Financial Effects of September 11th :: September 11 Terrorism Essays

Financial Effects of family eleventhSeptember 11th, like few otherwise dates in the history of our country, will be permanently engraved in all Americans memories. point though the events of this tragic day are behind us, the economic system is motionless feeling the burden of the terrorist endeavor on the World Trade core and the Pentagon. The economy was already experiencing a fall off before the attack. contempt the struggling times, Wall Street analysts believed that with the six Federal Rate cuts, the get together States economy could avoid recession. Then came September 11th an attack that shake the nation. Never had an attack been made on fall in States mainland soil. Two United and two American Airline airplanes were hijacked by terrorists and flown into strategic targets in America. thither were at least four to five hijackers on each plane. They were arm with knives, and having at least one person among them capable of piloting the plane. The hijackers took over the planes, ousted the pilots, and directed the planes on suicide missions. Two planes crashed into the World Trade Centers pair Towers in New York City, another into the Pentagon in Washington DC and a fourth in Pennsylvania. The result of the attack, the Twin Towers collapsed, part of the Pentagon was crushed, and thousands of people died. The attack was part of a jihad, or holy war by the Muslims in the lay East against America. They resent us for our freedom and for our occupation of the Middle East. Americans responded with true American spirit and patriotism by volunteering and donating goods. Despite the shock, long-term devastation, and disruption of public infrastructure and commercial activities in the worlds monetary center, the U.S. financial system largely remained open throughout the day and thereafter. Banks and other financial intermediaries stayed open. Key wholesale and retail payment system remained operational, like other financial activities, except that te lecommunication disruptions had a temporary effect. Even firms in the World Trade Center were able to resume business from other offices or from contingency sites within hours of the attack. The response of the financial industry and the reanimate with which it resumed business was extraordinary and can be attributed only to its long-standing commitment to ensuring doggedness of operations in the wake of physical or cyber disruptions.The terrorist attacks of September 11th sent the United States economy spiraling into recession. Many economists believe the economy has entered its first recession in more than 10 years(Wash.