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Rating Obama's handling of financial regulations

The broad remake of financial regulations likely to pass the Senate today is one of several issues in the most recent Washington Post-ABC News poll which appears to be a drag on President Obama's popularity.

In the latest poll, half say they disapprove of the way Obama has handled regulation of the financial industry, 44 percent say they approve. On this matter, as on his handling of the nation's economy, intensity tilts against the president: 37 percent strongly disapprove of his performance compared with 24 percent who strongly approve.

Q. Do you approve or disapprove of the way Obama is handling regulation of the financial industry?
Approve NET: 44%; Disapprove NET: 50%

[Chart]

Majorities of Republicans (81 percent) and independents (53 percent) give the president negative reviews on the matter. More than seven in 10 Democrats approve (72 percent).

Six in 10 Americans who have soured on both parties' handling of the nation's economy also say they disapprove of the job Obama has done handling financial regulations; 40 percent do so strongly.

And Obama's approval rating on the matter drops as household income rises. Among those in households with annual incomes below $50,000, 51 percent approve of the way Obama's handling regulation of the financial industry; that dips to 40 percent among those with incomes of $50,000 up to $100,000, and to 36 percent among those with six-figure incomes.

A Post-ABC poll conducted last month found that about four in 10 Americans felt that the proposed overhaul was about right in its efforts to regulate banks and other financial institutions, 35 percent said it did not go far enough, and 20 percent said it went too far.

By Jennifer Agiesta  |  July 15, 2010; 1:15 PM ET
Categories:  44 The Obama Presidency , Barack Obama , Financial regulation  
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Comments

Obama is an anomalous catastrophe that has befallen America; and, must be resoundingly rejected and corralled in November, until we can remove him in 2012. Greg Neubeck

Posted by: gneubeck | July 15, 2010 2:41 PM | Report abuse


Barry the incompetent boob Obama has no idea what he is doing. No wonder most people do not trust Barry the inept bungler's handling of the financial industry.

Miserable failure Obama

Posted by: screwjob17 | July 15, 2010 2:42 PM | Report abuse

The financial reform that the President will sign is modest, and has been extensively vetted by congress. This is, shockingly, the first action taken by congress to seriously reform the financial regulatory system that made the recent recession possible.

Obama has shown leadership by permitting Congress to take its time in crafting a bill that can win approval of both Democrats and Republicans, and should be commended for laying out a broad set of principles rather than demanding one or another specific policy component.

People who are rightfully angry about the bank collapses and subprime problems, and who are concerned about the overal status of the economy, should be glad that regulations are now being put in place to reduce the liklihood of such widespread failures in the future.

The financial regulatory system put in place after the great depresson has eroded substantially over the last 30 years. This bill does not fully restore it, but instead offers a middle ground that balances consumer protection with economic growth, with the aim of ensuring that economic growth is sustainable over the long term.

Posted by: ngrabergrace | July 15, 2010 3:03 PM | Report abuse

President Barack Obama is doing a good job moving the country forward by getting rid of the Reagan, Bush policies which set poor people back ten fold. Yes, we finally have a president that has the guts to look the American people in the eye and say this is the right thing to do regardless of poll numbers. We need a leader to make tough choices. If you care so much about the deficit stay tuned, 2012 will be a defining moment for rich white men that hate our U.S. President. President Obama is going to take a scaple and raise the retirement age so that we can slice the deficit. You hate him now, I can't wait until 2012 to hear the teabaggers, and right wingnuts complain about President Obama's audacity to deal with the deficit. Health care, financial overhaul, next energy, looks like a triple crown for Mr. Obama. Middle class Americans of color now have someone we can believe in. Change is good.

Posted by: daulphinehunter | July 15, 2010 3:18 PM | Report abuse

Three cheers for Obama. I like the way he is trying to balance corporate giveaways with domestic policy to protect people and property. We need more discipline. People come before business. Many of us lost a ton of money in our 401k's and I don't want that to ever happen again. I blame Wall Street and banks. I trust Dems much more than Repubs on most issues, including the economy. We need stricter environmental regulations and green energy development along with more corporate regulation. We need policies that foster development of more small business and local merchants. I don't think big box stores are good for our economy. Most of what they buy comes from overseas.

It's not a surprise Repubs don't like Obama's policies. Of course not. I could not stand Bush's policies. Independent voters swing with the wind. They will be back on the side of progressives in the next election cycle.

