Tuesday, May 29, 2007

Glenn Beck: What happens to real estate prices if there's a nuclear attack?

Because, obviously, that is the issue everyone should be concerned about. I mean, really, look at what happened to the real estate market in Hiroshima and Nagasaki after all...people lost money (well, those who were left anyway). The horror.

CHARLES FERGUSON, COUNCIL ON FOREIGN RELATIONS: That`s right, Glenn. I mean, the consequences in terms of the economic damage could soar upwards of $1 trillion. Some experts believe it could spark a global economic depression. And I`m concerned that it could spark, actually, a global thermonuclear war.

We could be back in a nightmare scenario that we were in during the Cold War. Imagine if nuclear material leaked out of Russia, and we traced the bomb back to that Russian material. What do we do? Do we nuke Moscow? I mean, it`s sort of a scenario from the movie "Fail-Safe," when we kind of trade New York for Moscow.

BECK: But let`s -- you know what? Before we go to global nuclear war, because that`s what would happen -- I mean, if we would bomb -- let`s say we found out that it was from Iran, we bombed them, somebody else is going to bomb. I mean, it`s going to get ugly.

I want to go back to the point, if they destroyed just a large section -- let`s just say they destroyed all of Wall Street. The economy here in New York, the real estate prices alone, between New York and Connecticut and New Jersey would just collapse, because no one would -- nobody would want to live here. What does that mean to the economy? That would collapse at least the American economy, most likely, and thus collapse the entire world, wouldn`t it?

FERGUSON: It could, but in terms of attack on Wall Street, it`s my understanding that the financial network is backed up. Every day...

BECK: I`m not saying...


BECK: Yes, I`m not saying that. I`m saying just from the real estate market. You have a 1,000-square-foot home here in New York City. It`s over $1 million.


BECK: Who wants to live or work on this island if you`re thinking there are only six exits, if you`re thinking somebody could drop a nuke here? And somebody does, what happens to the real estate market and, how does that ripple across the economy?

FERGUSON: Oh, exactly, and a similar event could play out in Washington, D.C. I live on Capitol Hill right within a mile of the Capitol, and, you know, the way the wind patterns blow, my house would be covered in radioactive contamination. So, you know, whoops, there goes the housing market.


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