TV News LIES

Tuesday, Dec 06th

Last update02:19:52 AM GMT

You are here News Economy Iraq war 'caused slowdown in the US'

Iraq war 'caused slowdown in the US'

E-mail Print PDF

THE Iraq war has cost the US 50-60 times more than the Bush administration predicted and was a central cause of the sub-prime banking crisis threatening the world economy, according to Nobel Prize-winning economist Joseph Stiglitz.

Professor Stiglitz told the Chatham House think tank in London that the Bush White House was currently estimating the cost of the war at about $US500 billion, but that figure massively understated things such as the medical and welfare costs of US military servicemen.

The spending on Iraq was a hidden cause of the current credit crunch because the US central bank responded to the massive financial drain of the war by flooding the American economy with cheap credit.

"The regulators were looking the other way and money was being lent to anybody this side of a life-support system," he said.

That led to a housing bubble and a consumption boom, and the fallout was plunging the US economy into recession and saddling the next US president with the biggest budget deficit in history, he said.

More... 


Most Recent Related Stories...


Pandemic relief fraud report says online financial company CEOs, family got rich

Paycheck protection program A congressional subcommittee issued its final report Thursday about financial fraud supercharged by online lending during the pandemic,...

Georgia Supreme Court Reinstates Abortion Ban

Georgia Court reinstates abortionThe Georgia Supreme Court Wednesday reinstated the state’s ban on abortions after roughly six weeks of...

Ford recalls 634,000 vehicles worldwide over fire risks

Ford recallFord Motor Co (F.N) is recalling 634,000 sport utility vehicles (SUVs) worldwide over fire risks from...

Crypto exchange FTX files for bankruptcy amid $8 billion shortfall

FTX files for bankruptsy FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!