Economy Freefall
How 9/11 ground the US economy to a halt
If the US economy was faltering prior to the September 11th bombings, there’s now no question – it’s entered a recession, and is likely to take the rest of the world with it.
According to leading Wall Street traders and analysts, the prognosis is not good: “This has ground the American economy to a halt… One trillion dollars was wiped away in one week, that’s unprecedented,” says Larry Watchel, of Prudential Securities. We also talk to people whose businesses were close to the World Trade Centre and who are now facing a huge clean-up bill and prospective loss of livelihoods. Multiply that by thousands across America as the ripples spread, and it’s not hard to see that the recovery period will be long and hard.
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Produced by ABC Australia