Corporate Crime

$14 Trillion

No, that’s not the national debt. That’s the cost of the 2008 financial crisis according to the Federal Reserve Bank of Dallas.

The financial crisis may have erased up to $14 trillion from the U.S. economy, according to a new report from the Federal Reserve Bank of Dallas.

Calling it a “conservative estimate,” the Dallas Fed determined that the crisis resulted in losses equal to $50,000 to $120,000 for every household in the country.

Put another way, the crisis erased nearly one year’s worth of economic growth from the U.S. economy, according to the new analysis, which was released around the five-year anniversary of the Wall Street meltdown. [....]

The report concluded it is more likely the costs will mount rather than dwindle, and it said losses could end up erasing as much as two years of U.S. economic growth when it is all said and done.

And keep in mind, President Obama inherited this crisis when he took office. This among several other existential crises left behind by not just the Bush administration but also several administrations before it.

  • trgahan

    and here I was under the impression that the $14 trillion dollar lose was because I was lazy and waiting for Obama to force the hard working 1% to pay for my sloth…huh, who knew…

  • mrbrink

    There you go again blaming Bush for unprecedented crimes and mismanagement that we’ll never fully recover from. Ever. You know, it’s people like you who will never let us all neatly absolve ourselves from our near criminal and intellectually violent complicity in promoting U.S. history’s worst president and put it all on Obamamitible Obamitible, Obamatable, Obliminal, Oblammable, Bolaminimal, fuck it. It’s Obama’s deal, now. Let’s see him talk his way out of this one. Stop spending! Birth certificate! Food stamps! Drill, baby, drill!

    George W. Bush was the best goddamn rubble maker this country has ever seen. Don’t you forget it.

  • Lady Willpower


    Heh heh.

    • KABoink_after_wingnut_hacker

      Wasn’t he President Cheney’s mentally challenged little sidekick?

  • Felonious Grammar

    Worldwide, it was 60 trillion. It’s a good thing we have the fiat currency that so many libertarians and Republicans want to get rid of.

  • Felonious Grammar

    We should all be grateful that we elected Obama. Think of what might have become of this country if McCain and a Republican Congress had been the result of that election. Austerity. Everywhere. Weeping and gnashing of teeth.

    • IrishGrrrl

      I know! Imagine if McCain had won….would we have bombed Georgia and started WWIII with Russia? We would already be in Syria? We’d be so bankrupt it’s not even funny. I thank my lucky stars every day that Obama is in office.

  • Victor_the_Crab

    And it’s all Obama’s fault, AMIRITE MY PEEPS?/sarcasm