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Simon Johnson Explains “What The Banks Did To Us” And Why “Seriously — Goldman Sachs Can’t Fail”

“What’s the public loss? Larry Summers said from this podium yesterday that the TARP money would be repaid from banks and that’s probably true, but that’s not the cost. Is it 8 million jobs lost? Is it a 6% fall in unemployment and we’re still 5% down below the peak? Is it the increase in net federal government debt held by the private sector in the United States?

Compare the congressional government office medium term forecast for debt to GDP on that measure before the crisis and after the crisis. It’s a 40% increase. That is a serious banking crisis.

THAT’s the cost we’re looking at. That’s what the banks did to us. They got bailed out. And we have done nothing significant that will prevent this from happening again.”

and look at the state cost, the city cost and the local cost. and the cost to people.