Is this for Real? The Economy After 9/11
After the 9/11 attacks the Dow dropped 600 points, causing the 2001 recession to worsen, this also led to a big government spending program which was the War on Terror. The Hijacker's goal on 9/11 was to destroy the U.S.'s economy by ruining its center of power which was the Pentagon, Wall Street, and the White House. After the attacks, the stock market closed for four trading days, this was the first time since the Great Depression that this happened. The Dow dropped 7.13%, and the 617.78 point loss was the Dow's worst drop in one day ever. The 2001 Recession had originally started in March 2001 after the Y2K scare but was deepened after the attacks. By November 2001, the threats of war drove the Dow down yet another year to October 9, 2002. Unemployment continued until June 2003 which was at 6%, the peak for that recession. On September 20, 2001 President Bush declared the War on Terror. He said that this would be one of the longest wars anyone would ever see and it would not be one battle but a lengthy campaign.
Interview:
Below is an interview with my father about the economic aftermath of 9/11.
When were you affected?
Below is an interview with my father about the economic aftermath of 9/11.
When were you affected?
My business started experiencing the economic down turn in early 2001. The economy seemed to rapidly decline immediately after 9/11. We hit bottom around 2003 and did not recover until late 2005.
How long did it last for your family?
It lasted until about 2006. I needed to hold a second job in early 2003, which I was able to relinquish in early 2006.
Did anyone close to you also go through the same thing?
Many of my customers and one of my neighbors, who works in the financial world was also forced to hold a second job, working with me.
Were the people working for you affected?
Yes, we had a few people left because of poor business.
Were there any extra steps you took to make situations better?
We reduced costs at our company. For example, we moved into a less expensive office, reduced staff, cut travel, reduced medical insurance coverage, and reduced other company benefits.
Do you know if anyone is still affected by the economic downfall after 9/11?
My company is still affected. Many businesses moved out of the Mortlast, the area formed by my company. We saw some recovery from 2004 to 2011. The economy is down again now.
Did you know after the attacks that the economy would be bad?
Yes, we felt it immediately.
Can you explain the day of the attacks?
It was an incredibly sad day. I could not believe that the World Trade Center, just a few miles from my home, was destroyed. The Pentagon was also attacked. The sad feeling of a death in the family stayed with me for several months.
What was going through your head?
I was sad, angry, and wanted revenge at first. After that, I wanted the situation corrected. I was looking for government security and economic recovery.
Was the business immediately affected after the attacks?
Yes.
How long did it take for you to see how the attacks had weighed down on the economy?
Immediately.
Great interview Bridget!! I know friends and family who were also affected by the economy down fall after 9/11. Many of them had to get second jobs just like your father did. When you father said that he knew the horrible event would impact the economy immediately, I think that most employees and employers did as well. But the tragedy hit deeper than the economy and hit the hearts of all Americans because of the numerous lives lost.
ReplyDeleteI appreciate the approach you took to the interview. I've always herd about the military and social consequences of 9/11, but never thought about the economic fallout. Very well done.
ReplyDeletegood interview! I enjoyed reading about this topic because not many think about how the economy was affected after 9/11. It showed us how real this was, especially since it is so personable.
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