Connect with us

Business

How the events of September 11 shaped the U.S. economy

Published

on

 


Steve DeLoach said he will always remember seeing planes hitting the Twin Towers on a projection screen alongside his colleagues on the morning of September 11.

DeLoach, chairman of the economics department, was in his office earlier in the morning preparing for his classes when Tina Das, economics professor, called him to alert him to turn on the news and see this. that had happened in New York. DeLoach and his colleagues silently stared at a projection screen as they gazed at the North Tower after the first plane struck the building.

DeLoach said he still held his classes that morning, but instead of teaching he watched the events of 9/11 unfold in front of him with his students.

It was like one of those hundred minute lessons and we just sat there watching without saying a word, DeLoach said.

For business students like Victoria Russo, senior, September 11 was a time to learn how past events can influence the economy and 20 years later the impacts of September 11 are still memorable for many, although they were short lived.

Temporary closure of the New York Stock Exchange

In the wake of the disarray in New York after 9/11, the New York Stock Exchange, the largest stock exchange in the world and responsible for allowing American companies to buy and sell stocks, has temporarily closed its operations. doors for a week.

DeLoach said one factor that caused the NYSE to shut down temporarily was the fear that ensued on the trading floor in the hours after the Twin Towers collapsed and drove people to sell their stocks at a rapid pace.

The stock market is falling because people are selling stocks. So if everyone’s selling, the price drops, DeLoach said. And again it really comes down to when there is uncertainty the best thing you can do is save and save something close to money.

Although the New York Stock Exchange reopened the following week, many stocks still suffered significant losses, including the Dow Jones. The stock index, made up of 30 major companies, on the U.S. stock market fell more than 500 points, or 5.4%, a week after September 11, according to the New York Times.

The global stock market also saw significant declines in stock prices following the attacks. Europe has experienced stock market declines this ranged from 4.6% in Spain to 8.5% in Germany, according to the New York Times.

Airline and travel industries suffer loss

Prior to September 11, the number of air passengers traveling had reached an all-time high with 64.5 million passengers and with 90.6 million seats available for purchase on flights in August 2001. However, the number of passengers traveling by air changed dramatically in the months following September 11.

United States Bureau of Transportation Statistics reported that the number of seats available for purchase has declined dramatically as airlines ground planes and cut flights to meet declining demand for air travel. According to the US Department of Transportation, the number of available seats fell to 67.5 million in September 2001.

DeLoach said he noticed the impact of 9/11 on international travel when he attended a conference in Philadelphia in October 2001. He noted that it was an international conference and that many international economists had were invited, but many participants were unable to attend the conference because they could not obtain their visas.

Basically, international economists weren’t getting their visas anymore, DeLoach said. The United States kind of tightened it up, so there were a lot of no-shows.

The number of seats available on airline flights took about three and a half years to surpass pre-9/11 levels, according to the Bureau of Transport Statistics.

The US economy is recovering

DeLoach estimates that the US economy recovered within weeks to months after 9/11. DeLoach said the overall impact of 9/11 was shortlived, although it is still memorable for him almost 20 years later.

It turned out to be short lived because after a few weeks everyone realizes, okay, it’s not going to happen every week, DeLoach said.

DeLoach also noted that the economy was in a period of decline between the second and third quarters of 2001. According to the Federal Reserve Bank of Saint-Louis, the real gross domestic product rose from $ 13.3 billion to $ 13.25 billion between the second and third quarters of 2001. He said there were more market forces at play than on September 11. which caused an economic decline during this period, but in the fourth quarter of 2001 the US economy recovered and regained its losses.

When Russo reflected on the importance of looking at past events, such as September 11, Russo said she believed watching September 11 made her realize how quickly the United States economy can be affected by events. international.

I think looking at 9/11 in particular, seeing how quickly our economy and everything was crippled so quickly from a national event is really important, Russo said. Just sort of realizing how the United States, we think, was such a powerful entity in the world and in one day it sort of turned out to everyone that it wasn’t. .


Sources

1/ https://Google.com/

2/ https://www.elonnewsnetwork.com/article/2021/09/how-9-11-shaped-u-s-economy-looking-back-20-years-later

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]