Posted by: citizen4truth1 | July 15, 2010 3:38 PM | Report abuse

Obama should be occupying a federal prison cell right next to his ol' pal Tony Rezko.


Posted by: Jerzy | July 15, 2010 3:41 PM | Report abuse

Even aside from the know nothings who often pollute these comments, the reality is a wide divergence in people's thoughts about our economic problems. That means any action that is possible is going to be a compromise that really pleases nobody. On any reasonable scale, the President has done an exceptional job of getting legislation passed. Few people have any real idea of what is in the financial system regulations. In any case, the detailed content is left to the regulators. So the poll numbers are not reflecting anything more than emotion. From my point of view, I doubt that the legislation goes far enough. I also believe that the President, pretty much all of Congress, and the Federal Reserve have yet to really face up to our economy's problems. But if they did, people would be even more unhappy because most people are not willing to face up to the realistic economic expectations that we have.

Posted by: dnjake | July 15, 2010 3:44 PM | Report abuse

Bush Jr. should be in a federal prison for war crimes and for ruining the country.

Posted by: Ralph_Indianapolis | July 15, 2010 3:52 PM | Report abuse

Folks, if you read the numbers, 35% of those who disapprove the way the Obama administration has handled the bank reform legislation, don't believe the legislation went far enough to curtail some of the activites of the banking industry. The true disapproval factor here is the actions of the Republicans in Congress.

Posted by: bstrauss0913 | July 15, 2010 3:54 PM | Report abuse

Folks, if you read the numbers, 35% of those who disapprove the way the Obama administration has handled the bank reform legislation, don't believe the legislation went far enough to curtail some of the activites of the banking industry. The true disapproval factor here is the actions of the Republicans in Congress.

Posted by: bstrauss0913 | July 15, 2010 3:55 PM | Report abuse

OK in 2 years, this President's administration has

1. Stabilized an economy on the verge of depression
2. Reformed the financial institutions that started the mess
3. Stopped an 80K barrel oil leak
4. Passed health reform
5. Put America on track to become a green-powered nation

Get outta here. This group is good.

- Chris Stewart (real name no gimmick)

Posted by: ChrisStewart | July 15, 2010 4:17 PM | Report abuse

Liquidity of credit is what is missing not over regulation of the financial markets. Those here who think law won't effect them negatively should think about what food prices followed by fuel prices will look like in 6 months to a years time---the way farmers work their issues of uncertainty is through derivatives and this law now forces them to do so through "exchanges" versus privately with banks which means there is an "exchange" fee---that get's passed to consumers. This will be true for oil and gas as well....

I would like to see how those who support this bad legislation feel about then.

By the way there is no credit available for the small business person--no matter how good their credit line or how necessary their product---just ask one. Apparently Congress can't seem to figure out were a small business person is to ask this simple question.

Posted by: mil1 | July 15, 2010 4:20 PM | Report abuse

Obama could cure cancer, end the recession, personally plug the oil leak, capture Bin Laden and the hoople heads would still complain. They prefer the G.O.B.P. which has not offered a single possible solution to any of the country's problems except to cut taxes for the rich and promote TINKLE-down economics. No to health care except their own. No to increased regulation of deep water drilling unless the oil is on their state's shores. No to increased regulation of their Wall Street friends. They were all for Bush's $1500 rebate checks which cost $150 billion, was not paid for and generated 30 cents on the dollar in stimulus. But they are against extending jobless benefits without paying for them even though it would cost $34 billion and generate $1.61 of stimulus for each dollar spent.

Screw them.

Posted by: thomgr | July 15, 2010 4:49 PM | Report abuse

The poll's finding were not as suprising as the constant regurgitation of its results by all the media. Certain people will be unhappy with anything the administration does ... it's the politics of NO, and it's proving very profitable for those pursuing it, because people are swalling it hook, line, and sinker. The hypocrysy of pretending that a deceitfully free-wheeling, free-dealing posturizing is what we need to "create jobs," "reduce the deficit," and so "ensure our children's future ... is astounding. The job loss, the deficit, our children's imperilled future are all due to reckless, short-sighted pursuit of mamon and instant gratification that those who now so strongly disapprove of the president's and the administration's governing would have us go back to. Business as usual after November, they most ardently wish for. And when they lose the rest of their retirement nest egg and suddently find themselves without any health insurance then these same dissatisfied people will be very critical of the administration. We lurch from one election cycle to another thinking that putting the other party in command will improve anything. It won't ... we need to make certain painful economic and regulatory changes to get back on track with our economy

Posted by: nitellub | July 15, 2010 4:50 PM | Report abuse

U.S. GDP grew in each of the last 3 quarters. In 2008, it was losing 500,000 jobs per month.

