Once again another illustration of people pulling numbers out of their....

[healthmyths]

In a previous post someone trying to defend Obama by saying due to the GREAT RECESSION Obama had to endure what was in essence $30 Trillion in damages to our economy.
Where this someone got the number was from this article:
How much did the Great Financial Crisis cost America?
Nearly $30 trillion
How much did the Great Financial Crisis cost America? Nearly $30 trillion • AEI
Yup... That's the full blame on GWB for the "Great financial Crisis...$30 trillion!
Now here is how this economic expert came to that number...
Pulled it out of his butt.
Seriously!
Assuming the financial crisis is the root cause of all that dislocation, an estimate of the crisis’ overall cost must be weighed against the potential costs of policies intended to prevent similar episodes in the future. We conservatively estimate the loss of national output as a result of the financial crisis and its aftermath at between $6 trillion and $14 trillion.
The high end of this range is equal to nearly one year of U.S. output. Including broader and more difficult-to-quantify measures that reflect the lingering trauma experienced by millions of Americans pushes these costs still higher—possibly to as much as two years’ worth of forgone consumption.

Now for the real number pulling!

If you include those “broader and more difficult-to-quantify costs” — psychological trauma, loss of subjective well being, reduced future job prospects — we’re talking closer to $30 trillion in losses.

Really? $16 trillion to "broader and more difficult-to-quantify costs”

TRANSLATION:
"I PULLED THE NUMBER OUT OF MY BUTT!"
His education: https://www.linkedin.com/in/james-pethokoukis-b9a62244/
BA Russian politics and US History MSJ Northwestern School of journalism

NOT one bit of economic, business, or math background! A columnist!

Columnist at American Enterprise Institute

Yup! A MSM hack! Fake news maker.

People....! Seriously this is the source for someone on this board to counter THIS!
Links... facts...and this someone says "Well Obama had a $30 trillion problem to contend with" when I posted these FACTS... his retort...$30 trillion of “broader and more difficult-to-quantify costs”.

 

[healthmyths]

And so to add fuel to the fire of the so-called "Great Depression " what were comments to encourage businesses,
capitalism, growth made by Obama?

- Obama wanted to bankrupt 1,400 companies, that pay $100 billion a year in taxes and unemployed
450,000 people that work for these companies! (Obama told us he favored a "single payer health
system"... so what happens to the above?)
- " if somebody wants to build a coal plant, they can – it’s just that it will bankrupt them.”
(Pretty easy way of increasing unemployment.)
- "I prefer higher gas prices". (And Obama signed 40% fewer Federal oil lease exploration then Bush).
"Obama admin. leases the lowest amount of federal land in 25 years"
Obama admin. leases the lowest amount of federal land in 25 years
- Trump will never tell a foreign country such as "Brazil to develop oil and that the USA will be
their best customer"!
- "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket."
(That certainly puts a dent in the pocketbook..._

 

[Dan Stubbs]

 

[toobfreak]

Yup... That's the full blame on GWB for the "Great financial Crisis...$30 trillion!

You lost me at the GW Bush thing. Bush had nothing to do with it, presidents don't have control over budgets! most of that crisis traces back to Barney Frank (you remember good ol' Barney) and Frank Todd and their meddling in the banking, Savings and Loan. That was the tip of the entire meltdown.

 

[healthmyths]

Yup... That's the full blame on GWB for the "Great financial Crisis...$30 trillion!

You lost me at the GW Bush thing. Bush had nothing to do with it, presidents don't have control over budgets! most of that crisis traces back to Barney Frank (you remember good ol' Barney) and Frank Todd and their meddling in the banking, Savings and Loan. That was the tip of the entire meltdown.

OH I agree the whole housing BUST goes back even to 1995 when Obama et.al. sued Citibank in Chicago for "redlining".
No question. My whole point was that almost EVERYONE including GOPers blame Bush for the housing crisis and
totally forget all the events that GWB had to contend with, i.e. 9/11, hurricanes,etc. AND in spite of these events,
the country continued and the budgets were decreasing,etc. but idiots who say oh poor Obama had to a $30 trillion issue...
again totally pulled out of the butt...remember this line:"broader and more difficult-to-quantify costs” — psychological trauma, loss of subjective well being, reduced future job prospects — we’re talking closer to $30 trillion in losses."
GEEZ.... more difficult to quantify for sure yet this columnist with NO economic credentials..Pethokoukis... said that and
now idiots are passing that off as a FACT!