Prior to the attack on 9/11, the United States was rebounding from a recession. For seven months before the attack, there had been a minor recession due to the effects of the dot-com crash of 2000 (Greenspan 5). The recession stemmed from a bursting bubble, coupled with declining consumer confidence and predatory lending (New). The bursting bubble referred to the Internet with money flowing into technology rather than manufacturing. This then affected other aspects of the economy, such as the housing market. However, there had been some turn around with lower interest rates and the stabilizing of the markets (Greenspan 5). Acts of terrorism were common even in 2001, but seemed distant from the United States as newspaper headlines of the day highlighted the economy and domestic scandal. Terrorism had not reached the shores of the United States and most Americans did not fear becoming victims of terroristic acts.
In order to fully understand and discuss the effects of the 9/11 attacks, it is important to understand what happened and why. The morning of September 11, 2001 began with the hijacking of four planes from Boston’s Logan airport. The goal of the fateful event was to cripple the United Stat...
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... rest of the week. At the end of the week, the Stock Exchange reopened, but the Dow Jones Industrial Average (DJIA) had fallen 1,369.7 points or 14.3% which represented the largest one-week drop in United States history at the time. This drop was valued at $1.4 trillion, measured in 2001 dollars (Tilford). In New York City, 18000 small businesses were destroyed or displaced resulting in lost jobs and therefore lost wages (Tilford). In the three months after the attack, 430,000 jobs and $2.8 billion dollars in income were lost in New York City. New York received assistance from the U.S. Government in the forms of $11.2 billion dollars in immediate assistance and then another $10.5 billion in early 2002 (Tilford). Small businesses received assistance from Federal Community Block Grants, Economic Injury Disaster Loans and Small Business Administration loans (Tilford).
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- In the beginning of issue guide it summarizes the Terrorist attacks of September 11th. How it sets off of a chain of events and questionable efforts to deal with what occurred that day. The article explains after the attacks on the world trade center, our nation lost comfort in thinking our state of security was actually secure, that we were vulnerable. The government gave a false impression to citizens that to overcome what happened that day was to come together, to show the strength and our allegiance to the U.S.... [tags: Terrorism, September 11 attacks, Al-Qaeda]
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