Some declared the stimulus a failure, when they did not see instant results. The fact is jobs are always lagging the numbers recovery in each recession.

Balkingpoints / www
@Balkingpoints / Twitter

Posted by: RField7 | July 15, 2010 5:09 PM | Report abuse

Interesting that there is no call for the "criminals" who perhaps were responsible for challenges the current government must address. Just the "socialists" trying to fix them.

I don't care that people disagree with policies and debate their merits... but these are highly complex issues that do not fit one, nor the other, ideology.

Balance your criticism... think. Unabated free markets and regulation are 2 sides of the same coin people.

Posted by: Rickster623 | July 15, 2010 5:10 PM | Report abuse

Hooray for passage! Once again, Pres Obama has led to real reform in behalf of the American people. We are talking about the wreckless, greedy behavior of the financial industry, and Republican policies that let it happen. Conservative Republicans and their talk radio frontmen don't like the idea, or the results. Any surprise? Let's not vote these naysayers back into office in November.

Posted by: dudh | July 15, 2010 5:10 PM | Report abuse

Nothing flops like failure.

Miserable, expensive failure.

Posted by: andrew23boyle | July 15, 2010 7:00 PM | Report abuse

Chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.

Principal among them is a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States.
Business groups are also rankled that the legislation would impose costly new burdens on airlines, utilities and other non-financial businesses that were victims rather than villains in the crisis, simply because they use financial derivatives to hedge their businesses against risks such as fluctuations in oil prices, interest rates and currencies.

Such hedging practices played no role in the crisis, though they helped many businesses weather the financial turbulence and recession that followed in the aftermath of the Wall Street storm.

The bill would create more than 20 "offices of minority and women inclusion" at the Treasury, Federal Reserve and other government agencies, to ensure they employ more women and minorities and grant more federal contracts to more women- and minority-owned businesses.

The agencies also would apply "fair employment tests" to the banks and other financial institutions they regulate, though their hiring and contracting practices had little or nothing to do with the 2008 financial crisis

But, hey, competency and competition for hiring is not included and the Tea Party is racist. If you are not out of work, prepare to be, because this bill is as anti-business and anti-American as any that will ever pass in congress.

Posted by: Weaver1 | July 15, 2010 7:36 PM | Report abuse

I think that President Obama is doing a good job. He needs to spend more time explaining the bills that are passed. Otherwise, anyone can say the bill "does this" or "does that" without fear of its being shown that what is said is untrue. The Democratic party (or, better, the Chairperson of the committee chiefly responsible for the legislation) should generate a site that recites major provisions of these bills and explains in brief and ordinary language what each does. The site should respond with facts (that anyone can verify by looking up the legislation) to rebut falsehoods about them. With the economy, I think providing jobs by useful projects (establishing a high speed railway for example) is best. It provides work. Most Americans would rather work than receive money for unemployment. We are a good and great country and our President is a reflection of that. Aaron Horowitz

Posted by: aaronhorowitz | July 15, 2010 9:01 PM | Report abuse

Obama paying acorn kook heads to push approval as fast as they can on our dime....pricelss.

They are selling approval to no one.
No one is please with this legislation. All of their "help" has been to grown their own fatty fed.

No thank you.

In fact the only thing that would make these people credible is to cuff up all of the corruption in their midst, demand Open history by all Public officials , sever Holder's power and suit on a State, place the 6,000 troops people feel should be locked loaded and armed in Arizona at the border, end the war this week and bring them home, cut their own salaries to $800.00 per week , and put in 6 year term limits on themselves.

Then turn in their resignations and get the he11 out of the way.

That is all the people want from this Congress.
Doing anything else, is just adding to their own indictments. Both Parties failed to protect and serve.

Posted by: dottydo | July 15, 2010 9:08 PM | Report abuse

Obama paying acorn kook heads to push approval as fast as they can in polls on our dime....priceless.

They are selling approval to no one.

No one is pleased with this legislation. All of their "help" has been to grow their own fatty Fed.

No thank you.

