, Research Paper
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 fast approaching that line. Even in Asia’s emerging economies, insurance companies are likely to feel the impact of the attack. Although Asian companies are more likely to be affected by exposure to investment volatility more than by exposure to claims, the ratings on subsidiaries of foreign insurers may be affected in the event that their parent companies incur major claims as a result of the attacks on U.S. targets.
Alan Greenspan, chairman of the U.S. central bank, expects some difficult times ahead for companies and workers but remains optimistic about the long-term strength of the U.S. economy. Testifying before the House of Representatives Banking Committee September 20, Greenspan said that the September 11 terrorist attacks on the World Trade Center and Pentagon caused considerable uncertainty that resulted in business cutting back or delaying spending plans. “Indeed, much economic activity ground to a halt last week,” he said. Banks and investment banks have mostly weathered the initial phase of the dislocations caused by the attacks on the World Trade Center. The payments system continued to work even in the immediate aftermath of the disaster, and financial markets are now all open for business once again. Financial analysts plan to focus on the medium to longer-term implications. For example, credit exposure to those industries that may have been most affected by the disaster will add to the already mounting credit problems that some banks may have. Investment banks could be especially vulnerable to the business interruption and potential impact of a further slowdown in already weak capital markets. Any aggressive share buybacks will further reduce the tolerance threshold for earnings pressures. Outside the U.S., the attacks are likely to add to the pressures of banks, as investment volatility becomes a threat to the already precarious financial positions of banks.
Though the economic effects of the attack on the World Trade Center and the Pentagon have raised various opinions from financial analysts, none of them has the capacity to fathom fully how the tragedy of September 11 will play out. But in the weeks ahead, as the shock wears off, they should be able to better gauge how the ongoing dynamics of these events are shaping the immediate economic outlook.
Другие работы по теме:
Beowulf Essay Research Paper At 845 am
Beowulf Essay, Research Paper At 8:45 a.m. EDT, the first of two airliners crashed into the World Trade Center, opening a horrifying and apparently coordinated terrorist attack on the United States, which saw the collapse of the two 110-story towers into surrounding Manhattan streets and a later attack on the Pentagon.
The Effects Of Marijuana On The Brain
Essay, Research Paper Marijuana has been illegal for years because of the thought that it was a drug similar to cocaine, or heroin. Drugs such as cocaine and heroin affect the neurotransmitter dopamine. Dopamine is the neurotransmitter associated with extremely pleasurable sensations. If a drug interferes with its production and causes too much to be produced the result is extremely pleasurable and can lead to severe abuse and addiction.
Fort Mchenry Essay Research Paper Fort McHenryFort
Fort Mchenry Essay, Research Paper Fort McHenry Fort McHenry was an American military installation built on a peninsula in Baltimore harbor in 1799. During the War of 1812 it was attack, September 13- 14, 1814 by a British fleet, an attack that inspired Francis Scott Key, a prisoner aboard a British ship, to write the “Star- Spangled Banner”.
The Battle Of Salerno Essay Research Paper
THE BATTLE OF SALERNO American and British strategies for defeating the Germans differed. Americans thought an attack across the English Channel, through France and into Germany was the quickest way to victory; however, the British thought that an attack on the Mediterranean was the best. The British and Americans both agreed that the best way to defeat the Germans in Italy was to neutralize the Fascist ally.
September 11 Essay Research Paper During the
September 11 Essay, Research Paper During the summer of tenth grade, I took a number theory course at Johns Hopkins University with students from Alaska, California, and Bogota, Colombia. My attendance of the New Jersey Governor’s School in the Sciences is another accomplishment that exemplifies my dedication to knowledge.
Western Front Essay Research Paper On 3rd
Western Front Essay, Research Paper On 3rd August, 1914, German troops crossed the Belgian border in the narrow gap between Holland and France. The German First and Second Armies swept aside the small Belgian Army and by 20th August had occupied Brussels.
