FiveFive Years After The Crash: What Americans Think About Wall Street, Banks, Business, and Free Enterprise Years After-Online Version

AE I P U B LI C OP I NI ON S T UDI E S
Five Years After the Crash

What Americans Think about Wall Street, Banks, Business, and Free Enterprise
K A R LY N B O W M A N ANDREW RUGG
A M E R I C A N
E N T E R P R I S E
I N S T I T U T E
Five Years After the Crash: What Americans Think about Wall Street, Banks, Business, and Free Enterprise
In September 2008, Americans were focused on an extraordinary series of events in the financial markets and government responses to them.Although the problems in the financial sector had begun earlier, the collapse of Lehman Brothers, the bailout of AIG, Fannie Mae and Freddie Mac in receivership, and a possible stock market meltdown concentrated their attention. Polls from the fall of 2008 showed that Americans were frightened about the health of our financial system. The Reuters/University of Michigan October preliminary report on consumer sentiment registered its largest monthly decline in the [50-plus-year] history of the surveys. Other surveys showed that many Americans feared an economic collapse. How have attitudes changed since then? Over the past five years, pollsters have asked Americans hundreds of questions about the crisis and the events that followed that help us answer that question. Public uncertainty about the US economic future has been high for the past five years. Although the National Bureau of Economic Research tells us that the recession ended in June 2009, its effects are still being felt throughout the land, and they have left a significant imprint on many aspects of public opinion, including confidence in institutions. There is some evidence that Americans believe the economy has begun to recover, but it is tentative and inconsistent at best. At the American Enterprise Institute, we study public opinion on many different topics. In recent months, we have prepared public opinion reports on the environment, homosexuality and gay marriage, and National Security Agency surveillance. For our research, we draw on polls in the public domain. By that, we mean that we do not conduct polls of our own. Today there are more than a dozen national pollsters
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in the field providing regular surveys of attitudes using trusted methods. What we do is unique: we compare the questions asked by the major pollsters and analyze their results. To do our work, we also use the invaluable poll archive of the Roper Center at the University of Connecticut, which is the largest data trove of its kind in the world. All of the trend data we use in this document appears in the appendix. Polls have limitations, and we are well aware of them. Response rates are low. How questions are worded can pull people in one direction or another, especially when public knowledge is low. This is particularly true in times of crisis when attitudes can be volatile. The time frame in which questions are asked is also important. In todays fast moving news cycle, concerns of the moment can color opinions on related (and sometimes unrelated) issues. We do not believe any single poll or question can capture the publics mood. But looking at many polls with different wordings does provide a good sense of Americans true feelings. Polls often reveal areas of substantial continuity, but we also see considerable change and many contradictions. That is one of the reasons we do not believe polls should be used to make policy. They are too crude for that purpose. But by comparing hundreds of individual survey questions, we hope to provide an objective and informative account of how Americans felt about business five years ago and how they feel now. We begin by examining public opinion in September 2008, when the public began paying attention to what was happening in the markets. We then look at attitudes about Wall Street and, separately, banks and business. The next section examines how public views of regulation changed as a result of the crash. We also look at the health of the free enterprise system.
FIVE YEARS AFTER THE CRASH: WHAT AMERICANS THINK ABOUT WALL STREET, BANKS, BUSINESS, AND FREE ENTERPRISE
September 2008
The Roper Center archive includes more than 1,800 survey questions asked September 115, 2008, the period preceding the collapse of Lehman Brothers, the sale of Merrill Lynch to Bank of America, and the impending collapse of AIG. Most are about the historic 2008 presidential campaign between Senators Barack Obama and John McCain. The recession was clearly a matter of great concern as well. A Gallup question from early September that asked people to name the most important problem facing the country found that the economy dominated all other concerns, with 36 percent volunteering it as the most important problem (5 percent is considered significant). Even before turmoil hit Wall Street, people were feeling pessimistic about the countrys economic future and their own. But not a single question in this period anticipated the events that were to capture Americans attention over the weekend of September 15, when Lehman Brothers was put into bankruptcy, and in the weeks that followed as the Federal Reserve and the Treasury tried to prevent a meltdown in the financial sector.
Americans were riveted to the crisis. Since 1985, the Pew Research Center has been compiling regular reports on news stories people are following. In its October 1, 2008, report, 70 percent of Americans were following economic developments very closely, up from 56 percent the previous week. Pew reported, [T]he current economic crisis becomes one of the top ten most closely followed news stories in two decades of Pew Research Center news interest surveys, barely trailing events such as the 1986 Space Shuttle Challenger disaster (followed very closely by 80 percent of those surveyed) and the 9/11 terrorist attacks (followed very closely by 78 percent). In a Gallup/USA Today question from late September, 41 percent said they were afraid. In another question from the poll, 53 percent said they were angry. After the presidential election, concern deepened. Gallup found that 40 percent were worried a great deal about the possibility of the economy sinking into depression (figure 1). In February 2009, an extraordinary 94 percent told CBS News that the condition of the economy was bad. Sixty-three percent said it was very bad. In a February 2009 Ipsos/McClatchy poll,
Worry about the US Going into a Depression

The possibility of the US economy going into a depression worries you a great deal
Figure 1
40%
A moderate amount
39%
Not much
14%
Not at all
7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Source: Gallup/USA Today, December 2008.
54 percent said the worst was yet to come in the current economic crisis. The mood was bleak. Concern about a possible collapse of the financial system quickly affected peoples views of their finances. In a Gallup/USA Today poll from late September, over half of those surveyed (55 percent) said they were worse off financially than they had been a year before, a rating that Gallup reported as tied for the for the most negative reading in Gallups 32-year history of asking this question. In another Gallup/USA Today poll, 69 percent said their financial situation in the long run would be harmed by the economic turmoil of the previous two weeks. Seventy percent told Fox News pollsters in early October that they had personally tried to reduce their household and personal spending because of concern about the economy. Worry about the economic situation had an impact in many areaswhether related to Wall Street or not. But much of the publics attention was directed to the financial sector. The next sections of this report examine confidence in Wall Street and banks during and following this period.
Confidence in Wall Street

Much of the blame for the crisis was directed at large financial institutions, typically lumped in the public mind as Wall Street. These institutions are far removed from most peoples lives, and they evoke complex emotions in polls. Only small numbers in surveys say they follow the stock market closely. Still, around half (52 percent in a 2013 Gallup poll) say they or a spouse had money in the market, in an individual stock, a stock mutual fund, or a self-directed 401k or IRA. For much of the public, the workings of the financial sector are a mystery. Wall Streets wealth is also hard for most to comprehend. In the late Marchearly April 2013 Economist/ YouGov poll, 63 percent said they did not know anyone who was a millionaire, while 35 percent said they did. (In another question in the same poll, 51 percent said they knew someone who had lost his or her job in the financial crisis, and another 7 percent said they themselves had.) In a recent Pew survey, when asked what it would take for a family of four to be considered
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wealthy, the median response was $150,000. An entering associate at Goldman Sachs with an MBA earns over $100,000.1 Most people tell pollsters that they are able to pay their bills now, but few say they are able to save. The financial lives of the money moguls on Wall Street (or for that matter, the lives of Hollywood stars or NBA players) are hard for most people to comprehend. Polls over many decades show that Americans neither admire nor resent the rich. Roughly 6 in 10 believe, as two Gallup polls from 1990 and 2012 show, that America benefits from having a class or rich people. Americans are not inclined to a politics of envy, but when many are just getting by, the behavior of some people on Wall Street and the serious damage inflicted on the economy were bound to provoke negative feelings among ordinary Americans. Pollsters routinely ask Americans how confident they are in various institutions. These questions are a rough gauge of performance and of the trust we have in, and the respect we have for, these institutions. Harris is the only pollster to have a substantial trend on views about Wall Street. Unsurprisingly, confidence in the people in charge of running Wall Street dropped dramatically after the crash. In 2009, only 4 percent told Harris that they had a great deal of confidence in those running Wall Street. Fifty-seven percent said they had hardly any. These answers are the respective low and high points in Harriss 23-year trend. The 2009 hardly any confidence response is particularly striking, since it is double what it was in the nine iterations of the question between 2000 and 2008. A question asked by NBC and the Wall Street Journal shows a similar pattern. In July 2007, 30 percent had very little or no confidence in the financial industry. By January 2009, this response had doubled, to 60 percent. It is not as though Wall Street was wildly popular before the crash. When Harris began asking its confidence question yearly in 1989, only 8 percent had high confidence. High confidence topped out in the robust economic times of 1999 and 2000, when 30 percent gave that response (figure 2). A question asked by CNN and the Opinion Research Corporation in October 2011 shows the depth of negative feelings. They found that 54 percent trusted Wall Street bankers and brokers not at all to do what is best for the economy.
Confidence in People Running Wall Street

80% 70% 60% 50% 40% 30% 20% 10% 0% 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Great deal Hardly any Only some 48% 39%
Figure 2
7%
Note: Harris did not consistently report the only some and hardly any categories until 2000. Source: Harris Interactive, latest that of 2012.
Only 3 percent trusted them a great deal, and 20 percent somewhat. High confidence has recovered slightly since 2009, but it remains below precrash levels. The 2012 Harris poll shows a small uptick in positive views: 7 percent in 2012 expressed a great deal of confidence in the people running Wall Street, up from, as stated earlier, 4 percent in 2009. Looked at from the negative side, NBC and the Wall Street Journal found that those describing their confidence in the financial industry as very little or none at all fell from 55 percent in September 2008 to 48 percent in June 2013. It is clear that many people are not willing to forgive and forget quite yet.
Greed and Wall Street

