On September 11Th, 2001, Terrorists Hijacked Four Planes

1182 WordsApr 5, 20175 Pages
On September 11th, 2001, terrorists hijacked four planes of American commercial airlines. Later same day, they have coordinated to deliver a devastating blow, crushing two planes in World Trade Center towers and one more in Pentagon. The responsibility for these gruesome acts has been claimed by terrorist organization Al-Qaeda. The damage the attacks have caused went way beyond three thousand lives of the civilians that were killed that day. These terrorist acts have caused dramatic changes on the unseen scales in many spheres. Starting from 2001, then-President George W. Bush has declared a “war on terrorism”, an approach which dominated the agenda of American politics ever since. US troops conducted military operations in Afghanistan…show more content…
The financial markets remained closed for a week and resumed work on September 17th following extraordinary emergency efforts involving the White House, the Treasury Department, and the Securities and Exchange Commission, aided by unprecedented cooperation among the usually competitive firms of the financial industry . Overall, most of the economic indicators fell to an initial panic and returned back to normal. Such modest effect was not least due to the efforts of Federal Reserve. It coordinated with European Central Bank to take action against plummeting value of the dollar on the international exchange markets. In addition, Federal Reserve increased monetary liquidity by roughly $100 billion per day during three days after the attacks . As a result, main economic indicators emerged from the impact of the attack much better than some initial pessimistic predictions. Other figures have been affected negatively in a longer term. GDP had decreased during the 3rd quarter of 2001. Despite the fact that the economy was contracting for a third consecutive quarter, the situation led to some premature claims that the events of September 11th caused a recession. However, the 4th quarter of 2001 has ended with GDP growth , although analysts agree that some of that growth was muted as a consequence of the September 11 attacks . In addition, during the late 2001, the forecast for GDP growth in 2002 has been decreased significantly, from 2.7% to 1.2% . However, the
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