Economist ridiculed in 2003 for predicting Iraq war to cost $2Trillion with $75 oil.

[Mugsy]

Run time: 06:39 https://www.youtube.com/watch?v=jxzXo78WqSM   Posted on YouTube: August 01, 2007 By YouTube Member: Views on YouTube: 0   Posted on DU: August 02, 2007 By DU Member: Mugsy Views on DU: 5289

 
Amazingly prescient.

In this March 5, 2003 broadcast, two weeks before the invasion of Iraq, Yale economist William Nordhaus was ridiculed for predicting a war with Iraq might cost as much as $750 Billion in war costs, $2 Trillion in economic costs, create $75 a barrel oil and $3 a gallon gas.

And in all this, he still didn't count military rehab or increased domestic security costs, so even HIS estimate was low!

Keep in mind while you watch this that it's early 2003 and the Bush Administration was still telling us that the war would "pay for itself in Iraq oil revenues.

[EnricoFermi]

1. Even Michael Moore was right

if you look back.

But he's a communist, right?

[Why Syzygy]

2. Lots of us were right.

welcome to DU :hi:

[rpannier]

5. No...

He's a labor supporting, anarchist associating, Canada-loving, French-looking, Sponge Bob watching, anti-capitalist, socialist, communist.

I probably left out a few descriptors

As ghouliani and romney -- they'll fill in the blanks

[Joe Chi Minh]

20. It's getting so that Communists are going to be the mainstream: the middle of the road!

Roadkill!

[smtpgirl]

3. Nobody was paying attention just getting brainwashed

by the keystone administration.

I remember that prediction. I was talking to some friends about it and I remember them kind of chuckling at the time. I believed it then, they didn't.

[The M Double]

7. Go Wiz!

Love the icon...

[The M Double]

8. & I

definitely believed it then...

[Eric J in MN]

4. How much is oil per barrel now? NT

NT

[Mugsy]

10. Record close today.

$78.77 a barrel. A new all-time high, and it's not stopping there.

[harun]

17. When you look at the trends we are going beyond the worst

case. War already cost 750 billion, oil over 75 a barrel. Recession hasn't hit because B*sh is pumping enough barrowed dollars in to the system to keep it from collapsing. I guess that little Easter Egg along with Iraq just get passed on to the next administration for them to fix.

I felt from the beginning it would cost 1 trillion. I didn't think oil would float this high though. Really amazing that cost hasn't slowed down the economy more.

[Dhalgren]

21. The economy has slowed down tremendously, it is just that the

"indicators" are being skewed to the wealthy class. What passes for a "national economy" now is more of a reading of how well the upper classes are doing. The middle and lower classes are being crushed by this "economy" and no one notices or cares...

[krkaufman]

25. yes, "keep it from collapsing" -- during HIS term

BushCo is just trying to run out the clock, now, hoping total collapse in Iraq and of the economy doesn't happen before they get out of office. They want to be able to blame it on someone, anyone else.

[The M Double]

6. I remember...

oh so well.

[Lochloosa]

9. K/R

[Spiffarino]

11. Nice job, Kagen.

So he plays the Bush card that economists only see what they want to see.

What an asshole.

[mwb970]

18. Kagan comes across as an idiot in retrospect.

Nordhaus was right on every point, well before Bush's War began. Of course, so was I. Neither mattered.

[Divine Discontent]

12. Nordhaus should send this as a DVD to Kagan and Chucky Hill

and say, it's not worth much, because of all the life that has been lost that you two championed, but told ya so, asses!

These guys that backed the war and claimed it wouldn't have any effect on oil prices in the long run, and said it'd cost 100-200 billion should be laughed out of any gathering they're in - every time.

[whistle]

13. Well he turned out to be pretty close, dead on for oil prices and $1.5 trillion

...for the the war and related occupational and reconstruction costs. But that would be the cost if the war ended tomorrow. Bush has no intention of ending this war before he leaves and things could certainly get much worse.

Let's bring back that economist and have him recalculate his projections based on the new data. I think Americans would all go into cardiac arrest. Would you believe $150.00 per barrel oil cost and $10 trillion war cost and tens of thousands of American troops dead and over 100,000 seriously wounded and disabled :wtf:

[Dj13Francis]

14. We were right

THEY were WRONG.

[The Doctor.]

15. Thank you.

[BrokenBeyondRepair]

16. $2Trillion with $75 oil.. mission accomplished

[yardwork]

30. You're right about - it is mission accomplished for these criminals.

The intention of Cheney, Rumsfeld, *, Rice, and their business partners was to make millions in profits off this war, and they have succeeded, probably beyond their wildest imaginings.

They don't care about the dead soldiers, the wounded and traumatized. They don't give a hoot about the hundreds of thousands of dead babies, children, women, and civilians in Iraq and Afganistan. They don't care about the millions of Americans without jobs or healthcare.

Their stocks are doing well, their businesses in the oil and other extraction industries are seeing record profits. They did accomplish their mission. We're stuck with the bills.

[Norrin Radd]

19. Yep.

The Ministry of Truth was writing history in advance back then.

[StarfishG]

22. we were

all ridiculed, until all the things we were warned about have come to pass....

[eagler]

23. Only ONE question. Why the Hell are we still there? Nothing else to say.

[krkaufman]

24. If anyone knows that Charles Hill guy, be sure to send him a DVD of his statement.

Just pitiful.

[LeftyMcDemocrat]

26. good post

[lovuian]

27. truth is here and now and they have Failed miserably

thus the firing of Rumsfeld

we all paid for this disaster

[ProudDad]

28. The 50,000+ of us marching

in the streets of San Francisco were right too...

The hundred millions marching all over the Earth were right too...

The corporate capitalist masters and their stooges were wrong on EVERY level...

The "cost" of the illegal Iraq invasion and occupation is the LEAST of the wrongs it represents...

[Patriot Abroad]

29. Kick and recommend!

[Summer93]

31. Kick and Recommend

[Cant trust em]

32. I love these things that get swept under the rug...

only to be totally accurate down the line. Nordhaus must be jumping up and down screaming I told you so.

[John Q. Citizen]

33. Charles Hill - Hoover Institute PNAC tool

http://rightweb.irc-online.org/profile/1215