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Did 9-11 really change the economy? »
Posted by: sarahgilbert 1 year, 12 months agoDid the attacks change the nation's economy? Peter Cohan argues the underlying factors were already in place, and 9/11, while stunning, didn't really change market forces.
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Comments: 81
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joeblowe
Sept. 11, 2006, 5:46 p.m.Well, I'm not enough of an economist to contradict the author's viewpoint, but I do notice that he failed to equate an increase in tech stocks with the increasingly technological aspect of our munitions.
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lovelytxwoman
Sept. 11, 2006, 7 p.m.He makes no point saying people used their home equity like amt machine. What an idoit, I saw more working poor buying houses. We personally refinanced our home at a lower rate. We did not use any equity nor did half the people who work with me or my husband. And since most of the people I work with only make 23,000. or more a year! And are single mother of 1-2 children! Such negative statements coming all the time! Plus those who did use some of equity paid off bills,it would seem if everyone wasn't bitching about how horrible the economy is they could enjoy not having all those higher mortages,paid off bills,and lower taxes. I am!
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Meimei53
Sept. 11, 2006, 7:55 p.m.This economy is going through boom times, no matter how hard the media tries to say we're suffering. There will always be those who have it tough but when a company like Starbucks can sell a cup of coffee for $4 and you see average working people coming out with coffee PLUS a pastry, I don't see a nation of paupers.
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Meimei53
Sept. 11, 2006, 7:57 p.m.and p.s., what about the underground economy? How much money is spent on drugs, prostitutes, gambling, etc. (What are the et ceteras anyway?) I read the article and it is nonsense.
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mind-bender
Sept. 11, 2006, 9:13 p.m.There ya go, looking through those Rose colored glasses again!
Ronnied said it the best! I see he ain't wearing any!
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kfolive
Sept. 11, 2006, 9:30 p.m.The people that have no idea how the economy has changed since 9/11 live in my neighborghhood but in the $200,00 houses. On my side of the street it has dramatically changed our lives. Look around!
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mind-bender
Sept. 11, 2006, 9:59 p.m.Ya'all need to keep listening to ole Rusty Limpball,,He needs a break from all the taxes he's paying! The Lower and Middle class are getting by for free! Maybe we'll see ole Rush down at the soup line before too long! Keep your eyes on 2008!
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froggs09
Sept. 12, 2006, 12:16 a.m.Hey Mind Bender My wife and I are middle class and are thrilled at every tax cut as we get more money to spend on our selves. I worked my ass off for two years working 2 jobs sending my wife through college so we could have a better life. We are enjoying it now. If some people would get off their ass and quit depending on the government, they could have a nice life also. Wait until 2008 and if we get another liberal president, the nation will depend more on the government and I will have to give all my hard earned money to support the lazy ******s!
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rockman069
April 13, 2007, 5:51 p.m.Well said, froggs. This is the land of opportunity, hence the massive influx into the country. If you don't like living here, pack your bags.
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WorkerSS
Sept. 12, 2006, 12:42 a.m.Of course it did.
I know lots of people that lost jobs due to 9/11, seems people were holding on to thier money due to a great uncertainty at the time.
Is it better now ? probably in some ways , it was a good time to buy a house or refinance there for about 5 minutes.
Ya everyone should be like froggs09 or get out of our country! oh wait a minute I guess not everyone can or wants to, nevermind.
Coffee and a donut makes for a good economy ? I know our country is doing good and to keep it that way we have to make deals with other countries that they can not refuse.
So tax cuts have nothing to do with depending on the government ?
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froggs09
Sept. 12, 2006, 1:13 a.m.Hey WorkerSS I never said leave the country, you said that. I'm pleased with my life and don't want to support others. BTW go back to work with your SS brothers, Nazi
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AJaye
Sept. 12, 2006, 5:28 a.m.Oh my, what a question...Just check price of gasoline before 9-11 you make the decision..Boo Bush
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Willymac
Sept. 12, 2006, 6 a.m.This couple of hour video is a must see for anyone who considers we (the entire world) are being f**ked over by certain elite and highly influential groups whose greed has no boundaries and who have had no qualms about orchestrating the WTC 'terrorist' attacks so that they have a 'ligitimate' reason for more of their terror exploits globally.
These people are responsible for heading our world into a catastropy unpresented in modern history and they must be stopped.
http://video.google.com/videoplay?docid=-7677940272773278216
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dtress1d
Sept. 12, 2006, 8:26 a.m.Yes, there was an upward trend in the economy, jobs, stock market, etc.
However, after 9-11 there were a lot of "experts" that predicted that it would take a "long time" before we recovered from the affects of 9-11.
From what I heard over the 9-11 news, it took just a couple of weeks!
Also, the percentage of the top 1% savings on taxes is off, since most of them have and still do pay at 20 -25%, which is where they still fall!
The existing loop holes that the rich in the US Congress (Kennedy, Kerry, Clinton) make sure that the very rich pay as little tax as possible!
The tax cuts helped the low to middle tax payers at a much higher % of savings than the very rich!
Of course the very rich keep saying they are trying to protect others, but it just themselves they are protecting!
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dtress1d
Sept. 12, 2006, 8:28 a.m.ronnied:
Thank the very rich US Congress, such as:
Kennedy, Kerry, Clinton
They like to say they are protecting the low to middle income people, but they are REALLY protecting the loop holes for the VERY RICH!
