How Many Trillions?

I thought I had read enough about the 2008 financial crisis to have at least all the basic facts.   Turns out some of it was kept very, very quiet.  Andrew Ross Sorkin in the New York Times Dealbook mailing sent ought the following last week:

DealBook Briefing: Reliving Wall Street’s Near-Death Experience

There was a total cost tally that I thought was in this article, but it must have been somewhere else that I can’t seem to find now.  A quick Google turns up a tally from The Huffington Post (I will cite HuffPo here because it is just a list of numbers that are hard to argue with).

TARP Uncovered — the Real Cost of the Government Bailout

  • Total estimated cost of government bailout = $14.85 trillion.

Wow.  A whole year of GDP.  Put another way, the Finincial crisis cost every American a year of work, at least in the short term.  The sad part is that it could have been much worse.

 

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