Large majorities have long told pollsters that Wall Street is greedy, selfish, and unethical. But negative sentiments were magnified by the events of the fall of 2008. In 1996, for example, when Harris asked about Wall Streets morality for the first time, 43 percent told interviewers that people on Wall Street were as honest and moral as other people. That response dropped to 26 percent after the crash. In another question from
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1996, 64 percent agreed that most people on Wall Street would be willing to break the law if they believed they could make a lot of money and get away with it. That rose to 71 percent in 2009 and is currently 70 percent. Seventy-nine percent told the Atlantic and Aspen Institute pollsters in 2012 that executives on Wall Street have a different set of values than they themselves do. In effect, Americans see Wall Street as a culture apart, one that operates by a foreign code of conduct. While these attitudes are hardly new, what is new is how deep-seated they have become. In virtually every question in Harriss battery about people who work on Wall Street, negative attitudes are bumping along at very low levels. In 1996, the first time Harris asked the question, a minority of 40 percent said that most successful people on Wall Street deserved the kind of money they made. Fifty-five percent said they did not. In 2009, those responses were 30 and 66 percent, respectively. In the latest question from 2012, they were 32 and 64 percent. Americans do not usually begrudge others success, but in the case of Wall Street, they appear at least to be having second thoughts about it. It is hard to know whether the attitudes about Wall Street greed and selfishness extend to perceptions of widespread corruption. The results of a July 2012 CBS
Views on Wall Street

Wall Street firms should only pay bonuses when they are doing well and making good profits Recent events have shown that Wall Street should be subject to tougher regulations In general, people on Wall Street are as honest and moral as other people In general, what is good for Wall Street is good for the country Most successful people on Wall Street deserve to make the kind of money they earn Wall Street is dominated by greed and selfishness Wall Street only cares about money and absolutely nothing else Most people on Wall Street would be willing to break the law if they believed they could make a lot of money and get away with it Wall Street is absolutely essential because it provides the money businesses must have for investment 0% 10% 20% 30% 19% Disagree 78% Agree
Figure 3
15% 28%
82%
68%
30%
67%
32%
64% 59%
38%
38%
59%
27% 62%
70%
34% 40% 50%
60%
70%
80%
90%
Source: Harris Interactive, 2012.
question are hardly encouraging. Nearly half, 49 percent, said corruption in banks and financial institutions was widespread, but almost as many, 47 percent, said it was limited to only a few institutions. A silver lining (or at least a pale gray one) is that Americans continue to view Wall Street as absolutely necessary. Sixty-two percent in 2012 told Harris that Wall Street is absolutely essential because it provides the money business must have for investments (figure 3). Views about Wall Street were pretty well summed up in 2009 and 2012 Pew surveys. In both, majorities told the pollsters that Wall Street makes an important contribution to the American economy (58 percent in 2009 and 63 percent in 2012) and that Wall Street cares only about making money for itself (67 percent in 2009 and 72 percent in 2012). But just because Americans think Wall Street is necessary, it does not mean that they trust it. The current
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disapproval of Wall Street stems from something deeper than the crash and economic downturn. Americans concerns about Wall Street arise from doubts about the moral bearings of people who work there.As long as Wall Street is seen as unethical, greedy, and possibly corrupt, American will continue to worry about the capacity of large financial institutions to derail the economy.That concern will likely keep confidence depressed for some time.
Banks, More Broadly

It is hard to know from the available poll data exactly what people are thinking about when pollsters ask them about banks. Their local bank? A branch of a major financial institution? A big financial institution? The public polls do not give us the answers.
Pollsters have asked occasional questions about banks for 75 years, and they often reflect the preoccupations of the times. In 1936, Roper/Fortune magazine interviewers asked whether different groups in society abuse their power. Forty-two percent said the press did, followed by 38 percent who gave that response about bankers, 26 percent about the pulpit, and 23 percent veterans. Fortune then went on to discuss what its interviewers heard in their in-person interviews.
As for bankers and the press, comments from the interviewers indicate that many who answered Yes to the first [bankers] based their opinions on specific grievances, such as low interest rates on their deposits or the refusal of a loan; and many of those who answered Yes to the second [the press] objected not to the power of the press in molding public opinion but to what they believed [was] bad taste, scandal mongering and general moral turpitude. In general, the dispersion of the answers among the five probably indicates that the popular rage against the money changers that was nearly universal on March 4, 1933 [Roosevelt was inaugurated on March 4 and declared a National Bank Holiday soon after to deal with bank failures], and during the bank holiday thereafter was given an effective catharsis during the investigations of Messrs. Morgan, Mitchell, et al. and has dissipated by the present general confidence banks enjoy under federal deposit insurance.2
Several surveys from the 1950s asked Americans whether government should nationalize the banks (large majorities in the range of 75 percent said no). In an Opinion Research Corporation poll from 1969, 65 percent said they had a favorable view of the banking industry (8 percent had an unfavorable view). In another question in the same poll, 63 percent said they knew little or nothing about it. But regular questions about our confidence in banks did not appear until the 1970s. The National Opinion Research Center (NORC) began examining our confidence levels in the people running banks and financial institutions in 1975, and Gallup started asking about our confidence in banks and banking periodically starting in 1979. That year, 60 percent told Gallup they had a great deal or quite a lot of confidence
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in banks. The next time Gallup asked the question in the difficult economic times of the early 1980s, strong confidence had dropped to 46 percent (1981). High confidence dropped sharply again to 30 percent in 1991 after the savings and loan crisis of the late 1980s and another recession. By 1995, the proportion having a great deal or quite a lot of confidence in banks had risen again to 43 percent. Between 1995 and 2007, in 13 yearly surveys, high confidence never dropped below 40 percent. Positive economic news pushed confidence in banks to its highest point in the early part of this century, when strong confidence in several yearly polls reached about 50 percent. Before the financial crisis hit, confidence in banks was clearly slipping, most likely tied to the recession. In 2008, before the crash, Gallup found that 32 percent had high confidence in banks. That dropped to 22 percent in 2009 and held at 23 percent in 2010 and 2011, hitting an all-time low point of 21 percent in 2012. In Gallups latest June 2013 question, 26 percent had a great deal or quite a lot of confidence in banks, the highest level of strong confidence since 2008. Twentyeight percent had very little or none. Gallup reported that of the 16 institutions they examined in 2013, confidence in banks increased the most of any institution. Despite this latest response, it is premature to say banks are firmly out of the woodshed in the public mind. It is interesting to note that between June 2008 and June 2009, confidence in a few of the institutions Gallup inquired about actually rose. Confidence ticked up in the church or organized religion, the military, the Supreme Court, and public schools. For other institutions, it held steady. But views of banks slid, underscoring the point that the public saw Wall Street and banks as uniquely responsible for the financial crisis (figure 4). Perhaps surprisingly, only a few pollsters asked who was responsible for or caused the crisis. There was a lot of blame to go around, but banks and Wall Street were always prominent culprits. Can confidence once lost be regained? The return of confidence in banks after the savings and loan crisis shows that it can. But as described, it takes time. The public does not easily trust powerful institutions. At this stage of the weak economic recovery, confidence in banks is returning very slowly.
Confidence in Banks
80% 70% 60% 50% 40% 30% 20% 10% 0%
Figure 4
Great deal/Quite a lot 45% Some 28% Very little/None at all 26%
1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Source: Gallup, latest that of 2013.
Business, Much More Broadly

Have the negative feelings Americans have toward Wall Street colored their perceptions of business as a whole? Several pollsters provide regular soundings. Gallup asks about big business, Harris asks about the people in charge of running major companies, NORC asks about confidence in people running major companies, the Pew Research Center asks whether people have a favorable or unfavorable opinion of business corporations, and NBC News and the Wall Street Journal ask about large corporations. All these polls show that confidence declined after the crash. But the data tell another story as well, one that we have alluded to in our discussion of banks. To understand that story, we need to go back to the very unusual public opinion climate around the turn of the century. The economy was performing remarkably well in the late 1990s and early 2000s, and Americans felt better than they had in a long time about many different things. In the polls we have mentioned, people felt unusually positive about business and banks. But they also felt better about the environment, though there
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was little objective change in environmental quality. They felt better about immigration, though once again, there was little change in the situation. In the pollsters trends, confidence in many institutions reached highs during this time. But after this feel-good period, confidence began to fall. Attitudes toward business were declining before the 2008 crash. That decline began with the burst of the dotcom bubble and the MarchNovember 2001 recession. Gauging what happened to business confidence after the dot-com bubble burst is difficult. The publics attention quickly shifted from the recession to concern over the 9/11 terrorist attacks and Americas interventions abroad. The limited polling we have between March 2001 and September 2001 shows a drop in confidence for business. But after 9/11, views on institutions such as banks and financial firms rolled with the tide of patriotism unleashed by those events, and that buoyed our confidence. That mood gave way to a generalized frustration as the wars in Afghanistan and Iraq wore on. But the data still have a clear trajectory. While we are careful about pinpointing a single cause for changes in public opinion, the decline of confidence in business
Confidence in Big Business

