What Do Consumers Think About the Bailout?
On Monday, Federal Reserve Chairman Ben S. Bernanke said Congress should consider implementing a second stimulus package.
According to at least one survey, though, many Americans are not yet convinced that the $700 billion bailout package already approved by Congress is even going to work.
In a survey commission by Truecredit.com and conducted by Harris Interactive, only 1 percent of the 2,021 adults polled said they believe the bailout initiative will be "very effective."
Sixty-two percent said they believe it will be at least somewhat effective at improving the current economic climate.
Truecredit.com, which is run by Transunion, one of the three major credit bureaus, also took a look at how the financial crisis is affecting spending habits.
Sixty-eight percent said they have spent or will soon spend less, a trend that would probably be nice for their pocketbooks but not for the U.S. economy, which is highly dependent on consumer spending.
Almost half the respondents said they believe the economy will have an impact on their retirement savings. Almost 30 percent said the economy will affect their interest rates, their ability to retire and their investment portfolios. And nearly a quarter said the economic climate will affect their ability to get a mortgage.
Clearly, there are a lot of worried people out there.
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