The loss of life in New York City, DC, and Pennsylvania truly is horrendous. However, as has been mentioned, we must accept what has happened and our country will go on -- as strong (if not stronger) than ever.
In my economics class today, we discussed the economic implications of this disaster, and I will share some of the key points my professor mentioned:
- The world trade center was targeted, representing an attack sn the symbol of trade and the American economy
- The New York Stock Exchange closes for three or more days -- the most since World War I
- NASDAQ has no physical location and operationally is untouched
- The value of american dollar in other countries immediately dropped following the attack, but has since recovered
- Stocks will likely open on Friday or Monday at a much lower price than they opened, but it is unlikely to see many americans selling stocks, given the increased moral and patriotism following the attacks.
- Responses to this attack can and will effect the economy, should they happen
- Wars historically are very good for economy short-term, bad long-term
- Public level of confidence directly effects spending and economy. no signs that consumer confidence will drop
In the words of Franklin Roosevelt, especially with regards to the economy, "The only thing we have to fear is fear itself."
I'd post more thoughts, but have to go to class.
Patrick