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. http://dallasfed.org/assets/docum...aff1301.pd