Sandy's Effects Will Be Tremendous
Are we underestimating Hurricane Sandy? Are we doing so because of a total lack of knowledge of the extent of the damage, because we're just plain wrong about how much rebuilding will need to be done? Just this morning, the always-on-his-game Bill Dudley -- the president of the New York Federal Reserve -- relayed a possible recognition that Sandy might be the big one, and that we still haven't been able to grasp the enormity of its effects.
I think he's right. The numbers we have seen have pointed to $36 billion in damage for New Jersey and $33 billion in New York, according to the respective state governors. These may sound like overestimates, but I think they will end up dramatically understating the destruction....502 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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