80% 70% 60% 50% 40% 30% 20% 10% 0%
Figure 5
Some Very little/None
43%
33% 22% Great deal/Quite a lot
1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Source: Gallup, latest that of 2013.
coincided with the start of the 2001 recession, with a brief pause after 9/11. Attitudes continued to slide downward over the course of the decade. The 2008 crash then pushed them even lower. The all-time-low confidence levels are not simply the result of the 2008 crash, in other words. They are also the result of several years of negative developments. In Gallups polls, those having a great deal or quite a lot of confidence in big business was 30 percent in 1999. By 2002, it had dropped to 20 percent, which is where it was in 2008. In 2009, confidence dropped to 16 percent, the low point of strong confidence (figure 5). The picture is similar in the Harris polls. The number having a great deal of confidence in the people running major companies reached 28 percent in 2000, but by 2002 it was 16 percent. The financial crash pushed it to a low of 11 percent in 2009. In Pews data, a remarkable 73 percent had a favorable opinion of business corporations in 1999. In April 2008, 47 percent gave that response. The next time Pew asked the question in 2011, confidence had dropped another 9 points to 38 percent.
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In the NBC News/Wall Street Journal question, 31 percent had a great deal or quite a lot of confidence in large corporations in 1998. In July 2007 and in late September 2008, 11 percent expressed strong confidence. Where we have recent data, we see attitudes toward business beginning to return to precrash levels. In Gallups question about big business, confidence in 2013 is where it was in 2004. In the 2012 Harris question on people in charge of running major companies, confidence is about where it was in 2007. Feelings toward corporations are also warming. In its 2013 survey, Pew found that 55 percent had a favorable view of business corporations (39 percent unfavorable). In August 2011, when the public feared another economic downturn, the responses were reversed: 52 percent had an unfavorable view and 38 percent a favorable one. Pew notes that favorable opinions have increased by double digits across all partisan and ideological groups, with one exception: liberal Democrats. With attitudes returning to precrash levels, it appears that the blame Americans directed toward Wall Street did not spread to the business community as a whole.
The Influence of Major Corporations

80% 70% 60% 50% 40% 30% 20% 10% 0% More influence Keep as it is now Would like to see major corporations have less influence 75%
Figure 6
15% 10%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Source: Gallup, latest that of January 2013.
Size, Power, and Influence

Americans have an innate skepticism of big, powerful institutions. Historical trends from all the major pollsters show that Americans have harbored doubts about big business, big government, and big labor since the questions were first asked. This skepticism has contributed to Wall Streets past and present unpopularity as well. NORC first asked its question about confidence in those running major companies in 1973. No more than 31 percent (in 1974 and 1984) have ever had a great deal of confidence. In Gallups question from 1975, 34 percent said they had a great deal or quite a lot of confidence in big business. This response has never been higher. Looking at the Harris data from 1971 on, 29 percent had a great deal of confidence in those running major companies in 1973, and 28 percent gave that response in 2000. In this 42-year trend, these are the high points for confidence. Size concerns Americans. People always give small business high marks in the polls. The same cannot be said of big business. In a Harris poll from April 2012,
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86 percent said that big companies had too much power and influence in Washington. Eighty-one percent said that was true of banks, 88 percent of political action committees, and 85 percent of political lobbyists. But only 4 percent gave that response about small businesses. The attitudes about the power and influence of big institutions like corporations and banks were deeply ingrained before the financial crisis, and responses did not change very much after the crash. Concentration of power is another concern. In 1987, the first time Pew asked the question, 77 percent said too much power was concentrated in the hands of a few big companies. In April 2012, 75 percent gave that response. For a brief period in the early part of this century, people were more satisfied with the size and influence of large companies. The effects of the good economic times can be seen in two questions Gallup asked. In 2001, 48 percent said they were very or somewhat satisfied with the size and influence of major corporations. By 2011, that had dropped to 29 percent, with a slight recovery the last time Gallup asked the question in 2013 (35 percent).
The other Gallup question asked about whether major corporations should have more or less influence. The question leaves unspecified where that influence would be applied. No more than 10 percent have ever wanted corporations to have more influence. But in 2001, a relatively low 52 percent said they wanted them to have less (figure 6). That response was 75 percent in 2013. When times were good at the turn of the century, around 35 percent said their influence should be kept about the same. But this period remains the exception that proves the rule. Polls show the 2008 crash confirmed what many had believed beforethat the concentration of power and influence in a few large companies can hurt the economy. The tough economic times provided a new context, but attitudes did not change much. Instead of shifting opinions, the crash cemented them.
Business Compared to Other Institutions

Looking at attitudes toward business in isolation is revealing, but it is hard to interpret what a loss of confidence means without comparing business to other large institutions. Congress provides one good comparison. Both institutions have a multifaceted set of responsibilities. In Gallups confidence questions from the mid-1970s to early 1980s, confidence in Congress was almost always higher than confidence in big business. Since 2010, however, confidence in Congress has been slightly lower than confidence in big business. Trust and confidence in the federal government has, like with Congress, been particularly low in recent years. A 2012 survey by the Public Affairs Council asked people whether they had a favorable or unfavorable attitude about major companies and, separately, the federal government. In the survey, 67 percent had a favorable opinion of business (16 percent very favorable) while only 41 percent had a favorable opinion of the federal government (9 percent very favorable). In a Gallup question that was last updated in 2011, far more people said the big government represented the biggest threat to the country in the future (64 percent) compared to big business (26 percent). Only 8 percent said big labor represented the biggest threat. In December 2008 and March 2009, 31 and 32 percent said big
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business was the most threatening. In the post-Vietnam era, confidence in the military has been high in comparison to Congress, business, and government. The military, unlike Congress and business, has a clearly defined mission that it carries out well. Scandals as varied as Tailhook in September 1991 and Abu Ghraib in 2004 have very little effect on positive attitudes toward the military. People perceive that the military addresses its problems successfully and moves on. Also, most people have a personal connection to the military, which may boost its standing. Seventy-three percent in a 2013 Economist/ YouGov internet survey say they know someone who has served in the military, and another 10 percent say they have served. Few Americans probably know anyone who works on Wall Street. Confidence in the military did not diminish during the difficult wars in Iraq and Afghanistan. Confidence in Wall Street, by comparison, took a substantial hit after the crash and has barely recovered.
Regulation Responses
Given the current negative views of Wall Street and mixed sentiment about business, one might expect the public to be clamoring for greater federal regulation. But polls show Americans have grown more skeptical in the last five years of government regulation of business. They still want the feds to crack down on Wall Street and the financial institutions they see as responsible for the crash. But on the whole, antiregulatory sentiment is high. Immediately after the events of mid-September 2008, preferences shifted toward increased regulation. In October 2008, 27 percent told the Los Angeles Times and Bloomberg pollsters that there was too much regulation of business and industry. Forty-five percent said there was too little and only 14 percent the right amount. But attitudes have since flipped. Gallup last asked the identical question in September 2012. Then, 47 percent said there is too much regulation and 26 percent too little. Twenty-four percent said it was about right. Today, antiregulatory sentiment extends beyond a preference for less regulation. On balance, most think
Views on Government Regulation
Figure 7
Government regulation of business is necessary to protect public interest
40%
Does more harm than good
52%
0%
10%
20%
30%
40%
50%
60%
Source: PSRA/Pew Research Center, February 2013
regulation actually harms business. Pew asks whether government regulation of industry is necessary to protect the public interest or does more harm than good. In February 2012, 40 percent said it was necessary, while 52 percent said it does more harm than good (figure 7). The present antiregulatory mood has its limits. People want more oversight of financial firms and Wall Street. While a plurality told Pew pollsters in February 2012 that there was too much regulation of small business, a plurality also said there was too little regulation of banks and financial institutions. Eighty-two percent agreed with Harris pollsters in 2012 that recent events have shown that Wall Street should be subject to tougher regulations. At the time of the Enron and WorldCom scandals, people told pollsters that they wanted better enforcement of laws already on the books and not new laws. While there are no perfectly analogous questions about the 2008 crash, people wanted new protections to guard against a future financial meltdown. As the Enron and WorldCom scandals came to light, most people also told pollsters that the behavior of executives at those firms would not happen at their own workplaces. The
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distance people feel from Wall Street probably contributes to public receptivity to greater regulation of the financial sector. On three occasions in 2010, as Congress considered the Dodd-Frank legislation, CNN and Opinion Research Corporation pollsters asked people about legislation that would increase federal regulation over banks, Wall Street investors, and other financial institutions.In March 2010, 53 percent were in favor, in May 60 percent were, and in July 58 percent were.Around 4 in 10 or fewer were opposed on each occasion. We can see the strength of support for increased regulation of financial institutions in the results of an August 2010 Gallup poll.In it, 61 percent said they approved of the increased government regulation of banks and financial institutions passed in the past two years, while 37 percent disapproved. In the same poll, more people disapproved of the economic stimulus legislation than approved of it (52 to 43 percent). They also said they disapproved of the government aid to banks andfinancial institutions in danger of failing (61 percent), the health care overhaul (56 percent), and government aid to automakers in danger of going bankrupt (56 percent).
The deep concern people had about the safety of the financial system can be seen in the results of a CBS/ New York Times question asked four times beginning in April 2009.That month, 71 percent said the view that government should increase regulation of these institutions [banks and financial institutions] now to prevent more financial crises from happening again in the future came closer to their own beliefs, while 23 percent chose government should not increase regulation of these institutions now because that will discourage private investors and slow down economic growth. While the intensity of these feelings had diminished by 2010, a majority still wanted greater regulation. In February 2010, those responses were 56 and 36 percent, respectively. In May of that year, they were 53 and 37 percent and in July, 57 and 35 percent.The preference for a government watchdog role remains strong. We should note here that we do not think the public gives specific legislative advice. Most people did not read the Dodd-Frank legislation or form opinions about it. They speak in broad terms in the polls, and in this situation, they felt that Wall Streets actions required a strong response from Washington. Behind recent opinions on regulation of business lurks a pervasive mistrust of the federal government. Americans do not want to eliminate government regulation, but they are not inclined to increase its role. They are reluctant to increase regulation of businesses because they view business as instrumental to the nations success and as an engine of growth. In an economy that has been on its back for five years, Americans do not want to harm it further, so they find themselves wanting to reduce regulations to help business grow. But they do not trust businesses enough to give them complete latitude, nor do they trust the government to regulate intelligently. No wonder most are pessimistic.
Bonuses
In March of 2009, news stories broke about how some businesses that received money from the TARP program were giving large bonuses to their employees. AIG disclosed in March 2009 that it was going to pay approximately $165 million in bonuses to its financial services division after receiving government funds to
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cover a loss of $61.7 billion in late 2008.3 Public reaction was harsh. Eighty-one percent told ABC/Washington Post pollsters in March 2009 that they were angry about large bonuses being paid to employees at companies that accepted government loans. Eighteen percent were not angry. Another poll from the time provides a different perspective. CBS asked specifically about the AIG bonuses and whether they made people angry, bothered, or not bothered. The results show a high level of public anger, but not as high as in the ABC/Post poll. Fifty percent said they were angry. Thirty-eight percent said they were bothered by AIGs actions, and 12 percent were not. Either way, disapproval was strong. The responses are remarkable because anger is not an emotion we see often in polls. Although Americans are deeply dissatisfied with the way the federal government is performing, polling shows only around 20 to 25 percent say they are angry at Washington. The fact that over half described their feelings toward AIGs actions as angry shows how high frustration was. Several pollsters surveyed people about what the government should do. In a MarchApril 2009 Fox News poll, 56 percent of registered voters said the government should never be allowed to regulate the salaries of corporate executives at American companies. But in the next question in the poll, 64 percent said the federal government should be allowed to regulate the salaries of corporate executives at American companies that take taxpayer bailouts (figure 8). In a March 2009 Quinnipiac poll, 64 percent of registered voters were against the government limiting the amount of money that companies not taking federal funds pay their executives. Thirty percent were in favor. These responses show that Americans wanted to respond to what they saw as specific bad behavior, not to punish across the board. By 2010, opinions were divided. In a January 2010 ABC/Washington Post poll, 50 percent thought the federal government should try to limit the size of the bonuses these banks can pay to their employees. Forty-nine percent thought the government should stay out of it now that its loans have been repaid. We have not seen much polling on this issue since. The bonus controversy also illustrates that public support for government regulation has its limits. It took place at the height of the publics antiWall Street
Government Regulation of Salaries of Corporate Executives
Figure 8
80% 70% 60% 50% 40% 30% 20% 10% 0%
Should regulate
Should not regulate Should regulate
65%
Should not regulate
32%
Salaries of executives at companies that took bailouts
38%
56%
Salaries of corporate executives
Source: Fox News, March 2009.
feelings. But even here, their calls for action were largely directed at a specific group of businesses. In many peoples judgment, these companies committed wrongs that called for government intervention beyond what the public would normally tolerate.
Views about Free Enterprise and Capitalism

