The Economic Impact Of The Attack On The World Trade Center And The Pentagon

734 words - 3 pages

The Economic Impact of the Attack on the World Trade Center and the Pentagon

The effects of the attacks on the World Trade Center and Pentagon are rippling throughout the world, by sector, by region, and by market. Bond markets, inside and outside the U.S., already jittery from a deceleration in worldwide economic activity, are struggling to find direction in the aftermath of the attack. There now seems little doubt that the U.S. and global economies will slip into recession. The aerospace, insurance and banking industries, directly connected with the attack, will suffer the most.
The airline sector had already been suffering a slowdown as a result of lower economic growth and cutbacks in business travel. Then, at the moment the first plane hit the first tower, the U.S. airline industry was dealt an even more severe blow. In the ten days that followed, nine U.S. airlines were downgraded or had their ratings put on credit watch with negative implications. Airports and aerospace also felt the credit impact. In New York, the Port Authority of New York and New Jersey, housed in the World Trade Center, was placed on credit watch with negative implications, and, in the days that followed, every North American airport and airport-related special facility and 13 commercial aerospace companies--airplane manufacturers; engine producers; suppliers of aircraft systems, components, and materials; and vendors providing aviation support were put on credit watch with negative implications. The effect of the attack on the World Trade Center, due to diminished air travel, goes further in affecting the hotel industry and tourism.
Now, as the death toll rises and as property damage is beginning to be assessed, it seems quite likely that this catastrophe will be insurers' largest-ever insured loss. Insurance analysts have said that, once losses exceeded $15 billion, it would expect to see a significant impact on the balance sheets of individual insurers. So far, estimated net aggregate insured losses, from 55 leading insurers and reinsurers, are $19.2 billion. This figure is expected to continue rising. Rob Jones, a director in Standard & Poor's Financial Services group in London, has said that losses would have to exceed $50 billion before the entire industry were in trouble, and it is...

Find Another Essay On The Economic Impact of the Attack on the World Trade Center and the Pentagon

The World Trade Center: Then and Now

2844 words - 11 pages almost limitless income from many of the area's bridges and tunnels. "Today, the world stands on the brink of a boom in international trade," read the report. (Goldberger 347)In 1962 the land for the development of the World Trade Center was allocated between Vesey, Liberty, Church and West Streets. To design the project Minaro Yamasaki was chosen as the architect. He was a Japanese-American who grew up in the slums of Seattle. When Minaro was 16

The World Trade Center Bombing Essay

1947 words - 8 pages mastermind behind the attack, a Kuwait born Muslim named Ramzi Yousef, was only 25 years old when he planted and detonated the bomb, planning to kill millions of people. The intention of the bombers was to have one of the Twin Towers collapse and take down its counterpart, causing more damage than any one bomb could do alone. Despite the attacks on the World Trade Center, one of the top antiterrorism officials in the U.S. Department of State, Jerry

A Paper about the History of the Terrorism on the World Trade Center

1248 words - 5 pages It was the year 1972 when the Port Authority of New York and New Jersey started which was then just an idea that 20 years later became one of the most significant symbols in lives all around the world. The World Trade Center was created to have the two tallest buildings in the world surpassing the silver mast of the Empire State building. The WTC could only hold the throne for about 2 years. The Sears building which was taller than WTC was

The World Trade Center on September 11, 2001

2013 words - 9 pages ” Chief explained slamming down a pictures that were taken of the World Trade Center. The men were stunned by the photos taken because it was the first time they’ve seen the seriousness of the attack. “Chief are we going to be sent out there?” one fireman asks nervously. “No, New York does not want the firemen from other districts fighting the fire” Chief explained. A sudden relief came over everyone’s face. After the meeting was adjourned sorrow

Impact of the World Trade Organization's on Democratic Politics

3032 words - 12 pages changes is due to the fact that trade has become an environmental issue triggered by events such as international agreements that occur through the establishment of the World Trade Organization towards representing a growing and increasingly controversial body on international economic law (DeMars, 65). Neo-liberalism applied in this paper describes the program that is committed to orthodox macroeconomic stabilization especially through fiscal balance

The 1993 World Trade Center Bombing

817 words - 3 pages The 1993 World Trade Center Bombing On February 26, 1993 at 12:18 pm in New York City, the first call was received at the Central Office from a street alarm box at the corner of West and Liberty Streets. The call was reporting a possible transformer vault (or manhole) explosion on West Street near the World Trade Center. As manhole explosions are common in wet whether, there was no hint of a major catastrophe until the phones never ceased

