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Old 11-05-2012, 11:41 AM  
Direckshun Direckshun is online now
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Sandy's economic damage: 30-50 billion.

Holy balls.

The last paragraph is really this article's money shot. I've bolded it.

http://pragcap.com/gauging-hurricane...the-us-economy

Gauging Hurricane Sandy’s Impact on the US Economy
By Walter Kurtz
11/04/2012 3:52 PM

Estimates of economic damage from Hurricane Sandy are now ranging between $30 – $50bn. This is clearly a large number.

Quote:
LA Times: – Estimates of the economic losses caused by Hurricane Sandy earlier this week reached $50 billion as experts assessed the costs of severe property damage, shut-down subways and power outages.

On Thursday, Eqecat Inc. said it expects storm-related losses to fall between $30 billion and $50 billion. Of that, $10 billion to $20 billion will be insured, according to the firm, which calculates estimates for insurers.

Earlier this week, Eqecat had said that damages could reach $20 billion, with up to $10 billion in insured losses.
But as terrible as this event was, in terms of economic damage it is still expected to be considerably below that of Katrina, which adjusted for inflation came in at $145 bn. The question now is: what will be Sandy’s impact on the US economy? Based on historical experiences, the answer is not entirely obvious.

JPMorgan’s recent report attempts to answer it. Their view is that “Hurricane Sandy may initially depress economic activity, then support it over time as rebuilding commences“. In the near-term the hurricane-impacted high frequency data and seasonal adjustments may be off for a couple of months. Longer term however, the impact on the overall economy should be minimal.

The chart below shows the monthly GDP after three major hurricane events. Although we may see some weakness within the first month or two, the economy seems to be stable six months out.



A similar analysis was performed with private sector hours worked as well as retail sales. The results are quite similar, as economic trends seem to pick up a positive trend out to six months from each event.



The biggest impact will be on housing, construction, and retail sales (particularly given that unlike during Katrina, major energy infrastructure was not heavily impacted by Sandy). The initial decline in these areas will be followed by a boost in building materials purchases, added construction, and some home sales, as families who lost homes enter the market (although the Northeast typically accounts for a relatively small portion of US housing sales). If historical data is at all representative, by the end of Q1 2013 the US economy should be following the trajectory it would have followed without Sandy – and possibly an even better one.
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Old 11-05-2012, 01:21 PM   #2
vailpass vailpass is offline
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30-50 billion? What a coincidence, that's the same as the average number of words in your posts.
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Old 11-05-2012, 01:28 PM   #3
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Quote:
Originally Posted by Direckshun View Post
Holy balls.

The last paragraph is really this article's money shot. I've bolded it.

http://pragcap.com/gauging-hurricane...the-us-economy

Gauging Hurricane Sandy’s Impact on the US Economy
By Walter Kurtz
11/04/2012 3:52 PM

Estimates of economic damage from Hurricane Sandy are now ranging between $30 – $50bn. This is clearly a large number.
So Obama allowed a Category 1 to cause that much damage? At least Katrina was a Cat 3. Pathetic.

/BEP
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Old 11-05-2012, 03:39 PM   #4
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Quote:
Originally Posted by cosmo20002 View Post
So Obama allowed a Category 1 to cause that much damage? At least Katrina was a Cat 3. Pathetic.

/BEP
Yep. The campaign must go on! The lack of outrage around here at his lack of leadership in this disaster is deafening. Politics first, people second.
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Old 11-05-2012, 03:51 PM   #5
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Originally Posted by Dallas Chief View Post
Yep. The campaign must go on! The lack of outrage around here at his lack of leadership in this disaster is deafening. Politics first, people second.
Yes, it must. You think it is reasonable that the president would stop a campaign a few days before election day in order to clear debris for a couple months?

That big mouth R governor seemed to think he did a decent enough job.
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Old 11-05-2012, 04:01 PM   #6
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Old 11-05-2012, 04:05 PM   #7
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I thought this was all taken care of.

I saw Barack Obama holding back the sea with Chris Christie the other day and assumed they had things under control.
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Old 11-05-2012, 04:08 PM   #8
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The lack of hand-wringing that is going on over Obama's response to Sandy is really surprising.
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Old 11-05-2012, 04:11 PM   #9
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Old 11-05-2012, 04:15 PM   #10
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Quote:
Originally Posted by patteeu View Post
I thought this was all taken care of.

I saw Barack Obama holding back the sea with Chris Christie the other day and assumed they had things under control.
Now that is a strategy that just might have worked.

And if Trump would have just gone outside and told the ocean, "Knock it off!" we could have avoided this whole thing.
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Old 11-05-2012, 06:06 PM   #11
BigMeatballDave BigMeatballDave is offline
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Old 11-05-2012, 06:07 PM   #12
BigMeatballDave BigMeatballDave is offline
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Why are they calling a cat 1 hurricane a 'Superstorm'?
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Old 11-05-2012, 06:08 PM   #13
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Why are they calling a cat 1 hurricane a 'Superstorm'?
Because it hit the NE.
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Old 11-05-2012, 06:14 PM   #14
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This is all part of Obama's Jobs plan..........
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Old 11-05-2012, 06:47 PM   #15
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The insurance company I work for is collectively holding its breath right now. Thank God we don't do business in New Jersey, but we've got over 30,000 claims so far. No idea how much it'll cost yet, but this might be the first time that reinsurance pays off in a while.
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