2003 economist predicted $2T war, $75 oil

In this March 5, 2003 broadcast, two weeks before the invasion of Iraq, Yale economist William Nordhaus was ridiculed for predicting a war with Iraq might cost as much as $750 Billion in war costs, $2 Trillion in economic costs, create $75 a barrel oil and $3 a gallon gas.

And in all this, he still didn't count military rehab or increased domestic security costs, so even HIS estimate was low! Mission Accomplished!

Category:

News & Politics

Tags:

• Bush
• Cheney
• Rumsfeld
• Halliburton
• neocon
• blood
• for
• oil
• WMD
• Saddam
• Hussein
• Baghdad
• Exxon
• Mobil
• BP
• Texaco
• Shell
• Afghanistan

[KhmerD0g]

this was air in 2003. damn, the worst case prediction is right. today nov. 2008, we are in recession and credit crisis. hold on, my prediction is we will have stock market crashes in 2009 then triggers great depression. final insult to injury, the dollar collapses.

[BI30]

Fortunately, thanks to FDR, there will never be a "Great Depression II". Thanks to things like the FDIC, Social Security, and the SEC created under him, no one will lose all their money or end up destitute if their bank goes broke.

Damn Librulz.

[KhmerD0g]

u didn't take hyper-inflation into account. if FDIC guarantees your deposit up to $100,000, but that money can only buy you a sandwich. just like germany in 1929 and today zimbabwe, u need to carry a bag full of one thousand dollar bills just to buy movie ticket.

[BI30]

Actually, that does take it into account. "Hyper-inflation" only results when the economy collapses, and that won't happen as long as no one loses all their money.

Germany and now Zimbabwe had/have nothing like the FDIC or SEC.

[jamie6747]

why would some one want to be a soldier is a crap job the pay is pure crap

[J0shua45]

Lol well god damm. $3.00 a gallon fuuuuuuuuuuuuu

[wtong89]

@wyang2006

But what i strongly believe is that Congress should get a pay cut, medical coverage cut and other cuts because they arent doing their jobs right. America is struggling and they should struggle too. Why should the tax payers pay their nice $193k salary when all they do is do nothing. They say "Budget cuts budget cuts" and i say "STFU and take a paycut, now thats what i call a budget cut"

[wyang2006]

Lets face it, the Republicans are in charge of the national debt because they issued George W Bush a blank check to have the Iraq War as of now the Iraq war costed the US over $776 billion and would cost $50-100 billion to rebuild Iraq. War on Terror cost over $300 billion. Not to mention rebuilding all Aftganistan? Bush jeopardized the US the moment we knew for certain that we could not get oil from Iraqi PERIOD. Republican supporters, you know this is true. NO ARGUMENT.

[tdice7]

That idiot Hill couldn't have been any more wrong.

[WorldAgainstUSA]

How much will it cost the war for oil against  Iran ?

[EsotericDesi]

@steamingpoopfart I hope you're not calling the man who predicted the real cost so accurately before the war even began a "fool"... USA's total cost's already way over $1 Trillion and counting, with no end in sight... and we're not counting it as part of national defense budget, which's now gone over $1.3-5 Trillion/year to keep defense contractors happy.

[steamingpoopfart]

clearly the fool has no clue how big of a number that really is.......

[d3p3ch3mod3]

Eh, I figured we would probably go after Iraq within 10 seconds of finding out about 9/11. Then heard about the military planning for it a long time before this interview... Wars and rumors of wars, this isn't exactly a big deal it's juts how war works and Bush/Rummy knew they were going a long time before they said anything about it, not exactly conspiracy stuff except for the part that they hadn't sold it to us yet but then they always knew the WMD thing was a sham

[EsotericDesi]

The professor who predicted it'll cost us $2 Trillion in Iraq should be give Nobel Prize for being so accurate on War Costs...