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Recovery: More economic fallout

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Rescue and recovery efforts continue in New York.  


SUMMARY:

As New York and Washington continue to clear thousands of tons of debris from the attacks, the nation's financial markets and airlines are also struggling to recover from the fallout.

The Bush administration asked Congress to approve a four-point plan to stabilize the airline industry, calling it "an urgent and critical matter."

UPDATE:

The centerpiece of the airline relief plan is a $5 billion emergency cash assistance package designed to make up for direct economic losses the airlines suffered when all their planes were grounded for several days, said Transportation Secretary Norm Mineta. Full story

United and American were the latest of several major U.S. carriers to cut their workforces in the wake of the attacks. The ripples are being felt internationally. British Airways, Europe's biggest airline, plans to slash 5,200 jobs.

U.S. stocks extended losses Thursday afternoon as a fresh wave of corporate warnings and comments by Fed Chairman Alan Greenspan on a short-term economic fallout fueled investor anxiety and a stubborn selloff. The Dow Jones Industrial Average was down 381.05 points to 8,377.87. The Nasdaq lost 56.93 points, ending at 1,470.87. The Standard & Poor's 500 index fell 31.52 to 984.58.

One of the largest groups of U.S. senators ever to travel together outside Washington arrived in New York on Thursday to tour the wreckage of the World Trade Center and console the families of the victims. British Prime Minister Tony Blair also visited New York to pay tribute to the victims. Full story


  •  Summary

  •  Update

  •  Key questions

  •  Impact

In perhaps the most cooperative broadcasting effort ever, at least 27 television networks and dozens of radio stations will air the live special "America: A Tribute to Heroes" Friday. The show is a star-studded benefit for victims of the September 11 attacks. Full story

KEY QUESTIONS:

How long will it take to pick up the pieces in New York and Washington and return to some degree of normalcy?

How has the fabric of New York, Washington and the country as a whole been altered?

What measures will be taken to try to prevent a recurrence of such attacks?

How will these measures affect the American way of life?

What effect will the attacks have on the economy?

What will be the global effect?

IMPACT:

The events of September 11 exposed the vulnerability of the world's greatest superpower, presenting the United States with the challenge of recovering emotionally and physically.






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