What used to be a game for the wealthy is now the foundation for the future of the country. There's very little confidence in Wall Street or the entire system so business as usual is not going to cut it. The problem is much larger though because not only is there a crisis in confidence for Wall Street investments, but the system in general including ratings agencies, accounting firms who are supposed to be reviewing the books, Wall Street analysts, as well as regulators. Looking at these numbers leaves me shocked at the mainstream conservative thinking of the incoming Obama team.
Most Americans believe that investment fraud like the recently revealed Ponzi scheme run by Bernard Madoff happens regularly on Wall Street, according to a recent survey.
In a CNN/Opinion Research poll, 74% of those surveyed said they think Madoff's behavior is common among financial advisors and institutions. The Securities and Exchange Commission alleges that Madoff operated a $50 billion Ponzi scheme - the largest in history - that cost some of the world's largest financial firms, charitable foundations and individual investors hundreds of millions of dollars each.
Of the more than 1,000 American surveyed from Dec. 19-21, 59% said the government regulates the stock market and financial institutions too loosely. Just 22% said government regulation is too tight, while 18% said the government's current market oversight is exactly right.
Americans are more supportive of additional market regulation than they were just a few months ago. In an earlier poll conducted in September, only 50% of respondents said there was too little government oversight, while 26% said the government was regulating the markets too much.
