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Healing the U.S. economy after 9/11

The Story


Smoke and dust still hang in the air over New York City, six days after the World Trade Centre was destroyed in an attack. But the city is reawakening and people are going back to work. Among them are those on Wall Street, who have a tough task ahead as they try to revive the U.S. stock markets. The markets were devastated on September 11, suffering their biggest point loss in history. CBC-TV reports from New York City as determined Wall Street employees get back to work.

Medium: Television
Program: The National
Broadcast Date: Sept. 17, 2001
Guest(s): Alan Ackerman, Joe Cammareta, James Crimi
Anchor: Peter Mansbridge
Reporter: Lynne Robson
Duration: 3:39

Did You know?


• Due to the Sept. 11 attacks, the New York stock Exchange remained closed from September 10-17. When it reopened on the 17th, it experienced a 7.9 per cent drop, the biggest one-day slide in its history. The drop continued and by the end of that week, the Dow Jones had lost over US $1 trillion in value.

 

• Insurance claims stemming from the Sept. 11 attacks totalled approximately $42 billion US, the costliest single event to insurers in U.S. history. The previous record was the destruction caused by Hurricane Andrew in 1992, which caused $21 billion in damages.

 

• The New York City Central Labour Council estimated that 108,500 jobs were lost in the city as a result of the attacks, and the total lost output of the city's economy was $16.9 billion.

 

• Real estate developer Larry Silverstein bought the lease to the World Trade Center just six weeks before the attacks and insured the complex for $3.6 billion. A prolonged legal battle ensued after Sept. 11 as Silverstein argued the two plane crashes constituted separate incidents, meaning he should get twice the insured amount. The issue was finally settled in 2007 and Silverstein agreed to a $4.55 billion payout.

 


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