The current negativity toward Wall Street and other financial institutions has not produced an indictment of the free enterprise system. The crash may have strengthened some misgivings people have about it, particularly when it comes to inequality. But even here the evidence is weak. Most see business as an important engine of American success. Twenty-five percent completely agreed and 46 percent mostly agreed in a 2012 Pew poll that the strength of this country today is mostly based on the success of American business (figure 9). Twenty-five percent disagreed. That question has been asked 16 times since 1987, with very little change in responses over the past quarter century. Usually, around 75
13
percent agree with the statement. Even in April 2009, at a time of high anxiety about the economy and the financial system, 76 percent agreed. Perhaps because of the stable sentiment on this question, the changes in philosophical views on business since the recession have been more subtle than severe. Views about the free enterprise system remain positive. Eighty-nine percent in November 2012 Gallup poll had a positive image of the words free enterprise. Capitalism was not as highly regarded, though. Sixtyone percent had a positive image, and 31 percent had a negative one. It is difficult to determine exactly why respondents felt differently about the two terms. The term capitalism may bring to mind some of the weaknesses of the modern market economy. One of those is economic inequality. Harris began asking people in 1972 whether the rich get richer and the poor poorer, and 68 percent agreed. The pollster has asked the question many times since then, and usually around 75 percent give this response. Pew asks the question a little differently. They ask people to agree with the statement today its really true that the rich just get richer while the poor get poorer. They asked
The Strength of This Country Today Is Mostly Based on the Success of American Business
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
1987 1988 1989 1990 1992 1993 1994 1995 1996 1997 1999 2000 2001 2002 2003 2004 2006 2007 2008 2009 2010 2011
Figure 9
Agree 71%
Disagree
25%
Source: PSRA/Pew Research Center, April 2012.
it for the first time in 1987, and 74 percent agreed. In April 2009, 71 percent agreed. In April 2012, 74 percent did. On 12 occasions since 1984, Gallup has asked people whether the distribution of money and wealth in this country today is fair or whether the money and wealth in this country should be more evenly distributed among a larger percentage of the people. While the results have fluctuated somewhat, in all the polls, between 56 and 68 percent have said wealth should be more evenly distributed. In a question asked before the financial crisis in April 2008, 68 percent gave that response. Perhaps surprisingly, this declined to 58 percent in October 2008 and 59 percent in March 2009. In April 2013, 59 percent gave that response. National Journal in May 2011 asked if the freemarket economy creates more opportunities than problems because it provides the most effective way to create economic growth and allow people to rise as far as their talent and hard work will take them. Sixty-two percent agreed. Thirty-two percent agreed with the opposite statement that left to itself, the free market creates more problems than opportunities because it creates much inequality and leaves too many people in poverty. The positives still outweigh the negatives.
14
We have argued elsewhere that the belief that opportunity is present in America tends to act as a solvent for persistent concerns about inequality.4 It does not eliminate those concerns, but it makes the gaps people see between themselves and the rich less potent politically. This explains why people are usually unsympathetic to government involvement in redistribution of wealth. In a question asked since 1978 by the National Opinion Research Center at the University of Chicago, people were asked to place themselves on a seven-point scale with point 1 meaning that government ought to reduce income differences between the rich and poor and point 7 meaning that government should not concern itself with reducing income differences. Most people place themselves in the middle (points 35) with, in recent years, around 25 percent saying government should and around 20 percent saying government should not. In another question from Gallup, people were asked whether our government should or should not redistribute wealth by heavy taxes on the rich. In 2012, 52 percent said government should do this but 45 percent said it should not. In October 2008, those responses were 46 and 50 percent, respectively. Americans generally accept inequality as long as it is not seen as excessive and everyone gets a fair shake.
But if those at the top are seen as gaining at the expense of others and harming the economy, these latent concerns can come to the surface. The events in 2008 provided kindling to light a fire under the Occupy Wall Street movement. But it could not be sustained, and the popularity of the movement quickly faded. In the initial stages of the protests, the focus was largely on Wall Street and its transgressions. But as the movement expanded its activity, its target shifted from Wall Street specifically to the free enterprise system more generally. We suspect this tactic partly explains the groups decline. One area where Americans have a specific criticism of the free market is the profit motive. But even here, polls suggest that people are more critical of how they believe businesses over emphasize profits than the profit motive itself. Thirty-eight percent told Pew in April 2012 that business corporations generally strike a fair balance between making profits and serving the public interests. Fifty-eight percent thought they did not. In another question in the poll, 61 percent thought business corporations made too much profit. Only 35 percent said corporations made a fair and reasonable profit. Part of the dissatisfaction with corporate profits comes from false assumptions. When asked by ReasonRupe pollsters in May 2013 what percentage profit of each dollar of sales the average manufacturer makes after taxes, the mean percentage was 34 percent. The question was asked regularly in the 1970s and 1980s by the Opinion Research Corporation, and the responses then were similar. The reality is much different. Estimates vary, but the actual percent hovers around 5 to 7 cents on the dollar.5 The inflated estimates of profit margins partly demonstrate a lack of knowledge. However, the gap between profit reality and estimates demonstrate just how wealthy and greedy average Americans think corporations are. Despite these factorsloss of confidence, widespread perception of greed, dissatisfaction with profit margins, concern over the morality of Wall Street, fear over the continued ability of financial firms to derail the economy, lack of trust in government to properly regulate the economy, worry over the concentration of financial power, and concern over growing economic
inequalityfaith in the free-market system remains intact. Americans seem more critical of how some businesses currently operate than of the operations of the free-market economy.
Conclusion
The persistent lack of trust in Wall Street five years after the crash suggests that many Americans have deep misgivings about the operations of the financial sector. The consensus is that many of these firms are not ethical or concerned about the well-being of the country. Lost trust is regained slowly. The perceived irresponsibility displayed during 2008 and 2009 gave many a reason to eye these institutions critically. It will likely be some time before people feel confident again. In the meantime, Americans are cautiously optimistic when it comes to other aspects of business in America. One constant during the past five years has been the American peoples commitment to a strong free enterprise system. The bad behavior and questionable actions of some have challenged that commitment, but it has remained firm. The strong support that system has will provide a solid foundation for the challenges that will surely come in the next five years and beyond.
Notes
1. Goldman Sachs Salaries, Glassdoor.com, last modified August 11, 2013, www.glassdoor.com/Salary/GoldmanSachs-Salaries-E2800.htm. 2. The Fortune Quarterly Survey: III, Fortune, January 1936, 145. 3. Helen Cooper, Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses, New York Times, March 16, 2009. 4. Everett Carll Ladd and Karlyn Bowman, Attitudes Toward Economic Inequality (Washington, DC: AEI Press, 1998). 5. Bureau of Economic Analysis, US Department of Commerce, Corporate Profits: First Quarter 2013 (Preliminary Estimate), May 2013.
15
Appendix: Major Trends and Data
September 2008
Q: What do you think is the most important problem facing this country today?
Gallup
Jan. 2007 Feb. 2007 Mar. 2007 Apr. 2007 May 2007 Jun. 2007 Jul. 2007 Aug. 2007 Sep. 2007 Oct. 2007 Nov. 2007 Dec. 2007 Jan. 2008 Feb. 2008 Mar. 2008 Apr. 2008 May 2008 Jun. 2008 Jul. 2008 Aug. 2008 Sep. 2008 Oct. 2008 Nov. 2008 Dec. 2008 Jan. 2009 Feb. 2009 Mar. 2009 Apr. 2009 May 2009 Jun. 2009 Jul. 2009 Aug. 2009 Sept. 2009 Oct. 2009 The Economy 4% 7 7 8 6 6 6 8 11 9 14 13 18 34 35 41 35 36 35 38 36 42 58 55 57 51 51 48 47 41 38 33 29 26 Unemployment/Jobs 5% 4 3 5 4 4 3 4 4 5 4 3 5 7 5 6 5 5 5 6 5 2 8 12 11 14 16 17 14 14 19 14 15 17 Top Response Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq Situation in Iraq The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy
16
FIVE YEARS AFTER THE CRASH: WHAT AMERICANS THINK ABOUT WALL STREET, BANKS, BUSINESS, AND FREE ENTERPRISES
Nov. 2009 Dec. 2009 Jan. 2010 Feb. 2010 Mar. 2010 Apr. 2010 May 2010 Jun. 2010 Jul. 2010 Aug. 2010 Sep. 2010 Oct. 2010 Nov. 2010 Dec. 2010 Jan. 2011 Feb. 2011 Mar. 2011 Apr. 2011 May 2011 Jun. 2011 Jul. 2011 Aug. 2011 Sep. 2011 Oct. 2011 Nov. 2011 Dec. 2011 Jan. 2012 Feb. 2012 Mar. 2012 Apr. 2012 May 2012 Jun. 2012 Jul. 2012 Aug. 2012 Sep. 2012 Oct. 2012 Nov. 2012 Dec. 2012 Jan. 2013 Feb. 2013 Mar. 2013 Apr. 2013 Jul. 2013 31 26 25 31 24 23 26 28 31 30 33 32 31 30 26 29 28 26 35 36 31 31 28 31 30 26 31 31 31 32 31 31 29 31 26 37 30 23 21 25 24 24 23 20 16 22 31 31 30 22 21 22 28 28 24 33 24 29 35 26 19 22 24 27 29 39 32 36 25 26 30 26 25 22 25 28 23 26 26 20 17 16 19 16 18 19 The economy The economy The economy The economy & Unemployment/Jobs The economy The economy The economy The economy The economy The economy The economy The economy Unemployment/Jobs The economy Unemployment/Jobs Unemployment/Jobs The economy The economy The economy The economy The economy The economy Unemployment/Jobs Unemployment/Jobs Unemployment/Jobs The economy The economy The economy The economy The economy The economy The economy The economy The economy The economy & Unemployment/Jobs The economy The economy The economy The economy The economy The economy The economy The economy
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Q: As I read a list of some stories covered by news organizations this past week, please tell me if you happened to follow each news story very closely, fairly closely, not too closely, or not at all closely.
October 2008Pew Research Center
Top Ten New Interest Index Stories (19862008) Challenger disaster (1996) 9/11 terrorist attacks (2001) San Francisco earthquake (2005) Impact of Hurricane Katrina High gas prices (2005) Economic news (2008) Rodney King verdict (1992) Crash of TWA flight 800 (1996) Little girl in the well (1987) Columbine high school shooting (1999) Following very closely 80% 78 73 73 73 70 70 69 69 68
Q: Have the events (trouble in the United States economy) of the last two weeks made you, personally, feel _________ or not?
September 30, 2008Gallup
Yes, felt No, have not felt Angry 53% 46% Afraid 41% 58%
Q: Regardless of how likely you think it is, how much does the possibility of the US economy going into a depression worry youa great deal, a moderate amount, not much, or not at all?
December 2008Gallup/USA Today
A great deal Moderate amount Not much Not at all 40% 39 14 7
Q: How would you rate the condition of the national economy these days? Is it very good, fairly good, fairly bad, or very bad?
February 2009CBS News
Very good Fairly good Fairly bad Very bad * 5% 31 63
Q: Has the US economy turned the corner on the current crisis, is the worst yet to come, or have things stabilized but not yet begun to improve?
February 2009Ipsos Public Affairs/McClatchy
Turned the corner Worse yet to come Stabilized, but not yet begun to improve 7% 54 35
18
Q: Next, we are interested in how peoples financial situation may have changed. Would you say that you are financially better off now than you were a year ago, or are you financially worse off now?
September 27, 2008Gallup/USA Today
Better off 26% Worse off 55 Same 19
Q: Now thinking about how your own situation has been affected by the events affecting the economy over the past month. How much do you think your own financial situation has been harmed by the events of the last montha great deal, a moderate amount, not much, or not at all?
October 12, 2008Gallup/USA Today
Great deal Moderate amount Not much Not at all 29% 37 22 11
Q: Now, Id like you to think about the events (trouble in the United States economy) of the last two weeks and any future problems that might result from them. How much do you think your own financial situation will be harmed in the long runa great deal, a moderate amount, not much, or not at all?
September 30, 2008Gallup/USA Today
Great deal Moderate amount Not much Not at all No opinion 28% 41 22 7 2
Q: Have you personally tried to reduce your household and personal spending because of concern about the economy?
February 2009Fox News/Opinion Dynamics
Yes 79% No 21
19
Confidence in Wall Street

