Cost of Financial Crisis Tops $22 Trillion

by Alexander Reed Kelly
Truth Dig
The 2008 financial crisis cost the U.S. economy more than $22 trillion, a study by the Government Accountability Office published Thursday said.
“The 2007-2009 financial crisis, like past financial crises, was associated with not only a steep decline in output but also the most severe economic downturn since the Great Depression of the 1930s,” the report read. The toll on economic output may be as much a $13 trillion—an amount equal to a year’s GDP.
The report was published as part of a cost-benefit analysis of the Dodd-Frank financial reform law of 2010. The office tried to determine whether the costs of implementing that law would be greater or lesser than that of another economic crisis.
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