1993 and 2001 Attacks to the World Trade Center

2042 words - 8 pages The attack on the World Trade Center in 1993, and the second attack in 2001 are the cases of terrorism that I have chosen to focus on because I believe that they are extremely significant. Both attacks happened during my lifetime, which makes them more personal, and also happened in the city where I was born. Both of these attacks are examples of terrorism because both attacks were violent and intimidating crimes that also had political motives

The impact of world war one on the homefront - social, political and economic impacts

1561 words - 6 pages The First World War impacted significantly on the homefronts of the participating nations in many different social, political and economic areas. There was a widespread restructuring of primary industry with a large orientation towards militarism. There was massive political change where new systems of power were introduced that gave governments a range of new powers including the control over industry. The civilian population had severe

The Atlantic Slave Trade: The Impact of the Slave Trade on Africa and Its People

772 words - 4 pages Today slavery is widely considered illegal and immoral, but for many centuries everywhere in the world, it was a common practice. The question that I am going to be answering throughout this paper is what impact the Atlantic Slave Trade had on Africa and its people. The Atlantic Slave Trade was the forced trade of over 15 million African people across the Middle Passage which was from western Africa, across the Atlantic Ocean, and to the

The Impact and Influence of OPEC on Global Trade

1127 words - 5 pages the current impact and influence OPEC has on global trade.   References Organization of the Petroleum Exporting Countries. (2013, November 14). About OPEC. Retrieved from Organization of the Petroleum Exporting Countries: www.opec.org Cairnsa, R. D., & Calfucura, E. (2012). OPEC: Market failure or power failure? Energy Policy, 50, 570-580. doi:http://dx.doi.org/10.1016/j.enpol.2012.07.058 Dorraj, M. (1993). Will OPEC Survive? Arab Studies

The Evidence Surrounding the 9/11 World Trade Center Attacks, and Subsequent Tower Collapse

1756 words - 7 pages On September 11, 2001 four passenger commercial jet airliners were hijacked and as a result approximately 3,000 human lives were lost. When asked about 9/11, many can recall exactly what they were doing when they heard the news that a plane crashed into one of the World Trade Center (WTC) buildings and many Americans can tell you how it all unfolded and the reason behind such a travesty. The “official story” provided by officials, and restated

Similar Essays

The September 11th Attack On The World Trade Center

2350 words - 10 pages tunnels would accommodate the daily flow of traffic. The Twin Towers of the World Trade Centre quickly became a symbol of trade and commerce in the United States. On Friday, February 26th, 1993, a yellow rental van drove into the underground garage of the World Trade Centre. An 880 kilogram homemade bomb was concealed inside the van. The driver parked and departed. Just after noon, the bomb exploded. The impact of the explosion smashed cars and

Summarize The Business And Technology Problems Created By The September 11th 2001 Attack On The World Trade Center

1087 words - 4 pages Valentina GjoniManagement Information SystemProfessor: CarlsonCase Study1. Summarize the business and technology problems created by the September 11th 2001 attack on the World Trade Center.Planning for the Worst ScenarioEvery business must ensure the work to get done whatever happens. For every company exist the balance sheet Critical Assets and the Liabilities\ Costs.As the first matter the company's assets number one are the people and their

The Economic Impact Of Policies Proposed By The Congress Of South African Trade Unions

2293 words - 9 pages This essay will discuss and compare the implemented and proposed fiscal policies by the South African Government with those proposed by trade unions. It will specifically focus on the policies proposed by the Congress of South African Trade Unions (COSATU) and the South African Government. The essay will further analyse the impacts of these policies based on their affordability, impact on economic growth, unemployment and whether they will

In What Ways, If Any, Did The World Change In The Aftermath Of The Terrorist Attacks On The World Trade Centre And The Pentagon On 11th September 2001?

2622 words - 10 pages In what ways, if any, did the world change in the aftermath of the terrorist attacks on the World Trade Centre and the Pentagon on 11th September 2001?IntroductionSeptember 11, 2001 is a day that can be remembered as the day that shocked not only the United States but the world as a whole. For many people around the globe this day can be remembered as a horrifying and catastrophic experience regardless of whether or not they were directly