The rest of the damage

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#1
Has anyone given thought to the staggering economic toll this is going to have, both on the US, and the entire world? These terrorrists have done far more than kill thousands of people. Think about it. There is not a single plane flying, or stock being traded on the Exchange. Some of the largest, most successful Financial companies in the world may have lost their best and brightest people in the towers. Banks are shut down. Sports teams aren't playing, so the people that make their living off of these things are making no money. The cost of the rescue, clean up, and possible rebuilding will be staggering. The cost of finding, and bringing the perpetrators to justice (if they live long enough to bring anywhere), and any neccessary military actions, will be huge. Families have lost fathers, mothers, children. I'll bet the cost of this goes into the hundreds of billions of dollars. These people have given this country, and the world, a terrible hurt, both on human terms, and in economic terms.
 
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#2
Economists are estimating $20 Billion with more to come.
 
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#3
I thought about the economic impact of this right away. You are correct, there will be a severe impact for a while. However, we will use all our resources to heal our economy. The internet will be a valuable tool. We will quickly overcome the problem. That is our nature.

Chris
 
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#4
Excellent points, but I think the short answer to your question is "not yet." To most, including myself, yesterday's events are so tragic and surreal that the full significance has not been even close to fully appreciated. The video clips look like some kind of hollywood action picture, not reality. But they are reality and this will sink in over the next several days. I work in finance and knew a few people at Cantor Fitzgerald (their floors took the hit directly). It still does not seem real that they may very well be dead. Beyond the loss of human life, the broader economic costs you mention are going to be huge and long lasting. The order of magnitude will be something we (thankfully) only see once in a generation. But, if there is a silver lining here, it is that only the US can fully bounce back from this, in due time. No other nation has the political stability, unity of purpose and generally shared value system that ours does. I've spent time in over 50 countries and with each trip abroad I'm more and more grateful to be a US citizen. You have to see how things are elsewhere to really appreciate what we have here.
 

biglou

#5
Good points, EM rider. I think one of the things that the terrorists have SERIOUSLY underestimated is the resolve of the American people. For all of our petty bickering and infighting, we are a nation united. We may seem like a large, disfunctional family at times, but a family nonetheless. Ever mess with someone's family? You know what happens. Spoiled, bratty little sister or not, they close ranks and defend there own with frightening loyalty.
One thing that struck me was the absolute calm that all of the stranded airline passengers have displayed. No one is complaining (much), people are patiently sitting in line for hours to give blood, etc. Times like these will show the world, as well as ourselves, just what we are made of.
Tales of heroism and good deeds are starting to emerge. Locally, families have taken in stranded travellers, civilians and service personell alike. The local PBS station has joined with the local ABC station in an impromptu fundraiser that has raised over half a million dollars in just over 12 hours. These are the things that will help keep our faith in humanity.
 
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Vic

***** freak.
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#6
It seems to me that there will be a lot of buying and selling involved in the rebuilding process. Isn't that good for the economy?