Q: Do you, personally, or jointly with a spouse, have any money invested in the stock market right noweither in an individual stock, a stock mutual fund, or in a self-directed 401-K or IRA?
April 2013Gallup
Yes 52% No 47
Q: Please indicate if you know personally someone who is a millionaire.

April 2013Economist/YouGov
Yes, and that person is me Yes, I know someone like this No, dont know anyone like this 3% 34 63
Q: Please indicate if you know personally anyone who lost his or her job in the financial crisis.
Q: Again, just your best guess: How much does a family of four need to have total annual income to be considered wealthy in your area?
July 2012PSRA/Pew Research Center
Under $50K 6% $50K$99K 11 $100K$249K 39 $250 $999K 20 $1 million or more 10 Median $150,000
Q: Do you think the United States benefits from having a class of rich people, or not?
May 1990 Gallup May 2012 Gallup Yes, benefits 62% 63 No, does not benefit 32% 34
20
Q: As far as people in charge of running major companies are concerned, would you say you have a great deal of confidence, only some confidence, or hardly any confidence at all in them?
Harris Interactive
People in charge of running major companies 1966 1967 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Great deal 55% 47 27 27 28 16 20 19 20 23 17 16 16 17 18 21 18 17 22 16 17 15 16 11 17 20 23 21 21 21 23 28 20 16 13 12 17 13 16 14 11 15 13 15 Only some 35% 32 50 44 52 48 48 51 51 55 51 54 60 60 61 58 63 60 61 60 60 68 63 63 65 59 60 59 57 58 59 56 63 56 51 55 59 62 58 53 52 56 56 55 Hardly any 5% 6 15 21 16 33 25 23 23 17 27 27 22 20 19 18 18 20 14 23 23 16 18 24 16 18 16 18 19 17 15 13 13 24 31 30 24 25 25 29 35 27 28 25
21
People in charge of running small businesses 2005 2006 2007 2008 2009 2010 2011 2012 Great deal 47% 45 54 47 48 50 50 50 Only some 47% 47 42 45 43 42 39 38 Hardly any 6% 6 3 5 6 5 6 8
People in charge of running Wall Street 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Great deal 8% 21 14 13 13 15 13 17 17 18 30 30 23 19 12 17 15 15 17 11 4 8 7 7 Only some 56% - - - - - - 58 - - - 46 51 54 50 50 59 56 51 52 33 43 40 39 Hardly any 31% 20 11 16 18 31 23 23 24 24 27 57 45 46 48
22
Q: Im going to read you the names of some institutions in American society. Please tell me how much confidence you, yourself, have in each one: a great deal, quite a lot, some, very little, or none at all?
NBC/Wall Street Journal
Large corporations Jul. 1998 Dec. 2000 Jan. 2002 Jul. 2002 Jul. 2007 Sep. 2008 Jan. 2009 Aug. 2010 Jan. 2011 May 2012^ Small business Dec. 2000 Jul. 2002 Jul. 2007 Jan. 2009 Aug. 2010 Wall Street Jan. 2009 Jan. 2011 May 2012 The financial industry Dec. 2000 Jul. 2002 Jul. 2007 Sep. 2008 Jan. 2009 Aug. 2010 Jan. 2011 May 2012^ Jun. 2013 The high-tech industry Dec. 2000 Jul. 2002 Jan. 2009 Jan. 2011 May 2012^ Great deal 26% 19 21 28 22 Quite a lot 28% 22 30 24 25 Some 31% 38 30 34 41 Very little 9% 11 8 8 7 None at all 2% 5 5 2 2 Great deal 11% 5 5 5 4 4 4 6 4 Quite a lot 25% 10 11 5 6 6 5 6 7 Some 45% 49 48 33 28 33 39 35 39 Very little 13% 27 21 37 34 33 35 29 31 None at all 4% 8 9 18 26 20 16 23 17 Great deal 6% 4 4 Quite a lot 7% 6 5 Some 25% 41 37 Very little 31% 32 26 None at all 28% 14 25 Great deal 31% 30 26 28 34 Quite a lot 28% 30 28 30 19 Some 27% 31 31 30 31 Very little 8% 5 9 7 8 None at all 3% 2 3 3 4 Great deal 13% 9 8 4 5 2 6 5 6 7 Quite a lot 18% 17 14 8 6 9 7 7 7 10 Some 42% 42 44 37 37 33 31 42 42 37 Very little 22% 22 23 32 30 33 35 26 29 26 None at all 2% 8 9 7 19 21 20 16 15 18
Note: *Question asked only of registered voters. ^Asked of a half sample.
23
Q: Overall, how much do you trust Wall Street bankers and brokers to do what is best for the economya great deal, somewhat, a little, or not at all?
A great deal Feb. 1990 CNN/TIME/Yankelovich 4% Mar. 1994 CNN/TIME/Yankelovich 5 Oct. 2011 CNN/ORC 3 Somewhat 30% 28 20 A little Not at all 33% 30% 32 30 22 54
Greed and Wall Street

Q: Please say if you tend to agree or disagree with the following statements about Wall Street.
Harris Interactive
Wall Street is absolutely essential because it provides the money businesses must have for investment. Agree Disagree 1996 69% 25% 1997 69 27 1998 73 24 1999 69 23 2000 72 21 2002 66 26 2003 62 24 2006 71 25 2009 62 32 2010 59 34 2011 62 34 2012 62 34 Most people on Wall Street would be willing to break the law if they believed they could make a lot of money and get away with it.