In fact the only thing that would make these people credible is to:
cuff up all of the corruption in their midst,
demand Open history by all Public officials ,

sever Holder's power and suit on a US State begging through laws supporting the US Federal laws, just to remain under US Federal jurisidiction, instead of Mexico's,

place the 6,000 troops people feel should be locked loaded, and armed in Arizona at the border,

end the war this week and bring them home,

cut their own salaries to $800.00 per week ,

put in 6 year term limits on themselves.

Then turn in their resignations and get the he11 out of the way.

That is all the people want from this Congress.
Doing anything else, is just adding to their own indictments. Both Parties failed to protect and serve and defend the US Constitution

Posted by: dottydo | July 15, 2010 9:15 PM | Report abuse

I have never thought of being concerned with the government, but, since I kept on hearing Barrack Obama, I decided to look into what was going on...The First time I saw this Face of his, I felt very threated! He has "his kind" of people, and wants to destroy the others!! It's So PLAIN to perceive that he can't even handle himself, & behaves like a little child who need mommy to hold his hand! Plus, is it interesting to try to listen to someone who surely does not know his head from his feet!? And, nothing he CAN utter makes sense!-And I agree that this kind of person should have NEVER had "that" position!!-Just look at him! You don't agree that he belongs in Hollywood? As he plays the role of an actor being after an other who has wronged him? If there's someone I can't stomach, "HE IS the one" with all the marks of a deceiver written all over his face...& "he" has proven "his" motives long enough-and surely NOT for OUR good!!
I don't understand the ones who worship him, unless they expect something good out of Barrack!!Well, Wake UP! and SEE WHERE he is dragging you! Most of us, have used WISDOM to perceive a DECEIVER who makes promises, but does not Know the meaning of the few words that come out of his mouth!!
Better, have no president, than one of this horrible kind...No! but are you totally Blind, and worse, Not to see the REAL Obama????-May he get down his pedestal before the very Worst happen!! By the way, who are the "fools" who voted the enemy in????-Well, since Not everybody is in need of worshipping "a mere man", we'll keep on the Alert to prove that "some" comments are Right on, in Seaking Justice & Peace! -You will Never find anything positive for yourself, if you continue to run after your OWN Destruction, as it Should be staring you in the face!!-I quit even listening to what he can barely utter, for "it is too sickening" and he does not deserve that anyone adore him, quite the contrary!! Hey! I'm wasting my time, even talking about "the Deceiver Idiot"..Hope you get the picture, before "IT IS TOO LATE" & can't get RID OF HIM!! -We'll stay awake, and witness "his accomplishments"!!!Until, then, "Hold on to your Seat"!!! "Outraged that there such a .....to rule our lives, but rule to..??

Posted by: Rita_Kolnicky | July 15, 2010 9:54 PM | Report abuse

Hey, it is only 3.5 months until the mid-term elections and we can purge ourselves once and for all of these liberals and Democrats. Then we can get the country on the right track...counting the days!

Posted by: dcmowbray1 | July 15, 2010 9:55 PM | Report abuse

For my Republican friends, your desire is to defeat the Obama administration at each turn to enable the country to get on the right track. Exactly what is the right track? Is that the same track that George W. Bush had us on? Remember, he accounted for a debt of 4.9 trillion dollars. He erased the gains of many middle class Americans with his tax cuts for the wealthy and fallen stock market over the course of his administration.

Posted by: bstrauss0913 | July 15, 2010 10:41 PM | Report abuse

As a professional who conducts polls, this poll, as reported, is terribly misleading. The question is doesn't appear to ask is why people disapprove of how the President has handled financial reform. The problem is that some people don't approve because they think the financial reform legislation goes too far -- and a great many people like myself believe it doesn't go far enough, but we'll take what it is because it's better than nothing.

Perhaps the pollsters are as brain dead as those who oppose the President at every turn, namely the radical right running the Republican/Tea Party. They're counting on short voter memory. Who got us into the Great Recession? The Republicans, of course. Who taken steps that are leading us out of the Great Recession and prevented it from becoming a depression? The Democrats and President Obama.

But why let the facts get in the way? After all, the Republicans have never let facts get in the way of their ideology-based way of governing. Why start now?

Posted by: dl49 | July 16, 2010 1:23 AM | Report abuse

I approve of Obama's handling the economy. I think he's doing the best he can. I think its going to take more than 18 months to reep the benefits but I think we are going in the right direction. I think electing a Republican is going backwards back to the same policies that got us into this mess and voting for a Democrat is going foward.

