This is the most awesome chart we’ve seen since Lisa’s Starbucks tax graphic: Goldman Sachs comparing the attention given to climate change, the eurozone crisis, and Justin Bieber. Read more
Who doesn’t like a good conspiracy theory? Or, umm, even a really bad one?
This narrative about DTCC’s experience of hurricane Sandy posted by “enerchi”. We think the original is from Bix Weir — it’s appearing in quite a few places around the interwebs. Read more
This guest post was submitted by Jason Abbruzzese of FT.com.
Moody’s Analytics is the latest to estimate the total economic costs from Sandy, arriving at a higher projected loss than most of the forecasts we’ve seen. Read more
Just passing along a selection the more informative and interesting items we’ve come across today related to Hurricane Sandy, its economic impact and what it means for New York City:
– Three points from Goldman economists: Read more
The estimates of $10bn to $20bn for damage caused by hurricane Sandy fall well short of the costs incurred by hurricane Katrina ($113.4bn) and 1992′s hurricane Andrew ($58.6bn), Goldman Sachs’ Jan Hatzius says. But it’s difficult to know how much to rely on the cost estimates so early on, as Hatzius highlights:
These numbers are likely to strike many readers as surprisingly small given the scale of the devastation in several mid-Atlantic states. It is certainly possible that they are too small, as initial cost estimates for natural disasters have sometimes proved too low in the past. For instance, the damage from Tropical Storm Irene was about twice as large as the initial estimates had suggested, and the damage from Hurricane Katrina was about four times as large. However, it is also likely that the concentration of the impact in the area between Washington and New York has magnified its media impact, even relative to the population density and the value of the real estate in this part of the country.
(Ouch – the media card? Really?) Read more
An update on the Sandy-related damage, market closures, and the alert about the Oyster Creek nuclear plant. Read more
Again, we hope all of our US readers are staying safe.
Estimating the economic impact of a storm is always imprecise, even after the storm has passed. With that caveat in mind, we’ve come across a few early forecasts and thought we’d pass them along. Read more
NYSE Euronext Statement on Closure of U.S. Markets on Monday Oct. 29 and Pending Confirmation on Tuesday, Oct. 30, 2012
NEW YORK–(BUSINESS WIRE)–In consultation with other exchanges and market participants, NYSE Euronext (NYX) will close its markets on Monday, Oct. 29, 2012 and pending confirmation on Tuesday, Oct. 30, 2012. We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority. We will work with the industry to determine the next steps in restoring trading as soon as the situation permits. Read more
From the FT’s Alan Rappeport, Shahien Nasiripour and Shannon Bond:
Millions of people in the eastern US braced themselves on Sunday for what forecasters said could be an epic hurricane. Read more