1996 1997 1998 1999 2000 2002 2003 2006 2009 2010 2011 2012
Agree Disagree 64% 33% 56 40 56 41 60 34 60 33 61 34 54 34 63 35 71 27 66 29 67 31 70 27
24
Wall Street only cares about money and absolutely nothing else.

1996 1997 1998 1999 2000 2002 2003 2006
Agree Disagree 57% 39% 48 48 57 39 56 37 57 36 56 40 53 35 59 38
Wall Street is dominated by greed and selfishness.

1996 1997 1998 1999 2000 2002 2003 2006
Agree Disagree 57% 39% 48 48 57 39 56 37 57 36 56 40 53 35 59 38
Most successful people on Wall Street deserve to make the kind of money they earn.

1996 1997 1998 1999 2000 2002 2003 2006 2009 2010 2011 2012
Agree Disagree 40% 55% 51 44 48 47 45 46 42 50 36 58 37 51 40 56 30 66 29 65 31 66 32 64
In general, what is good for Wall Street is good for the country.

1997 1998 1999 2000 2002 2003 2006 2009 2010 2011 2012
Agree Disagree 39% 57% 43 53 42 51 41 52 40 55 39 47 37 60 37 59 33 61 31 64 30 67
25
In general, people on Wall Street are as honest and moral as other people.

1996 1997 1998 1999 2000 2002 2003 2006 2009 2010 2011 2012
Agree Disagree 43% 52% 51 45 49 47 39 51 35 56 35 57 35 50 41 54 26 70 31 64 26 70 28 68
Recent events have shown that Wall Street should be subject to tougher regulations.
Agree Disagree 2009 87% 10% 2010 82 14 2011 83 14 2012 82 15 Wall Street firms should only pay bonuses when they are doing well and making good profits.

2009 2010 2011 2012
Agree Disagree 78% 20% 75 21 75 21 78 19
Q: Do you think that executives at large Wall Street banks share the same fundamental American values as you, or do these managers have a different set of values?
MayJune 2012Atlantic/Aspen
Share the same fundamental values Have a different set of values 17% 79
Q: How common do you think corruption is in banks and financial institutionsis it widespread or is it limited to a few institutions?
July 2012CBS/NYT
Widespread 49% Limited 47
26
Q: For each statement, please tell me if you completely agree with it, mostly agree with it, mostly disagree with it, or completely disagree with it.
April 2009PSRA/Pew
Wall Street makes an important contribution to the American economy. Completely agree 17% Mostly agree 46 Mostly disagree 20 Completely disagree 8 Wall Street only cares about making money for itself. Completely agree 28% Mostly agree 39 Mostly disagree 21 Completely disagree 6
27
Banks, More Broadly

Q: Do you believe that any of the following abuse their power?
January 1936Roper/Fortune
Press 42% Bankers 38 Pulpit 26 Veterans 23 Radio 22
Q: How favorable or unfavorable are your opinions or impressions of the banking industry?
July 1969Opinion Research Corporation
Very or mostly favorable Half and half Very or mostly unfavorable 65% 20 8
Q: I am going to name some institutions in this country. As far as the people running these institutions are concerned, would you say you have a great deal of confidence, only some confidence, or hardly any confidence at all in them?
NORC
Banks and financial institutions A great deal Only some Hardly any 1975 32% 57% 11% 1976 40 50 10 1977 43 49 9 1978 31 57 12 1980 33 51 16 1982 26 57 17 1983 23 61 16 1984 31 58 11 1986 21 62 17 1987 28 58 14 1988 28 59 14 1989 19 61 20 1990 17 60 23 1991 12 53 35 1993 15 58 27 1994 18 62 20 1996 25 58 17 1998 27 57 16 2000 30 56 14 2002 23 59 18 2004 30 57 13 2006 30 57 13 2008 19 61 20 2010 11 48 42
28
Q: Now Im going to read you a list of institutions in American society. Please tell me how much confidence you, yourself, have in each onea great deal, quite a lot, some, or very little?
Gallup
Big business Great deal/ Very little/ Quite a lot Some None 1973 26% 36% 29% 1975 34 36 25 1977 33 34 27 1979 32 37 28 1980 29 39 28 1981 24 35 36 1983 28 39 28 1985 32 41 24 1986 28 40 28 1988 25 42 30 1990 25 40 31 1991 22 42 32 1993 23 44 31 1994 26 42 30 1995 21 50 26 1996 24 46 28 1997 28 43 27 1998 30 43 25 1999 30 44 25 2000 29 45 25 2001 28 44 26 2002 20 47 32 2003 22 44 36 2004 24 42 33 2005 22 45 31 2006 18 40 40 2007 18 39 41 2008 20 43 36 2009 16 42 41 2010 19 42 38 2011 19 41 39 2012 21 40 38 2013 22 43 33
29
Small business Great deal/ Very little/ Quite a lot Some None (vol) 1997* 63% 30% 5% 1998* 57 34 9 2007 59 32 7 2008 60 31 7 2009 67 26 7 2010 66 26 6 2011 64 26 8 2012 63 29 6 2013 65 27 7 Banks Great deal/ Very little/ Quite a lot Some None 1979# 60% 29% 9% 1981# 51 32 17 1983# 51 34 13 1985 51 36 13 1986 49 37 13 1988 49 38 12 1990 36 40 23 1991 32 46 25 1993 38 42 20 1994* 35 46 17 1995* 43 42 13 1996* 44 41 14 1997* 41 43 16 1998* 41 43 15 1999* 43 40 16 2000 46 41 12 2001* 44 41 14 2002* 47 39 13 2003* 50 31 11 2004 53 36 10 2005 49 39 12 2006 49 39 10 2007 41 44 14 2008 32 45 22 2009 22 49 29 2010 23 45 30 2011 23 40 36 2012 21 42 35 2013 26 45 28
Note: *Source is Gallup/CNN/USA Today. # Question wording read, Banking, with other slight differences.
30
Q: Would you say your overall opinion of business corporations is very favorable, mostly favorable, mostly unfavorable, or very unfavorable?
PSRA/Pew Research Center
Business corporations Jun. 1985 Jan. 1988 Nov. 1991 Jul. 1994 Oct. 1995 Feb. 1996* Jun. 1996* May 1997* Jun. 1997* Aug.1997* Sep. 1999 Mar. 2001 Jul. 2001+ Mar. 2002 Jul. 2005 Oct. 2005 Jan. 2007 Apr. 2008 Aug. 2011 Jun. 2013 Very Mostly Mostly Very favorable favorable unfavorable unfavorable 8% 50% 24% 7% 6 53 27 5 8 57 22 6 8 62 19 5 6 54 29 7 9 50 24 10 10 52 25 6 9 50 21 7 8 61 18 7 7 63 19 6 8 65 19 3 9 56 19 6 9 50 21 6 10 52 23 6 9 40 29 11 8 37 29 16 9 48 22 8 10 37 30 15 7 31 31 21 11 44 11 28
Note: *Question wording began, Id like your opinion of some people and organizations . . . +Question wording began, Id like your opinion of some groups and organizations in the news . . . ?
31
Q: Im going to name some institutions in this country. As far as the people running these institutions are concerned, would you say you have a great deal of confidence, only some confidence, or hardly any confidence at all in them?
National Opinion Research Center
People running major companies Great deal Only some Hardly any 1973 29% 53% 11% 1974 31 51 14 1975 19 54 21 1976 22 51 22 1977 27 56 12 1978 22 58 16 1979 1980 27 53 14 1981 1982 23 58 14 1983 24 59 13 1984 31 57 9 1985 1986 24 62 10 1987 30 58 8 1988 25 60 11 1989 24 60 10 1990 25 61 11 1991 20 62 13 1992 1993 21 63 12 1994 25 61 10 1995 1996 23 59 14 1997 1999 26 57 13 2000 2001 28 57 11 2002 2003 17 63 18 2004 19 64 18 2006 18 64 18 2008 16 66 16 2010 13 60 24 2012 12 60 27
32
Q: Now Im going to read you a list of institutions in this country. For each one, please tell me if you are extremely confident, very confident, somewhat confident, not too confident, or not confident at all in the people who are running each institution.
AP-GfK/Roper
Extremely/ Very confident Banks and financial institutions Aug. 2010 6% Aug. 2011 10 Aug. 2012 13 Major companies Aug. 2010 7% Aug. 2011 12 Aug. 2012 16 Small and local business Aug. 2010 39% Aug. 2011 40 Aug. 2012 49 Somewhat confident 42% 42 38 50% 52 50 49% 51 41 Not too/ Not confident 52% 47 48 42% 35 30 11% 8 8
Q: Do you think _____ has/have too much or too little power and influence in Washington?
Big Companies Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Banks and Financial Institutions Feb. 2010 Apr. 2011 Apr. 2012 PACs Too much 85% 87 88 85 Too little 10% 9 9 9 About right 2% 2 1 3
83% 85 81
9% 10 11
3% 1 4
Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012
85% 83 87 88
9% 11 7 7
2% 1 2 3
Political Lobbyists Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 News Media Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012
81% 83 84 85
14% 11 12 10
1% 1 1 2
75% 66 72 73
18% 23 20 19
3% 4 2 5
33
Entertainment and Sports Celebrities Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 TV and Radio Talk Shows Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Trade Associations Feb.2009 Feb. 2010 Apr. 2011 Apr. 2012 Labor Unions Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Opinion Polls Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Churches and Religious Groups Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Racial Minorities Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Nonprofit Organizations Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012
70% 61 62 67
20% 24 27 20
4% 5 4 7
59% 55 53 65
29% 33 36 24
5% 5 3 7
55% 57 61 57
30% 24 24 27
2% 3 1 6
54% 57 55 56
40% 34 40 35
3% 3 2 5
38% 31 37 40
51% 55 53 47
5% 4 3 9
34% 35 42 41
57% 54 49 48
4% 3 3 8
33% 32 35 32
53% 52 53 56
6% 6 5 7
19% 21 27 24
71% 67 65 64
3% 3 2 6
34
Public Opinion Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012 Small Business Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012
18% 13 13 14
76% 82 82 78
3% 2 2 5
5% 4 5 4
90% 93 91 90
3% 1 1 4
There is too much power concentrated in the hands of a few big companies. Nov. 1991 Jun. 1992 May 1993 Jul. 1994 Nov. 1997 Sep. 1999 Aug. 2002 Aug. 2003 Dec. 2006 Jan. 2007 Apr. 2009 Apr. 2012 Completely agree 41% 30 26 31 31 31 33 40 38 32 39 Mostly agree 39% 47 46 42 42 43 44 37 38 45 37 Mostly Completely disagree disagree 14% 3% 18 3 22 3 22 4 20 5 20 3 16 4 15 5 17 16 16 4 5 5
Q: Next, Im going to read some aspects of life in America today. For each one, please say whether you arevery satisfied, somewhat satisfied, somewhat dissatisfied, or very dissatisfied. How about . . . ?
Gallup
The size and influence of major corporations Jan. 2001 Jan. 2002 Jan. 2003 Jan. 2004 Jan. 2005 Jan. 2006 Jan. 2007 Jan. 2008 Jan. 2011 Jan. 2012 Jan. 2013 Very satisfied 7% 7 6 7 7 6 8 6 5 4 7 Somewhat Somewhat Very satisfied dissatisfied dissatisfied 41% 31% 17% 43 30 17 37 33 21 31 34 27 31 32 27 29 30 32 31 28 30 29 28 33 24 31 36 26 28 36 28 30 31
35
Q: Would you like to see major corporations have more influence in this nation, less influence, or keep their influence as it is now?
Gallup
More influence Keep as it is now Less influence Jan. 2001 10% 36% 52% Jan. 2002 8 37 53 Jan. 2003 8 30 60 Jan. 2004 9 30 60 Jan. 2005 8 30 60 Jan. 2006 7 26 65 Jan. 2007 10 27 61 Jan. 2008 7 24 68 Jan. 2011 12 24 62 Jan. 2013 10 15 75
36
Business Compared to Other Institutions

