Recapping the day's news and newsmakers through the lens of CNBC.
Costs add up
Let's see, how shall we divide the tab? It comes to ... roundabout ... $14 trillion. That's with a T, not an M, or even a B. It's the all-in cost of the financial crisis that struck five years ago, according to an estimate from the Dallas Federal Reserve. Though, hedging a bit, the Dallas Fed said the bill could come to twice that, or perhaps a mere $6 trillion.
The total includes direct aid to financial institutions, the cost of lost jobs and other continuing problems. If each household had to ante up, the charge would be $50,000 to $120,000 apiece, or thereabouts. The $14 trillion—which could still go higher—is not that far off the running tab for the national deficit, now near $17 trillion. What's a few trillion here or there?
"Since the recession's onset in December 2007, more citizens believed their income would be lower in the future than thought it would be higher. This is the first time in any recession since the 1960s that income expectations turned negative."
—Dallas Federal Reserve