Wealthfulness by Lance Alston

Author:Lance Alston [Lance Alston]
Language: eng
Format: epub
ISBN: 978-1-61254-253-9
Publisher: Brown Books Publishing Group
Published: 2018-12-14T16:00:00+00:00

This question is so crucial, and so puzzling, two professors of finance created something called the Quarterly Financial Trust Index in order to measure our trust in these institutions.8 Banks have generally fared better than mutual funds or large corporations in the survey, and there is almost universal mistrust for the stock market, with numbers as low as 12 percent in early 2011.

The year following the Great Recession, in December of 2009, the survey found only about one-third (35 percent) of those polled trusted national banks; this was lower than the trust in credit unions (56 percent) and local banks (59 percent).

Six years later, in December of 2015, the number of those surveyed who trusted the national banks still hovered close to 30 percent.

One of the creators of the index, Professor Luigi Singales, told me the numbers get even worse if you look at only the “too-big-to-fail” national banks bailed out by the government. For them, the trust level is bouncing along the bottom somewhere between 20 and 25 percent.

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