Q: How about _____? Would you say your overall opinion of ____ is very, somewhat, not too, or not at all favorable?
JuneJuly 2012Public Affairs Council
Very Somewhat favorable favorable Major companies 16% 51% Small businesses 53 35 The federal government in Washington 9 32 Not too Not at all favorable favorable 18% 11% 4 4 27 28
Q: In your opinion which of the following will be the biggest threat to the country in the futurebig business, big labor, or big government?
Gallup
Sep. 1954 Feb. 1965 Dec. 1966 Jul. 1968 Nov. 1969 Jan. 1977 Sep. 1978 May 1979 Sep. 1981 May 1983 Jun. 1985 Aug. 1995 Dec. 1998 Aug. 1999 Oct. 2000 Jul. 2002 Nov. 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. 2008 Mar. 2009 Nov. 2011 Big business 16% 17 14 12 19 23 19 28 22 19 22 24 24 24 22 38 29 27 27 26 31 32 26 Big labor 46% 29 21 26 28 26 19 17 22 18 19 9 7 8 7 10 9 11 8 9 11 10 8 Big government 16% 35 48 46 33 38 47 43 46 51 50 64 64 65 65 47 57 57 61 61 53 55 64
Note: Question wording in 1954 was One problem is keeping any group in the United States from getting too big and powerful. Where do you feel this problem is greatest todaywith big businesses or big labor unions or big government? The 1954 survey was conducted by ORC.
Q: Please indicate if you know personally anyone who has served in the military.
37
Regulation Response
Q: In general, do you think there is too much, too little, or about the right amount of government regulation of business and industry?
Too much Right amount Too little Mar. 1981 LA Times 54% 14% 18% Apr. 1991 LA Times 27 36 29 Mar. 1993 Gallup 37 30 28 Sep. 2001 Gallup 41 38 17 Feb. 2002 Gallup 28 39 30 Jun. 2002 Gallup 32 30 33 Jul. 2002 Harris Interactive 28 27 37 Sep. 2002 Gallup 35 31 31 Sep. 2003 Gallup 37 35 25 Sep. 2004 Gallup 37 24 34 Sep. 2005 Gallup 34 23 40 Sep. 2006 Gallup 36 30 28 Sep. 2007 Gallup 38 33 26 Sep. (early) 2008 Gallup 38 31 27 Sep. (late) 2008 CNN/ORC 38 19 42 Oct. 2008 LA Times/Bloomberg 27 14 45 Dec. 2008 CNN/ORC 39 20 39 Aug.Sep. 2009 Gallup 45 27 24 Dec. 2009* CNN/ORC 50 18 30 Sep. 2010 Gallup 49 21 27 Sep. 2011 Gallup 50 23 24 Sep. 2012 Gallup 47 24 26
Note: *Asked of a half sample.
Q: Im going to read you some pairs of statements that will help us understand how you feel about a number of things. As I read each pair, tell me whether the first statement or the second statement comes closer to you own viewseven if neither is exactly right. The first pair is government regulation of business is necessary to protect the public interest, or government regulation of business usually does more harm than good.
Jul. 1994 Oct. 1994 Apr. 1995 Oct. 1995 Oct. 1996 Aug. 1999 Feb. 2002 Jul. 2002 Dec. 2004 Oct. 2008 Dec. 2008 Feb. 2011 Feb. 2012 Government regulation of business is necessary to protect public interest 41% 38 43 45 45 48 50 54 49 50 47 47 40 Does more harm than good 54% 55 51 50 46 44 41 36 41 38 43 45 52
38
Q: What do you think about regulation in each of the following areas? First, is there too much, too little, or the right amount of federal regulation when it comes to . . . ?
February 2012 PSRA/Pew Research Center
Small business Large corporations Banks and financial institutions The health insurance industry The oil and gas industry Too much 49% 31 30 37 36 Too little 21% 43 43 40 44 Right amount 23% 19 20 18 14
Q: Please say if you tend to agree or disagree with the following statements about Wall Street.
Harris Interactive
Recent events have shown that Wall Street should be subject to tougher regulations. Agree Disagree 2009 87% 10% 2010 82 14 2011 83 14 2012 82 15
Q: As you may know, Congress is considering legislation that would increase federal regulation over banks, Wall Street investors, and other financial institutions. Based on what you have heard or read about this, do you favor or oppose this legislation?
CNN/Opinion Research Corporation
Favor legislation to increase regulation of banks, Wall Street investors, and other financial institutions Oppose Mar. 2010 May 2010 Jul. 2010
53% 60% 58% 43 38 38
Q: Now, thinking back on some of the major pieces of legislation Congress has passed in the last two years, would you say you approve or disapprove of . . . ?
August 2010Gallup/USA Today
Increased government regulation of banks and major financial institutions? Approve 61% Disapprove 37 The economic stimulus package? Approve 43% Disapprove 52 Government aid to U.S. automakers that were in danger of going bankrupt? Approve 43% Disapprove 56 The healthcare overhaul? Approve 39% Disapprove 56
39
Government aid to banks and major financial institutions that were in danger of failing? Approve 37% Disapprove 61
Q: When it comes to government regulation of banks and financial institutions, which comes closer to your opinion: The government should increase regulations on these institutions now to help prevent more financial crises from happening again in the future, or the government should not increase regulations on these institutions now, because that will discourage private investors and slow down economic growth.
CBS/New York Times
Should increase regulations Apr. 2009 71% Feb. 2010 56 May 2010 53 Jul. 2010 57 Should not 23% 36 37 35
Bonuses
Q: Would you describe yourself as angry or not angry about . . . large bonuses being paid to employees at companies that have accepted government loans?
March 2009ABC News/Washington Post
Angry Not angry 81% 18
Q: Which best describes your feelings about AIG paying bonuses to some of its executives: are you angry, bothered but not angry, or are you not bothered by this?
March 2009CBS News
Angry 50% Bothered 38 Not bothered 12
Q: Do you think the federal government should be allowed to regulate the salaries of corporate executives at American companies that take taxpayer bailouts?
March 2009Fox News
Should be allowed to regulate salaries of executives at companies that took bailouts Should not 64% 32
Q: Do you think the federal government should ever be allowed to regulate the salaries of corporate executives at American companies?
March 2009Fox News
Should be allowed to regulate salaries of corporate executives Should not 38% 56
40
Q: Do you think the government should limit the amount of money that companies not taking federal funds pay their executives?
March 2009Quinnipiac
Government should limit the amount of money that companies not taking federal funds pay their executives Should not 30% 64
Q: Do you think the government should limit the amount of money that companies that are taking federal funds pay their executives?
March 2009Quinnipiac
Government should limit the amount of money that companies that are taking federal funds pay their executives Should not 81% 16
Q: As you may know, several banks that received rescue loans from the government have now paid back those loans. Do you think the federal government should try to limit the size of the bonuses these banks can pay to their top employees, or do you think the government should stay out of it now that its loans have been repaid?
January 2010ABC News/Washington Post
Government should try to limit the size of bonuses these banks (that have p aid the loans back) can pay their top employees Government should stay out of it 50% 49
41
Views about Free Enterprise and Capitalism