Ecstasy Essay Research Paper 1 September 2000The
Ecstasy Essay, Research Paper 1 September 2000 The Lure of Ecstasy According to the Time Magazine article ecstasy is a serious drug in America. Karen a high school student from Texas experiments with the drug before school. In Grand Rapids, Michigan takes the drug so her and husband can talk about there problems.
Sepember 11th Essay Research Paper The stories
Sepember 11th Essay, Research Paper The stories have been all over the television, radio, papers and we have been bombarded by the images that will be hard to forget. On September 11th, 2001 the United States was attacked when four planes were hijacked by terrorists. These planes were forced to crash in to the World Trade center buildings (the Twin Towers).
Effects Of Secondhand Smoke Essay Research Paper
Imagine your child wheezing, working hard for every breath he takes. You rush him to the Emergency Room. He is suffering from another severe asthma attack, which he developed when he was a baby. Why? Your child has been expose to secondhand smoke. This scenario may not be your community s worst problem, but I just want to address some concerns on the affects of secondhand smoke to children s health and their future.
Coming Togeather Through Tragedy Essay Research Paper
On September 11th, I was working in an Army dining facility at Fort Leonard Wood. Like most Americans, the day of the terrorist attacks sticks out distinctly. It was a major event shared by all Americans. This attack seemed to have brought out a deep patriotic movement through out the entire United States, almost having the same impact that the Pearl Harbor attack had on the United States and its people.
Teen Smoking Essay Research Paper Negative effects
Teen Smoking Essay, Research Paper Negative effects of Marijuana Marijuana is the least harmful drug, but it does have negative health effects. Though moderate users of marijuana are taking less risks than a moderate
Life And Chess Essay Research Paper To
Life And Chess Essay, Research Paper To run, to hide, to fight, Are the questions we face, day and night. To run, to hide, to fight, You have options, choose well, choose right.
Nuclear War Essay Research Paper Effects of
Nuclear War Essay, Research Paper Effects of a Nuclear Exchange “The tragedy of war is that it uses man’s best to do man’s worst.” – Henry Fosdick. This quote greatly reflects the time and effort of scientists put into the development of nuclear weapons for war. If a nuclear war were to take place in the coming future, it would be a result of growing tension between multiple highly powerful countries.
Dry September Essay Research Paper Dry SeptemberIndividually
Dry September Essay, Research Paper Dry September Individually none of the men would have attack the black man, but the crowd mentality caused them to take actions that they normally wouldn?t have. The client, McLendon, and the youth are three prime examples of men who become influenced and dependent on the others.
September 11 Essay Research Paper Todays military
September 11 Essay, Research Paper Today?s military has seen numerous changes that have taken place since Sept. 11 2001. Why is it before the 11th of September, the people that the military protects was basically badmouthing and putting us down? Why are they so proud to wave the American flag? Why wasn?t the flag flown high with pride before the 11th of September? It amazes the military because flags are often flown when terrorist?s acts take place and not when there is constitutional freedom.
Sex Essay Research Paper One of the
Sex Essay, Research Paper One of the most destructive elements of the German Kriegsmarine is the U-Boat arm. Brought together by master tactician Karl Donitz, the U-Boat arm is going to be one of the German Military that would scare the crap out of the Prime Minister Winston Churchill. Deonitz is the U-Boat commander in our first world war.
Geographic Features Of A Region Has Important
Effects On Development Essay, Research Paper Geographic Features of A Region Has Important Effects on Development The geographic features of a nation or region have an important effect
Vital Speechs Essay Research Paper The date
Vital Speechs Essay, Research Paper The date September 11, 2001 will be painted in the minds of Americans forever. During an era of peace in which America is the world?s superpower, negotiator and peacemaker, this historical date is compared by many to the date that Pearl Harbor was bombed. In the wake of the terrorists? attacks of the World Trade Center on September 11, 2001, the United States of America was in a state of shock.
