Report: 2008 Crash Cost Each Person $70K – NMP Skip to main content

Report: 2008 Crash Cost Each Person $70K

Aug 14, 2018
The Federal Reserve Bank of San Francisco has looked back at the 2008 financial crisis and estimated the economic collapse cost the average person a total of $70,000 in lifetime income

The Federal Reserve Bank of San Francisco has looked back at the 2008 financial crisis and estimated the economic collapse cost the average person a total of $70,000 in lifetime income.
 
In a new report titled “The Financial Crisis at 10: Will We Ever Recover?” the San Francisco Fed also stated the 2008 crash also damaged the size of the economy as measured by the inflation-adjusted gross domestic product (GDP), adding that the impact is still being felt at this late date.
 
“The size of the U.S. economy, as measured by GDP adjusted for inflation, is well below the level implied by the growth rates that prevailed before the financial crisis and Great Recession a decade ago,” said the San Francisco Fed. “Without the large adverse financial shocks experienced in 2007 and 2008, the behavior of GDP would have been very different. It would most likely resemble the less severe 1991 recession, with GDP declining by only 1.5 percent and reverting to close to its pre-crisis trend level in a few years. This behavior is in stark contrast to actual GDP, which has not reverted to its pre-crisis trend level.”

 
About the author
Published
Aug 14, 2018
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026