The former World Bank vice-president yesterday said the war had, so far, cost the US something like $US3 Trillion ($3.3 Trillion) compared with the $US50-60 Billion predicted in 2003.
Professor Stiglitz told the Chatham House think tank in
The war was now the second-most expensive in
The spending on
"The regulators were looking the other way and money was being lent to anybody this side of a life-support system," he said.
That led to a housing bubble and a consumption boom, and the fallout was plunging the
[Excerpt of an article by Peter Wilson, The Australian]