The BEA says that real GDP fell $120 per person in Q4.
Even if we attribute all of that drop to the banking crisis, that means the crisis' damage was $120 per person.
Yet, in the same quarter, Congress dedicated $2300 per person to bailing out banks. Looks like we got ripped off.
2 comments:
There's a substantial negative contribution to real GDP from food. Is there more detail available? Is this substitution within food? That seems more likely to me than that people just aren't eating.
In other words, Congress thought if not bailing out banks, we would end up at least having nearly 20 quarters, or 5 years, of such magnitude of GDP decline to go...
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