Peter Hartcher, writing in the Australian Financial Review (July 26, 2003):
If you had to guess the event that cost the United States more money than any other in its history, would you choose the Civil War? World War II? Or the Wall Street Great Crash of 1929? All of these are in the top five, but none even begins to approach the scale of America's most stupendously expensive event: the stockmarket collapse that the country has just lived through. The cost to date is $6.5 trillion in lost shareholder wealth. For proportion, World War II ranks second — in today's dollars, it cost the country $3.4 trillion.
Friday, August 01, 2003
What Event in History Cost the U.S. the Most Money?
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