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dtress1d
Sept. 12, 2006, 8:53 a.m.swayum:
I believe that Pres. Bush and the US military has been trying to let Pakistan capture OBL, but I personally believe it is time to send in some of our special forces!
Of course, if they do the DEMS and media that is crying that we have not gotten OBL, will be the first to say that we overstepped our boundaries, and have actually invaded an allie!
So, what ever Pres. Bush and the US military do, those same DEMS and media will say they are/have doing/done the wrong thing!
Interesting!
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DSwartze
Sept. 12, 2006, 9:19 a.m.I lost my job and had to move out of New York state (Rochester, NY) because of 9/11. The economy was already soft, but the company I worked for, a small technology company, would have survived. Then 9/11 came along. Work started drying up because 9/11 "bankrupted" NYC and many of the State's resources was poured into NYC.
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Kevin2216
Sept. 12, 2006, 9:23 a.m.ronnied: Send Message
OUR GOVERNMENT CAN SPEND TRILLIONS OF DOLLARS FOR WAR!
BUT...
THEY CAN'T EVEN RAISE THE MINIMUM WAGE!
If you're the bread winner in you house working for minimum wage, you didn't make much of yourself, did you. Minimum wasge is another one of those "Liberal Feel-good" things. They think they're doing something, but it's all smoke and mirrors.
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dtress1d
Sept. 12, 2006, 9:55 a.m.DSwartze:
Actually, the technology companies were on the downward spiral because of Y2K and the bunch of bull the Pres. Clinton allowed to go around.
Simply, many companies used Y2K to spend a lot of money that they never could have gotten approved without the noise of Y2K, which created the downward trend!
Very few of the "fixes" were needed or required, but it did give a lot of managers the chance to "flex their muscle" and show who was important to the company, which caused many companies to go under, or at least have a very hard time of it!
By the way, this is no BULL, this just happens to be FACT!
Most of the "programs" that were fixed, already had fixes in them that had been working for 20 - 30 years and would have worked for another 50 - 100 years!
But managers needed to show they were the most important part of the company and went along with the Y2K lie!
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deathray
Sept. 12, 2006, 10:01 a.m.dtress1d -
The tax revolution in this country has been primarily led by the conservatives, and the tax breaks for the very wealthy were sponsored in large part by the Republican Congress and endorsed by the Bush 43 Administration. One of the most outspoken advocates for tax relief for the very wealthy has beemn Grover Nordquist, Americans for Tax Relief.
Kennedy, Clinton and Kerry have very little to do with this.
I would agree that in general, the economy is relatively strong, but we have seen some subtle shifts in the way unemployment figures, income levels, wealth generation, etc are reported by various government entities. What is not addressed is the change in relative distribution of the wealth away from the middle class, and it's concentration in the 1% (I happen to be in that 1%, by the way)
(continued)
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deathray
Sept. 12, 2006, 10:08 a.m.The level of deficit spending, the supplemental allocations that are not included in national debt, the trade imbalance and the spendthrift congress, with tacit agreement by the white house, are starting to undermine the currency.
Unfortunately, combined with the lowest level of personal savings in history, the growth of the private sector consumer economy has been fuelled by leveraging already extant equity (in homeownership) rather than growth in new capital, in whatever form.
Some economists believe that this is a series of growing pains associated with the transition to a purely information economy in the US, but you can't have it both ways.
We have to do something about our debt service charges, both individually and nationally.
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Razor
Sept. 12, 2006, 10:30 a.m.Mr. Cohan makes some good points, however he seems to be minimizing the effect of the down turns in the automobile (-40%), airline(-39%), fixed line telecommunication(-21%) and other industries;ie, The big picture. These three areas employed major cross section of the population. Even changes in a couple percentage points, not tens of percents, have had dramatic impact on the work forces ability to provide or maintain.
Airlines for instance are a good yard stick for the rest of the business travel, tourism industry and its associated infrastructure, such as hotels, food service, gasoline usage, rental cars, restaurants, etc.
Defense spending did increase, however most of that money is absorbed by large companies that don't require large workforces to produce their products. and most of the service dollars are spent of shore, and not contributing to the GNP.
Continued....
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Razor
Sept. 12, 2006, 10:32 a.m.Continued from above...
The list goes on. Indicators show that since 9/11 Americans overall disposable income has shrank significantly, while rising income levels have failed to keep place with inflation. Pre 9-11 disposable income was on the rise. Someone earning 80k per year now needs to earn around 125k per year just to maintain the same disposable income level. This is evident from personal savings and investment reductions, money shifted to compensate for increasing cost of goods and services. Gas prices alone have propelled costs of food to record levels. Gasoline price has an effect on everything moved or sold. Something Mr. Cohan briefly discusses.
While 9/11 did shift the worlds priorities, to say that 9/11 had little or no effect on the economy is at best cherry picking the data to fit a desired measurement.
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Razor
Sept. 12, 2006, 10:33 a.m.Continued from above...
9/11 did have an impact, it changed the way Americans do business, the attitudes and excuses used to explain our actions or lack of action when it comes to dealing with others, and our sensitivities to their needs and desires as providers for their families.
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Submitted By:
sarahgilbert
associate producer for weblogs, inc., an aol company; mama to two boys; photographer and writer. i live in portland, ore., where i work from home ...