Posted by: amosdefnails | July 16, 2010 4:50 AM | Report abuse

It is amazing how uncritical pro or con the press has been over the financial regulation bill. C'mon it's two thousand pages, and there should be some significant criticism not just partisan cheer leading that it doesn't raise "czars" to regal status or arbitrate claims of fraud with dueling. No wonder the public thinks the Beltway is a bunch of lazy, corrupt fools. History will likely put these guys down as second to only the Post Civil War political economy. The parallels are truly frightening.

Posted by: Donschott | July 16, 2010 6:37 AM | Report abuse

The Republican Party is a joke. Look at their leaders, Stain man Steele, Sun Tan Man Boehner, and Turtle man Mcconnel. These guys can't open their mouth without making a gaffe. But there's more, Sara Money Making Palin, Rush off Limbaugh, Sharon crooked Angle, Rand from Paul, and Michelle Bach-man. These guys and ladies are an embarrassment to the Republican Party not that the Republican Party hasn't always been an embarrassment, just look what they did in Eight years, ruined the Economy almost ended our way of life an expect the American people to put them back in office to finished the job. How dumb do they think we are. The Republicans created this mess and now were going to ask the Republicans to get us out of it? Especially these new Tea Party Republicans that the Elected Republicans support and don't denounce their crazy positions. That doesn't make much sense. The Republicans haven't changed their spots, they still believe their tactics that got us into this mess works. I'll trust the Democrats any day over the Destructive, ignorant, foolish, Republican Party. At least their trying. The Republicans haven't governed in over a year. Oh Thank God they haven't governed or we'd proberly be over the cliff by now.

Posted by: amosdefnails | July 16, 2010 6:50 AM | Report abuse

Fatcat unions will soon be running this nation again! Obama will see to that! Then the flood gates of immigration will be open for any and all to work for low wages producing nothing!

Posted by: usmc1969 | July 16, 2010 11:29 AM | Report abuse

Obama doesn't really want anything to change on Wall Street - those are his buds. It's more of the same from The One: believe what I say (because I know what's best for you America), not what I do. The arrogance of this president is shocking. He could at least try to pretend that he listens to what we are screaming at the top of our lungs...private sector jobs jobs jobs and reduce the public sector!

Posted by: samwoods77 | July 16, 2010 12:02 PM | Report abuse

IT IS PEOPLE LIKE SOME OF THOSE ABOVE THAT HAVE BROUGHT US TO THE CURRENT SITUATION THAT WE ARE NOW FACING. IT IS NOT THE REGAN OR BUSH ERA THAT
CAUSE THIS RECESSION BUT THAT OF THE CURRENT OPEN
END SPENDING THAT THE DEMOCRATIC PARTY & OBAMA HAS
DONE TO DESTROY OUR ECONOMY & RELIGIOUS WAY OF LIFE.HE IS SOLE CONCERNS IS BASED ON THE HATRED OF THE AMERICAN WAY OF LIFE & AS WAS HIS FATHER & GRANDFATHER BEFORE HIM. HE IS A COMMUNIST & EXTREME MUSLIM WHICH HAVE BEEN INSTIL-LED IN HIM SINCE EARLY CHILDHOOD. YOU NEED TO READ HIS EARLY LIFE HISTORY BEFORE YOU BLAME OTHER S BASED SOLELY ON APOLITICAL VIEWS. HE WILL DESTROY THIS COUNTRY IF ALLOWED TO CONTINUE

Posted by: flapuma4260 | July 17, 2010 8:38 AM | Report abuse

"I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country."
Thomas Jefferson
same seedy corruption that we are faced with today.

Posted by: Americacares | July 18, 2010 12:25 AM | Report abuse

Pro-entitlements, pro-unions, pro illegals and anti-business. Little wonder why dems love him so much! I hope Obama continue to villify and demonize business! We will just hold back and not hire! Why should we! We need a president who is not a socialist and not anti-business! Amazing how dems want to keep American unemployed for 99 weeks or more yet desire to OPEN the borders to any and all. Obama is an utter failure and have brought us to this point of polarization. He showed the world his hatred for whites several times. Soon the US will be controlled by the Hispanics.
Dems can not explain why Obama is for handing out 99 weekly checks for the unemployed while stating we need to OPEN our hearts to 20,000,000 illegals to work here. ACORN, NBPP, SEIU and AFLCIO are all hate organizations.

Posted by: usmc1969 | July 18, 2010 10:17 PM | Report abuse

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