On John Dillinger, Banks & the Crisis in Consumer Confidence

In a recent interview, Johnny Depp — who plays notorious Depression-era bank robber John Dillinger in the new film Public Enemies — said that it was because the banks were so unpopular in the 1930s, that the criminal became “a hero of the people.”

The producers must be rubbing their hands with glee at the propitious timing of the movie’s release. According to a recent Gallup Poll, Americans’ confidence in U.S. banks reached a new low in May. Only 20% report that they have “a great deal” or “quite a lot” of confidence in banks, while 35% have “very little” confidence.

Gallup first began asking Americans about their confidence in banking in April 1979. Prior to this year, the combined "great deal" and "quite a lot of confidence" numbers had not fallen below the 30% of the recession of the early 1990s … so the early April 2009 reading of 18% who have a great deal/quite a lot of confidence in U.S. banks represents a new low.

However, even as confidence in U.S. banks in general has plunged, many Americans continue to express confidence in the main or primary bank where they do most of their banking business. Over the last four weeks, 60% have said they have a great deal (27%) or quite a lot (33%) of confidence in their main bank. Only 12% expressed very little confidence in that bank.