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Ocean there and as we know we've been talking about these power outages all day more than four million people.
Are without power thanks to Irene especially hard hit is the state of New Jersey governor Chris Christie say that the storm's damage could cost his state.
Of dollars listen.
I know that you've been doing some some damage assessments and some sort of monetary calculations as to get the bean counters how to ready there -- New Jersey.
What -- you come up with.
Well -- goes to show up we're we're not doing -- -- hard calculations about yet.
But we have to believe as I said that released -- New Jersey that this'll probably be in the billions of dollars the world on.
Billions of dollars.
And some dollars.
In an already distressed at financial situation in the -- -- -- He joined now by Steve -- -- came out for us on this Sunday.
Afternoon senior economic -- for the last feature now Steve welcome it.
Out and I -- I stop us -- saw those pictures of the beach which isn't too far from here that's where I've had an up or government as an argument pretty nice that.
For all of -- that dot.
You know word does storm here in Washington DC it's if you decide it's a beautiful but hey it's that it's as nice -- Sundays we got in August as long as I can remember well.
We're glad they're gonna get -- in pretty good part of it wasn't so great his last night it was not a good idea so weekend to be -- you know obviously everyone's.
Primary concern is people and -- OK and obviously there's been some loss of life in this storm which is tragic and then after that you go to.
The structural damage in the power issues.
Across all of these areas as well.
This is -- you know I I guess Steve what what I am wondering is you're gonna see some rebuilding which may provide a little bit -- economic stimulus here.
On the other hand have a lot of loss in terms of missed flights and casinos that have been closed down and lost a lot of money went which is the winning sat.
Well there's no question this is a -- big net negative for the economy because.
You don't think of for example the resort towns this weekend where we which were deserted we we were actually supposed to go to the beach this weekend and we had to counsel us.
The so many thousands of other people dead so it's a negative for the economy were trying to figure out now mark is how big were the losses in terms of the structural damages of -- facilities and buildings and homes.
-- how much flooding was done.
Yeah I've seen estimates -- anywhere from five billion to twenty billion now I wanna tell you this Belmont if you look at what you remember Katrina we all remember Katrina.
They estimates of how much bad eventually cost the US economy is about a 125.
Billion so this is still significantly.
Then we -- -- you know ten years ago when we -- Katrina.
Well no doubt you know all of these governor's up and down eastern seaboard.
-- to lay the foundation for asking the federal government for money by declaring emergencies initially.
And now you can -- from hearing governor Christie that there are going to be you know request for.
Money as a result of what's happened everybody wants to answer to present their case in terms of how bad their damage was and what they'll need.
Yeah there is an of course -- -- -- and it doesn't have a lot of money to get right now given we have a one point three trillion.
Dollar deficit but the real question I think a lot of Americans are wondered right now -- is given how fragile the economy -- right now -- barely a pulse is you know that.
And economic numbers came out on Friday they were pretty weak -- 1% growth in the second quarter.
These are not kind of that kind of shocks to the system we want right now they make the probability of a double dip recession and a little bit higher because of the losses they're gonna take place over the weeks to come.
Let's hope some folks who are able to get out there in December this rebuilding -- -- will get a paycheck from some of that activity.
Steve thank you very much and I enjoy I was after the weekend that -- -- market of the regulators are we're -- on the.
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