The Pew Trust has done the math and it turns out the the economic crash of 2008 incurred about $108,000 per US household in costs and stock and house-price losses:
U.S. households lost on average nearly $5,800 in income due to reduced economic growth during the acute stage of the financial crisis from September 2008 through the end of 2009. Costs to the federal government due to its interventions to mitigate the financial crisis amounted to $2,050, on average, for each U.S. household. Also, the combined peak loss from declining stock and home values totaled nearly $100,000, on average per U.S. household, during the July 2008 to March 2009 period. This analysis highlights the importance of reducing the onset and severity of future financial crises, and the value of market reforms to achieve this goal.
The Impact of the September 2008 Economic Collapse
(via The Consumerist
I first started writing about the remarkable Joi Ito in 2002, and over the decade and a half since, I’ve marvelled at his polymath abilities — running international Creative Commons, starting and investing in remarkable tech businesses, getting Timothy Leary’s ashes shot into space, backing Mondo 2000, using a sprawling Warcraft raiding guild to experiment with leadership and team structures, and now, running MIT’s storied Media Lab — and I’ve watched with excitement as he’s distilled his seemingly impossible-to-characterize approach to life in a set of 9 compact principles, which he and Jeff Howe have turned into Whiplash, a voraciously readable, extremely exciting, and eminently sensible book.
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