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

Financial Effects of September 11thSeptember 11th, like a couple of(prenominal) other dates in the history of our country, will be permanently sculpted in all Americans memories. Even though the events of this sad day are behind us, the economy is still feeling the lodge of the terrorist attack on the World swap Center and the Pentagon. The economy was already experiencing a fall off before the attack. Despite the struggling times, paries Street analysts believed that with the six Federal Rate cuts, the fall in States economy could block fadeout. Then came September 11th an attack that shook 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 strategic targets in America. There were at to the lowest degree four to five hijackers on each plane. They were armed with knives, and having at least(prenominal) one person among them capable of piloting the plane. The hij ackers took over the planes, ousted the pilots, and directed the planes on suicide missions. Two planes crashed into the World Trade Centers Twin Towers in tonic 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 Middle vitamin E 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 everyday infrastructure and commercial activities in the worlds financial center, the U.S. financial system by and large remained open throughout the day and thereafter. Banks and other financial intermediaries stayed open. Key sweeping and retail payment system remained operational, like other fina ncial activities, shut out that telecommunication disruptions had a temporary effect. Even firms in the World Trade Center were able to resume business from other offices or from fortuity sites within hours of the attack. The response of the financial industry and the speed with which it resumed business was olympian and can be attributed only to its long-standing commitment to ensuring continuity 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.