas Brady, says that we need to put a cap on leverage.
The undecideds may also want to note that many top bankers are themselves calling for a break up, including:
Click here for background on why so many top bankers, economists, financial experts and politicians say that the big banks should be broken up.