NEW YORK - (Business Wire) American attitudes towards Wall Street are ambivalent. Most people believe that Wall Street benefits the country and that what it does is “absolutely essential.” However, attitudes towards the people who work on Wall Street are overwhelmingly negative and are far lower than they were before 2008 and the bail-out of large banks and other financial institutions, with little or no improvement over the last year. The net result? Fully 82% of all adults believe that Wall Street should be regulated more toughly.
These are the results of a nationwide telephone survey of 1,010 adults surveyed between February 16 and 21, 2010. The survey includes several questions that Harris has asked many times over the last 15 years, so this year's results can be compared with attitudes before Wall Street's crisis in 2008.
The main findings of this Harris Poll include:
- Most people (56%) agree that Wall Street “benefits the country” but most of these people (44%) believe it only does so “somewhat” and only 11% believe it does so “a lot.”
- Most people (59%) also agree that “Wall Street is absolutely essential” and only 34% think it is not.
However, these positive attitudes to Wall Street's functions stand in stark contrast to the public's negative attitudes to the people who work on Wall Street:
- A 66% to 29% majority agrees 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.”
- A 65% to 29% majority disagrees that “most successful people on Wall Street deserve to make the kind of money they earn.”
- A 64% to 31% majority disagrees that “in general, people on Wall Street are as honest and moral as other people.”
- A 61% to 33% majority also disagrees that “what is good for Wall Street is good for the country.”
The result of these hostile feelings about the people who work in Wall Street firms is that a massive 82% to 14% majority believes that “recent events have shown that Wall Street should be subject to tougher regulation.”
Bonuses
One issue that has greatly annoyed many people is the large bonuses paid by Wall Street firms even when they lost hundreds of billions of dollars and needed to be bailed out by the government (i.e., the taxpayers). A large 75% to 21% majority of adults believes that “Wall Street firms should only pay bonuses when they are doing well and making good profits.”
Trends
In surveys conducted over the ten years between 1996 and 2006, attitudes to Wall Street were relatively stable. However, hostility to Wall Street, and in particular, to the people who worked for Wall Street firms, increased very sharply after the 2008 crash. These negative feelings have persisted; attitudes to Wall Street have changed very little over the last 12 months.
So what?
Those who manage large banks and other financial institutions can draw some comfort from the majorities who believe that Wall Street is “essential” and “benefits the country,” even if these numbers are much worse than they were before the 2008 crash.
On the other hand, there is no evidence that the American people have begun to forgive the people in Wall Street or to forget the huge problems that they caused. More than four out of five adults want them to be regulated more toughly.
| TABLE 1 OVERALL IMPACT OF WALL STREET ON THE NATION TRENDS 1996 TO 2010 “The words “WALL STREET” are often used to describe the nation's largest banks, investment banks, stockbrokers and other financial institutions. Overall, would you say that Wall Street and what it does, benefits the country a lot, benefits it somewhat, harms it somewhat or harms the country a lot?” |
| Base: All adults |
| | | 1996 | | 1997 | | 1998 | | 1999 | | 2000 | | 2002 | | 2003 | | 2006 | | 2009 | | 2010 |
| | % | | % | | % | | % | | % | | % | | % | | % | | % | | % |
| Benefits (Net) | | 70 | | 80 | | 73 | | 72 | | 69 | | 66 | | 68 | | 73 | | 54 | | 56 |
| Benefits country a lot | | 19 | | 27 | | 22 | | 24 | | 22 | | 23 | | 24 | | 22 | | 17 | | 11 |
| Benefits country somewhat | | 51 | | 53 | | 51 | | 48 | | 47 | | 43 | | 44 | | 51 | | 37 | | 44 |
| Harms (Net) | | 22 | | 13 | | 19 | | 15 | | 16 | | 24 | | 16 | | 23 | | 39 | | 38 |
| Harms country somewhat | | 16 | | 10 | | 16 | | 11 | | 13 | | 17 | | 11 | | 17 | | 25 | | 24 |
| Harms country a lot | | 6 | | 3 | | 3 | | 3 | | 3 | | 7 | | 5 | | 6 | | 14 | | 14 |
| Neither benefits nor harms (vol.) | | 1 | | 2 | | 2 | | 3 | | 2 | | 3 | | 2 | | 1 | | 2 | | 2 |
| Not sure/Refused | | 7 | | 5 | | 6 | | 10 | | 13 | | 7 | | 13 | | 4 | | 5 | | 4 |
Note: Percentages may not add up exactly to 100% due to rounding.
