The September 11, 2001 terrorist attacks, now referred to as 9/11, were a series of coordinated, well-planned suicide attacks that involved the use of hijacked passenger jets as a means of destruction . The suicide bombers used the passenger jets as bombs, and ran into the World Trade Center Towers of New York, the Pentagon, and a fourth plane that did not make it to its destination, hit the ground in Pennsylvania. These sudden attacks came as a shock to the people and government of the USA. The attacks affected not only the United States, but the entire world felt the aftershock of the event. It specifically affected the United States economy and sent it on a downward spiral. It had a huge impact on people emotionally. The most significant outcome of the attacks was America?s march towards the War Against Terrorism, which targeted the Taliban network, the Al-Qaeda organization, and the specific terrorists behind the attacks.
The terrorists behind 9/11 targeted the World Trade Center Two Towers as key objectives. The World Trade Center was an indispensable center of US banking, insurance, and investment. The economy in the USA was deepening into a recession well before the events of 9/11, and due to the unreliability of the economy, the unemployment rate went up to 4.9 percent in August as job losses in manufacturing climbed over 1 million. Layoffs were happening, and this lead to consumers spending less as they became more wary of the potential threat of being laid off.
"The economy has been on a high-wire act straddling between a recession and anemic growth. Now the terrorists have cut the wire underneath our feet, the United States and the rest of the world are likely to experience a full-blown recession now.? - Sung Won Sohn, chief economist at Wells Fargo in Minneapolis The US arguably had the biggest and most powerful foreign market available pre-9/11. Because the US supplied many other countries with essential items, the recession would also affect those countries, and in turn affect countries all around the world. Since the US was such a financial giant, it could actually determine to some degree the fate of the world?s economy. It had such an extensive amount of money and such a wide variety of foreign markets to sell products to that a recession would affect all of the countries with close ties to them. Those countries would almost certainly feel more than a ripple of their recession.
For the first time in history, American?s airline industry completely shut down all operations, in the wake of 9/11. People began to wonder after 9/11 whether the airline industry would ever have any hope of recovering from such a nightmare. People were nervous to resume flying after September 11, and the airline industry hit a huge recession not only in America, but worldwide. People began to doubt if they could ever truly feel safe again on an airplane. In order to solve this problem, President Bush specifically increased security in airlines, and also increased national security. Bush added more security at their borders, so that in the first few months after the attacks, almost every car was being stopped to ensure that nothing to the degree of 9/11 would ever happen again. Surveys were taken in August of 2002, just under a year of the anniversary of 9/11. Findings indicated that 27.9% of respondents said that they were nervous to fly at first, but now felt the same as they did before 9/11. Most of those surveyed were not affected by 9/11 events or have returned to their prior level of comfort in regards to flying. The economy of the US was a financial disaster after 9/11 because of the destruction of the largest center of banking, insurance, and investment, and because of peoples? fear of flying. Because of the events of 9/11, the economy of the USA was sent into a deep recession, and only two years after the event would things start to improve.
The terrorist attacks of September 11, 2001 had a terrible effect on the...
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