The Terrorist Attack: Consequences
September 11th, like few other dates in the history of our country, will be permanently engraved in all American's memories. Even though the events of this tragic day are behind us, the economy is still feeling the burden of the terrorist attack on the World Trade Center and the Pentagon. The economy was already experiencing a fall off before the attack. Despite the struggling times, Wall Street analysts believed that with the six federal rate cuts, the United States economy could avoid recession. Then came September 11th an attack that shocked the nation. Never had an attack been made on United States mainland soil. Two United and two American Airline airplanes were hijacked by terrorists and flown into targets in America. There were at least four to five hijackers on each plane. They were armed with knives, and having at least one person among them capable of piloting the plane. The hijackers took over the planes, got rid of the pilots, and directed the planes on suicide missions. Two planes crashed into the World Trade Center's Twin 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 crush
There are many different beliefs on how exactly the attacks will effect the economy. Some people believe that the short- term effects like loss of consumer confidence and spending will pick up within a year of the attacks, some improvements have already been noticed. A significant minority believes that these attacks can have a major impact on productive potential particularly if additional terrorist activities persist. This view is based on the fact that continued terrorist activities will create instability and uncertainty leading to higher transaction costs. Another popular belief is that these attacks will ultimately benefit the world in the long run. This belief holds that the setbacks in the economy will enable producers to shed their unproductive activities and encourage them to adopt newer technologies. Also this devastating tragedy has brought the world together like never before. This could result in better trade and new relations among the trading countries of the world. Despite the shock, long-term devastation in the world's financial center, the U.S. financial system largely remained open throughout the day and thereafter. Banks and other financial intuitions stayed open. 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 speed with which it resumed business was extraordinary even 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. Post 1) American's have overcome all kinds of adversity in our history, things more insurmountable than this. The government is taking steps to boost the economy as well, "Was
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Approximate Word count = 1259
Approximate Pages = 5 (250 words per page double spaced)
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