| TABLE 2 AGREEMENT/DISAGREEMENT WITH SEVEN STATEMENTS ABOUT WALL STREET – TRENDS “Please say if you tend to agree or disagree with the following statements about Wall Street.” |
| Base: All adults |
| | | | | | | Agree | | Disagree | | Not Sure/ Refused |
| Recent events have shown that Wall Street should be subject to tougher regulations | | 2010 2009 | | % % | | 82 87 | | 14 10 | | 4 3 |
| Wall Street firms should only pay bonuses when they are doing well and making good profits | | 2010 2009 | | % % | | 75 78 | | 21 20 | | 4 2 |
| 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 | | 2010 2009 2006 2003 2002 2000 1999 1998 1997 1996 | | % % % % % % % % % % | | 66 71 63 54 61 60 60 56 56 64 | | 29 27 35 34 34 33 34 41 40 33 | | 5 2 3 11 5 6 7 2 4 3 |
| Wall Street is absolutely essential because it provides the money businesses must have for investments | | 2010 2009 2006 2003 2002 2000 1999 1998 1997 1996 | | % % % % % % % % % % | | 59 62 71 62 66 72 69 73 69 69 | | 34 32 25 24 26 21 23 24 27 25 | | 7 5 4 13 8 8 7 3 4 6 |
Note: Percentages may not add up exactly to 100% due to rounding.
| TABLE 2 (CONT.) AGREEMENT/DISAGREEMENT WITH SEVEN STATEMENTS ABOUT WALL STREET – TRENDS “Please say if you tend to agree or disagree with the following statements about Wall Street.” |
| Base: All adults | | | | | | Agree | | Disagree | | Not Sure/ Refused |
| In general, what is good for Wall Street is good for the country | | 2010 2009 2006 2003 2002 2000 1999 1998 1997 | | % % % % % % % % % | | 33 37 37 39 40 41 42 43 39 | | 61 59 60 47 55 52 51 53 57 | | 6 3 3 13 6 8 6 4 4 |
| Most successful people on Wall Street deserve to make the kind of money they earn | | 2010 2009 2006 2003 2002 2000 1999 1998 1997 1996 | | % % % % % % % % % % | | 29 30 40 37 36 42 45 48 51 40 | | 65 66 56 51 58 50 46 47 44 55 | | 5 4 4 12 6 8 9 4 4 5 |
| In general, people on Wall Street are as honest and moral as other people | | 2010 2009 2006 2003 2002 2000 1999 1998 1997 1996 | | % % % % % % % % % % | | 31 26 41 35 35 35 39 49 51 43 | | 64 70 54 50 57 56 51 47 45 52 | | 5 4 4 15 8 9 10 5 4 5 |
Note: Percentages may not add up exactly to 100% due to rounding.
Methodology
This Harris Poll® was conducted by telephone within the United States between February 16 and 21, 2010 among 1,010 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region, number of adults in the household, number of phone lines in the household were weighted where necessary to bring them into line with their actual proportions in the population.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
These statements conform to the principles of disclosure of the National Council on Public Polls.
J37767
Q755, 760
The Harris Poll® #35, March 11, 2010
By Humphrey Taylor, Chairman, The Harris Poll, Harris Interactive
About Harris Interactive
Harris Interactive is one of the world's leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what's next. For more information, please visit www.harrisinteractive.com.
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