Financial analyst and forecaster Rick Ackerman says Hurricane Sandy came at a time when “the U.S. economy is in a mission critical status. . . . All of the positive effects of this spending are 8 to 20 months down the road.” Ackerman says this disaster is going to be different than in the past because “we’re living off the fatted calf, but the fact is now we’re broke. Where is all this money going to come from?” You can forget the current mainstream media estimates of $50 billion in storm damage. Ackerman says the real cost of Sandy “ is going way, way up into the $150 to $250 billion category.” Ackerman predicts the storm will have a national impact. He says, “There’s no question that what’s happened is going to cut into retail goods, especially high end gifts.” Join Greg Hunter as he goes One-on-One with Rick Ackerman.

  1. Regardless of the actual cost, is there an alternative to paying this bill?  As an American, I can’t stand the idea that some of our fellow Americans are suffering without heat, water, or food.  The damage to homes, especially in the NJ shore areas is horrendous.  They say that charity begins at home, so maybe it is time to roll up the sleeves, set our jaws in grim determination, and get on with digging out are repairing the damage ASAP.  I just hope that when the area is rebuilt they keep large destructive storms like this in mind and don’t use the less storm resistant building codes that just got their ass kicked.  Bolting the corners of a wood frame home together and the rafters to the walls will make these homes MANY times stronger and more wind resistant at the cost of a few hundred dollars.  That seems money well spent to me and is very cheap insurance against catastrophic loss of lives as well as homes from wind damage.  Storm surge may well be a bigger and more difficult problem that is exacerbated by the relative flatness of large areas of the US east coast.  Somehow, though, they need to put up stone or concrete barriers to destructive surging ocean waves.  If the gov is interested in a useful “shovel ready” project, I can’t think of a better one right now.

  2. Buffet is going to get hammered by the damage claims. 
    IMO Maybe it’s time to bring some of those funds the gummint lavishes on regimes like Egypt, Pakistan and like countries back home.
      Our ROI in these countries is pretty much negative.  
    The wretched cost of  continuous wars in foreign lands and hundreds of military basis seem to be events and things that have seen their time come and go.  The cost there easily totalled $2.5 trillion in the last decade. Even my  bellicose nature has moderated a lot over the last few years as I’ve seen the awful costs of these ventures with nothing in  return but wastage of human lives and treasure.   Our infrastructure is weak and declining in these cities where subways rely on 50-100 year old technology.  This should be a prime consideration, not another battle waged in a foreign land while we, the people, catch heck for the lack of modern upgrades to the underpining of our country not to mention the value of the USD

    • Our infrastructures are also weak and old. Bridges are collapsing and the government isn’t repairing them. My local subway cars are about 50 years old and because of that, they are the oldest most reliable subway cars in North America. All the best and the coolest infrastructures are made during the 1950′s to the 1970′s.

  3. One thing we need to do as a country is quit building on the coasts. Those barrier islands are natural storm sponges and soak up the storm surge. Remove all the grass and wetlands and the surge makes it all the way inland where it normally wouldn’t have.
     
    I agree, quit tossing taxpayer money down ratholes in other countries and use it to rebuild the infrastructure here. It would create jobs here on top of it.

  4. Guess who’s going to pay for all these damages. Us, the taxpayers! That’s awesome (not)! Why don’t we pay the damages by creating more dollars out of nothing? That’s a great idea and that’s what the Federal Reserve is doing right now but your savings in dollars are getting taxed in the process due to the loss of values of the dollar.

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