Simon Johnson | Arrogance and Authority
Simon Johnson, Project Syndicate: "The real cost of the crisis is not measured by the profit and loss statement of any central bank - or by whether or not the Troubled Asset Relief Program (TARP), run by the Treasury Department, made or lost money on its various activities. The cost is eight million jobs in the US alone, with employment falling 6% from its peak and - in a major departure from other post-1945 recessions - remaining 5% below that peak today, 31 months after the crisis broke in earnest. The cost is also the increase in net federal government debt held by the private sector - the most accurate measure of true government indebtedness."
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