Patriot Games Essay Research Paper If your
Patriot Games Essay, Research Paper If your looking for a great novel full of action and suspense but much more believable than many science fiction stories, definitely
Global Warming Effects Essay Research Paper How
Global Warming Effects Essay, Research Paper How the World is changing due to the effects caused by Global Warming The reason for this topic is our increasingly changing climate. Every year our climate
War In Afghanistan Essay Research Paper In
War In Afghanistan Essay, Research Paper In response to the September 11 attacks, the United States should declare war on the responsible group. As a nation, we should do only the actions that bring about the best consequences, and the best consequences would occur by bringing the responsible group to justice.
Heat Attacks Essay Research Paper Too Few
Heat Attacks Essay, Research Paper Too Few Americans Take Aspirin to Prevent Second Heart Attack In an article from Doctor Gilbert Ross of the American Council on Science and Health it was revealed that only 26% of former heart attack patients take aspirin on a regular basis to prevent a reoccurrence of heart disease.
Ww2 Essay Research Paper On September 1
Ww2 Essay, Research Paper On September 1, 1939, the German military forces invaded Poland to begin World War II. This invasion was very successful because of its use of a new military strategic theory called blitzkrieg. Blitzkrieg, literally ?lightning war,? involved the fast and deadly coordination of two distinct forces, the Wermacht and the Luftwaffe.
Destruction Of The World Trade Center Essay
, Research Paper A tragic event – Destruction of The World Trade Center A short duration ago, on September 11 of 2001, our no longer called peaceful lives were interrupted by the terrorist attack on The World Trade Center. This dreadful attack costing
Effects Of Smoking Essay Research Paper Smoking
Effects Of Smoking Essay, Research Paper Smoking has many effects on the body and tobacco companies have many ways to advertise but one major target group. In this paper I will tell how they do both. Smoking has effects on all parts of the body. We?ll start with the brain. Smoking impairs your ability to concentrate and to think straight.
GrecoPersian War Essay Research Paper In September
Greco-Persian War Essay, Research Paper In September of 490 BC. The Greco-Persian war rages on in the Marathon Plain of Northwest Attica. The Athenians have just repulsed the first Persian invasion of Greece. The Greek army was vested to ten different generals each controlling one day of battle. The generals were evenly divided on whether to wait for the Persians to attack or to attack them.
The Fallacy Of Personal Attack Essay Research
Paper Fallacy of Personal Attack The fallacy of personal attack involves assaulting the arguer rather than the argument. This fallacy is very common. Personal attack is like not accepting a argument
Major Battles Of The Civil War Essay
, Research Paper The First Bull Run was the first major battle of the war and would occur in northern Virginia right next to the capital. Northern spectators came to watch the battle because they were sure the union would win but the confederates won much to their dismay. Because of this battle both sides realized this would be a long and hard war instead of an easy one.
Antitam Essay Research Paper The Battle of
Antitam Essay, Research Paper The Battle of Antietam was fought on September 17, 1862. The United States Army of the Potomac led by General George B. McClellan fought against the Confederate Army of Northern Virginia led by General Robert E. Lee. The battle was fought along the Antietam Creek near Sharpsburg, Maryland.
Gang Violence Essay Research Paper ALLEGED GANG
Gang Violence Essay, Research Paper ALLEGED GANG LEADER ON FIRE - An alleged gang leader is set alight after being shot by vigilantes, August 4. The incident has raised tensions on the crime ravaged Cape Flats as thousands of armed Moslem vigilantes vow to continue their campaign against drug dealers and gang members.
The Battle Of Passchendale Essay Research Paper
Passchendaele was a battle that began in July of 1917, and the British commander in charge was Sir Douglas Haig. He conducted the battle under the orders from General Robert Nivelle, while the reorganization of the French army (due to mutiny) was happening. After careful planning, Douglas Haig prepared to attack, the preliminary attack was the heaviest to occur so far, in a period of ten days approximately 3100 guns fired more than four and a half million shells.