Q: I am going to read you a series of questions that will help us understand how you feel about a number of things. For each statement, please tell me if you completely agree with it, mostly agree with it, mostly disagree with it, or completely disagree . . .
The strength of this country today is mostly based on the success of American business. May 1987 May 1988 Feb. 1989 May 1990 Nov. 1991 Jun. 1992 Jul. 1994 Nov. 1997 Sep. 1999 Feb. 2002 Aug. 2002 Aug. 2003 Dec.2006 Jan. 2007 Apr. 2009 Sep. 2011 Apr. 2012 Completely agree 16% 25 23 20 29 24 26 22 23 25 22 26 19 26 26 25 Mostly agree 60% 54 54 57 47 54 52 54 53 51 50 49 53 50 47 46 Mostly Completely disagree disagree 16% 3% 14 3 14 4 14 3 15 6 15 5 15 5 16 5 14 5 16 4 18 6 15 6 18 15 17 19 6 5 8 6
Q: Just off the top of your head, would you say you have a positive or negative image of each of the following? How about free enterprise?
November 2012Gallup
Have a positive view 89% Negative 7
Q: Just off the top of your head, would you say you have a positive or negative image of each of the following. How about capitalism?
November 2012Gallup
Have a positive view 61% Negative 31
42
Q: Now I want to read you some things some people have told us they have felt from time to time. Do you feel or not feel that the rich get richer and the poor get poorer?
Harris
Yes 1972 67% 1977 77 1985 79 1990 82 1991 83 1992 83 1993 81 1994 78 1995 79 1996 76 2001 69 2002 72 2003 69 2004 68 2005 75 2006 72 2007 73 2008 71 2009 66 2010 68 2012 74
Q: Do you completely agree, mostly agree, mostly disagree, or completely disagree?: Today its really true that the rich just get richer while the poor get poorer.
April 2012Pew Research Center
May 1987 May 1988 Feb. 1989 May 1990 Nov. 1991 Jun. 1992 Jul. 1994 Nov. 1997 Sept. 1999 Feb. 2002 Aug. 2002 Aug. 2003 Jan. 2007 Apr. 2009 Completely agree 31% 34 40 38 45 38 33 34 33 37 28 34 37 36 Mostly agree 43% 42 38 40 35 40 38 36 39 31 37 34 36 35 Mostly Completely disagree disagree 19% 3% 18 3 15 4 16 3 13 5 16 4 20 7 22 6 20 6 20 9 26 7 22 7 18 7 18 8
43
Q: Do you feel that the distribution of money and wealth in this country today is fair, or do you feel that the money and wealth in this country should be more evenly distributed among a larger percentage of the people?
Distribution Should be more is fair evenly distributed 1984 Gallup 31% 60% 1985 LAT 28 61 1987 Gallup 27 66 1990 Gallup 28 66 1996 Gallup 33 62 1998 Gallup 31 63 2000 Gallup 38 56 2003 Gallup 31 63 2007 Gallup 29 66 Apr. 2008 Gallup 27 68 Oct. 2008 Gallup 37 58 Mar. 2009 Gallup 35 59 Apr. 2011 Gallup 35 57
Q: And, thinking some more about economy here in the United States, which of the following statements do you agree with more?
May 2011Allstate/National Journal
Left to itself the free market economy creates more opportunities than problems because it provides the most effective way to create economic growth and allow people to rise as far as their talent and hard work will take them. Left to itself the free market economy creates more problems than opportunities because it creates too much inequality and leaves too many people in poverty.
62%
32
44
Q: Some people think that the government in Washington ought to reduce the income differences between the rich and the poor, perhaps by raising the taxes of wealthy families or by giving income assistance to the poor. Here is a card with a scale from 1 to 7. Think of a score of 1 as meaning that the government ought to reduce the income differences between rich and poor, and a score of 7 meaning that the government should not concern itself with reducing income differences. What score between 1 and 7 comes closest to the way you feel?
NORC
Govt should reduce income differences Govt shouldnt reduce income differences
----------------------------------------------------Points--------------------------------------------------- 1 2 3 4 5 6 7 1973 36% 12% 10% 11% 6% 7% 15% 1978 19 11 17 21 11 8 12 1980 17 9 16 20 12 7 16 1983 20 11 16 17 11 8 14 1984 21 12 15 17 13 8 12 1986 23 9 17 21 11 6 12 1987 19 9 17 21 13 6 14 1988 20 10 18 20 12 8 11 1989 18 13 19 20 11 7 10 1990 21 12 18 21 9 6 10 1991 20 12 17 20 12 7 9 1993 17 12 19 18 12 8 12 1994 14 9 16 21 15 8 15 1996 17 10 16 21 12 8 12 1998 15 10 17 21 11 8 16 2000 16 12 16 20 14 9 13 2004 20 8 18 19 13 8 14 2006 20 9 17 22 13 7 11 2008 24 8 17 19 13 7 12 2010 18 8 16 18 16 7 17 2012 24 10 15 18 11 6 15
Q: Do you think that our government should or should not redistribute wealth by heavy taxes on the rich?
Jun. 1939 Roper/Fortune Prosperous Upper middle class Lower middle class Poor Apr.May 1998 Gallup Apr. 2007 Gallup Apr. 2008 Gallup Oct. 2008 Gallup Mar. 2009 Gallup Apr. 2011 Gallup Should Should not 35% 54% 17 76 28 64 34 57 46 40 45 51 49 47 51 43 46 50 50 46 47 49
45
Business corporations generally strike a fair balance between making profits and serving the public interest. May 1987 May 1988 Feb. 1989 May 1990 Nov. 1991 Jun. 1992 Jul. 1994 Nov. 1997 Sep. 1999 Feb. 2002 Aug. 2002 Aug. 2003 Dec. 2006 Jan. 2007 Apr. 2009 Sep. 2011 Apr. 2012 Completely agree 4% 6 5 5 8 5 7 7 7 7 7 6 6 6 9 7 Mostly agree 39% 36 33 38 32 35 38 38 38 33 34 32 32 31 32 31 Mostly Completely disagree disagree 38% 10% 39 13 44 12 37 13 38 19 42 14 38 15 40 12 37 13 38 16 38 17 35 22 39 39 31 37 19 19 21 21
Q: What do you consider to be a reasonable profit for the average manufacturer after taxes?
Mean percentage 1976 ORC 25% 1979 ORC 26 1981 ORC 26 1983 ORC 30 2013 Reason-Rupe 30
Note: The Reason-Rupe interviewers split their sample and asked about the average manufacturer in one question and the average company in the other. The mean percentage for the average company was 35 percent.
Q: Just as a rough guess, what percent profiton each dollar of sales do you think the average manufacturer makes after taxes?
Mean percentage 1971 ORC 28% 1973 ORC 28 1975 ORC 33 1976 ORC 29 1979 ORC 32 1981 ORC 31 1983 ORC 37 1986 ORC 32 1987 ORC 34 2013 Reason-Rupe 34
Note: The Reason-Rupe interviewers split their sample and asked about the average manufacturer in one question and the average company in the other. The mean percentage for the average company was 36 percent.
46

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AE I P U B LI C OP I NI ON S T UDI E S

Five Years After the Crash

Worry about the US Going into a Depression

Source: Gallup/USA Today, December 2008.

Confidence in Wall Street

Confidence in People Running Wall Street

Greed and Wall Street

Views on Wall Street

34% 40% 50%

Source: Harris Interactive, 2012.

Banks, More Broadly

Source: Gallup, latest that of 2013.

Business, Much More Broadly

Confidence in Big Business

Some Very little/None

33% 22% Great deal/Quite a lot

Source: Gallup, latest that of 2013.

The Influence of Major Corporations

Source: Gallup, latest that of January 2013.

Size, Power, and Influence

Business Compared to Other Institutions

Views on Government Regulation

Government regulation of business is necessary to protect public interest

Does more harm than good

Source: PSRA/Pew Research Center, February 2013

Government Regulation of Salaries of Corporate Executives

80% 70% 60% 50% 40% 30% 20% 10% 0%

Should not regulate Should regulate

Should not regulate

Salaries of corporate executives

Source: Fox News, March 2009.

Views about Free Enterprise and Capitalism

Source: PSRA/Pew Research Center, April 2012.

Appendix: Major Trends and Data

Confidence in Wall Street

Q: Please indicate if you know personally someone who is a millionaire.

Note: *Question asked only of registered voters. ^Asked of a half sample.

Greed and Wall Street

Agree Disagree 64% 33% 56 40 56 41 60 34 60 33 61 34 54 34 63 35 71 27 66 29 67 31 70 27

Agree Disagree 57% 39% 48 48 57 39 56 37 57 36 56 40 53 35 59 38

Wall Street is dominated by greed and selfishness.

Agree Disagree 57% 39% 48 48 57 39 56 37 57 36 56 40 53 35 59 38

Agree Disagree 40% 55% 51 44 48 47 45 46 42 50 36 58 37 51 40 56 30 66 29 65 31 66 32 64

Agree Disagree 39% 57% 43 53 42 51 41 52 40 55 39 47 37 60 37 59 33 61 31 64 30 67

Agree Disagree 43% 52% 51 45 49 47 39 51 35 56 35 57 35 50 41 54 26 70 31 64 26 70 28 68

Agree Disagree 78% 20% 75 21 75 21 78 19

Banks, More Broadly

Feb. 2009 Feb. 2010 Apr. 2011 Apr. 2012

Business Compared to Other Institutions

53% 60% 58% 43 38 38

Views about Free Enterprise and Capitalism

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