Barry Ritholtz sez,
In doing the research for the "Bailout Nation" book, I needed a way to put the dollar amounts into proper historical perspective.
If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars.
People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.
Crunching the inflation adjusted numbers, we find the bailout has cost more than all of these big budget government expenditures – combined:
• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL: $3.92 trillion
Presumably coming soon to ESPN’s “The Ocho” is some version of this 200-year old tradition in Malta held in honor of St Julian the Hospitaller: In the tournament, known as Gostra to the Maltese, a 16 meter-pole is covered by 15 liters of lard and fixed at an angle from the promenade into the sea. […]
I had hoped In the Valley of Gods, Campo Santo’s follow up to Firewatch, was going to adapt some of the magic of the Indiana Jones and Brendan Fraser Mummy films, and add a modern sensibility. The trailer looked promising: From the team that brought you Firewatch, In the Valley of Gods is a sprawling […]
[[Generations of propaganda about the instability of "the commons" and the desirability of assigning property rights in everything has led the human race into a very dark place: now, two scholars, David Bollier and Silke Helfrich, have published Free, Fair and Alive, which offers a critique of the "Tragedy," case studies of working commons, and a path to a better world based on shared resources and commons-based production. -Cory]]
Could we please, finally, lay to rest the tendentious "tragedy of the commons" fairy tale that has poisoned the minds of at least two generations? The accurate story about the commons deals with its ability to address the intractable problems of our time -- wasteful economic growth, predatory markets, the climate emergency, savage inequality. The commons offers practical ways to develop non-capitalist social systems that meet needs while helping rebuild our ecosystems and create a sense of belonging.
This was a key reason why we wrote Free, Fair and Alive: The Insurgent Power of the Commons. At some point, Big Deceptions such as the "tragedy" fable become so deeply rooted they need to be confronted and debunked. One way to do this is to recognize the social realities and political potential of actual commons.
The bummers of adulthood are too many to count, but one of our least favorites is the inability to sit down and enjoy a nice bowl of cereal. When you’ve got a long commute ahead, let’s face it: That extra time it takes to pour the milk and chow down is too precious to spare. […]
Who are these people that have time for a job, social life, and actual healthy meals? With a nutrition segment on seemingly every talk show and entire networks devoted to food, it can sometimes seem like we’ve never left our mother’s house and her constant admonitions to “eat your vegetables!” And okay, she was right. […]
Every Christmas list has names you dread buying for. But hold up: Before you wave the white flag and get them yet another gift card, scroll down a few. We’ve got 15 items that run the gamut from stylish old-school lighters to cutting-edge audio tech, enough variety to please any Scrooge. And the best part? […]