Gallup says bailout 'shocked' consumers

PRINCETON, N.J., Oct. 23 (UPI) -- Gallup polls indicate the U.S. public received "a major psychological shock" when it learned banks required a financial bailout bill, the research group said.

Prior to the bailout it appeared many thought the building financial crisis could be "contained," Gallup's Chief Economist Dennis Jacobe said in a statement.

But "American consumers received a major psychological shock nearly a month ago when the Treasury announced the need for a federal bailout of the U.S. banking system," Jacobe wrote.

In recent surveys, 66 percent of U.S. adults indicated they had been hurt by the financial crisis; 70 percent indicated they believed their finances would suffer in the long run; and 80 percent indicated they don't believe the Bush administration can "provide the necessary leadership" to put the economy on back on track, Gallup said.

On the bright side, Jacobe wrote, credit markers are thawing and gas prices are falling.

"And maybe most importantly, there is new national leadership on the way," the statement said.