The financial shockwaves from the events of 9-11 -01 will be felt long into the future

The 9-11 -01 World Trade Center bombings opened a new chapter in American history – the chapter of terror. The whole country is gripped with fear – What will they do next? -- Where will they strike next? -- How can we deal with people who have no regard for their own lives? -- What about anthrax? -- What will happen to the U.S. economy? – What can I do to protect myself and my family in these perilous times? All these questions and many more are now troubling Americans.

The ramifications of the Trade Center bombings have been and will be enormous. First of all, the effect on the insurance companies could be fatal. In a matter of time, the insurance companies could collapse under the tremendous weight of the losses from the bombings, which will, in turn, collapse the economy. In a January 28, 2002 article from the New York Post, entitled Stunning Cost of 9-11, it states, “The Sept. 11 terrorist attacks will cost the national economy an astonishing $639.3 billion – and some 2 million lost jobs, a sober new state-funded report has found.” The report, which cost $100,000, comes from the nationally recognized economic-forecasting firm with offices throughout the world, DRI-WEFA. The report goes on to say that, “The degree of damage from the Sept. 11 terrorist attacks on the World Trade Center is unprecedented in the United States.

Right after the bombings the airline industry cut over 100,000 jobs. Over two-thirds of their planes were mothballed in the Mojave Desert. According to the Wall Street Journal, Oct. 24, 2001, “Airline revenue collapsed by 45% in September as passenger traffic dropped 32%.” The nation has been crippled in the wake of the bombings, and the worst is yet to come.