The Financial Crisis Cost More Than $14 Trillion: Dallas Fed Study

[onehandle]

Source: Huffington Post

The financial crisis likely cost at least a year's worth of U.S. economic output, a new Fed study finds. Worse, it's hurting the economy even now and will hurt it for years to come.

That is the cheerful conclusion of a new study by economists at the Dallas Federal Reserve, entitled "How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis."

So how bad was it? Really, really bad: The economists say a "conservative" estimate of the damage is $14 trillion, or roughly one year's U.S. gross domestic product. This is based on how much output was lost during the crisis and Great Recession, along with all the damage done to potential future economic growth.

This is a factoid worth keeping in mind the next time bank lobbyists and flaks warn, as they habitually do, that new rules and regulations could slow the U.S. economy. Will rules to safeguard the economy vaporize $14 trillion in GDP? No? Then they're probably worth doing.

Read more: http://www.huffingtonpost.com/2013/07/30/financial-crisis-cost-fed-study_n_3676118.html

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It didn't 'cost' anything. It was moved to the pockets of the 1%.

Seize assets. Tax it back.

[Berlum]

1. "Thank you. Thank you very much. Smirk. Sneer." - 1% (R)

[Octafish]

2. Dough didn't disappear. We know where it is.

Last edited Wed Jul 31, 2013, 10:50 AM - Edit history (1)

http://www.marketoracle.co.uk/Article40250.html

Edit to try n fix a dot dot no com thing.

[JEB]

6. Your link does not go to a specific article.

Interesting site though.

[Octafish]

7. Weird. Worked. No Work. Just like me and most everyone I know over 50.

Try this:

http://www.marketoracle.co.uk/Article40250.html

[JEB]

8. Yeah I know.

I probably clicked wrong. The new one works fine even for me. 32 billion...now that is some take.

[Octafish]

9. $32 Trillion.

They conservatively estimate a quarter is from Americans, who's names never seem to get revealed in court no matter what.

[JEB]

10. Those with enough $$$ are above the law

while the rest of us do their dirty work.

[Octafish]

11. That was circa 1971.

Old folks like me are wondering when the change we hoped for is going to kick in.

[ConcernedCanuk]

16. "wondering when the change we hoped for is going to kick in" - it ain't

.
.
.

Not in the near future anyways.

Gotta be a major global happening - decades or more down the road for that to happen.

Big money controls the World, at least most of it -

not the governments.

As long as outfits like the MIC, Big Oil, Big Pharma and so on rule,

don't expect any nice changes.

And the only way we're gonna get any "nice" changes,

Is a global upheaval. Not gonna be nice in the interim,

and we may never achieve peace.

BUT

We do have a good chance to push ourselves close to extinction .. . .

I'm glad I'm old, don't think the next 50 years or so are gonna be very peaceful or progressive,

I apologize to the next generations what we are leaving behind for them to deal with.

Gonna get messier . . .

(sigh)

CC

[snot]

3. K&R'd!

[JEB]

4. Deregulation. Ain't it great.

More accurate to call deregulation legalized robbery.

[dmosh42]

5. And still no prosecutions!

[Enthusiast]

12. Yet they still won't reenact Glass Steagal..........nt

[Turbineguy]

13. When Bush won the nomination is the spring of 2000...

Oil was $10 per barrel. During his last year in the Whitehouse it hit $150. Difference? $17 Trillion.

[hibbing]

14. Why is it the "Great Recession" and not the "Bush Recession"?

You know damn well if a Democrat was in office it would have his/her name attached to it.

Peace

[jtuck004]

15. So far. n/t