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

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

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

NOTE: This is only the U.S. and does not include worldwide!

 

HuffPo-

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.

[HUFFINGTON POST]

[ipaper docId=157500764 access_key=key-1c4fgiynxopjlokyttc4 height=600 width=600 /]

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One Response to “The Financial Crisis Cost More Than $14 Trillion: Dallas Fed Study”

  1. Fourteen Trillion in American wealth (perhaps global wealth) not bank losses. The banks lost nothing. The banks have made out like the bandits they are. These parasites stole it all and now want the earth under your feet and house for zero dollars. So they can rent it back to you forever.Push for the passing of the Glass Steagall Act to stop these banks and put Americans in charge of our destiny not Banks.

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