Streams

The Storm and the Economy

Friday, November 02, 2012

WNYC’s Business and Economics Editor Charlie Herman discusses the economic impact of the storm on the city and the metro area.

CORRECTION: During the interview, Leonard said the Fine Print Dealers Association Print fair was cancelled, but that was an error. The print fair is still happening! We apologize for the mistake.

Guests:

Charlie Herman
News, weather, Radiolab, Brian Lehrer and more.
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Comments [3]

David

This economically-ignorant "economics" editor just inferred the usual economic ignorance that destruction is "good" for an economy when he said that the money that someone now has to spend on rebuilding his or her destroyed home is now coming back into the economy. He doesn't understand that the money that a homeowner might have used for something else such as buying or investing now has to be used to re-build something that shouldn't have to have been built in the first place if it hadn't been destroyed. Re-building because of destruction is NOT good for an economy. If it were, then let's find out where this "economics" editor and Leonard live so that we can bulldoze their homes so that they can be re-built. Better yet, why don't we bulldoze the homes of all of the friends of the owners of construction companies to see if their friends, the owners, are happy that their friends' houses were destroyed and now have to be rebuilt by them.

Another lie our government likes to tell is that "War is good for the economy" or "World War II got us out of the Depression."

The Broken Window Fallacy
http://www.fee.org/library/books/economics-in-one-lesson/#0.1_L3

The Blessings of Destruction
http://www.fee.org/library/books/economics-in-one-lesson/#0.1_L4

Nov. 02 2012 04:59 PM
Peter from Prospect Heights

Sandy seems to have justified the existence of FEMA and the National Weather Service. I'm curious how these types of services might be privatized. Are their private companies doing this kind of work? Can it be profitable?

Nov. 02 2012 12:46 PM
Gary from Upper Left Side

Economists/analysts/journalists have absolutely no idea what the total cost of damages will be. NO IDEA !!! Why do you waste listeners' time with these B.S. statistics of $50 billion. Before Sandy even hit land, you--The Media--were quoting any number that sounded "HUGE".

Focus on facts; not quoting from the same people who "ran-the-numbers" on the housing market before The Crash of 2008.

Nov. 02 2012 12:14 PM

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