American want more regulation of economy, poll finds
An L.A. Times/Bloomberg survey finds that nearly three-quarters of Americans say the lack of regulation is partly responsible for the current financial and housing crisis.
Ian Bagley thinks he pays too many taxes, says welfare rolls need to be reduced and that the private sector usually does a better job than the public sector.
But after watching the housing market collapse and the stock market tank, the civil engineer from Kenosha, Wisc., now believes there is not enough government regulation of the economy.
A new Los Angeles Times/Bloomberg national poll shows Bagley is far from alone. The survey found that nearly three-quarters of Americans thought the lack of regulation was partly responsible for the current financial and housing crisis. The need for stronger regulation of financial markets was cited most as the top issue for the presidential candidates to address in the remaining weeks of the campaign.
And nearly half of those surveyed now think there is too little regulation of business.
"I always thought the least amount of government in peoples' lives, the better," said Bagley, 29, a poll respondent who was contacted in a follow-up interview. "But now you see what happens when you take it to the extreme."
The findings underscore deep concern in the nation's economy.
Nine out of 10 polled said the economy was doing badly. More than three-quarters said the country was facing a crisis, and more than half were worried the downturn would threaten their household's financial security.
Questions about what role government should play in preventing the crisis have moved to the forefront three weeks before Americans pick their new president and as the details of a $700-billion federal rescue plan to shore up the nation's financial system begin to unfold.
At least 70% of respondents in each of a wide range of demographic categories blame the absence of more regulation for the nation's economic troubles.
When asked to choose which of six economic issues was most important for Sens. John McCain and Barack Obama to address in their campaigns, bolstering regulation was most frequently cited -- roughly twice as often as taxes, housing foreclosures and unemployment.
Overall, 45% of respondents said there was too little regulation in business; 27% said there was too much.
This was not always the case.
L.A. Times polls conducted in 1991 and 1981 -- both times of economic unease -- found that only 29% and 18%, respectively, thought there was too little regulation of business and industry.
