The opening of the New York Stock Exchange (NYSE) was delayed after the first plane crashed into the World Trade Center‘s north tower, and trading for the day canceled after the second plane crashed into the South Tower. NASDAQ also canceled trading. The London Stock Exchangeand other stock exchanges were also evacuated. The New York Stock exchanges remained closed until the following Monday. This was the third time in history that the NYSE experienced prolonged closure, and first time since March 1933, though the NYSE also shut down for a few months at the beginning of World War II. Trading on the United States bond market also ceased, with the leading government bond trader, Cantor Fitzgerald based in the World Trade Center. The New York Mercantile Exchange was also closed for a week after the attacks.
Insurance losses due to 9/11 were more than one and a half times greater than the what was previously the largest disaster (Hurricane Andrew) in terms of losses. The losses included business interruption ($11.0 billion), property ($9.6 billion), liability ($7.5 billion), workers compensation ($1.8 billion), and others ($2.5 billion). The firms with the largest losses included Berkshire Hathaway, Lloyd’s,Swiss Re, and Munich Re, all which are reinsurers, with more than $2 billion each in losses. Shares of major reinsurers, including Swiss Re and Baloise Insurance Group dropped by more than 10%, while shares of Swiss Life dropped 7.8%. Although the insurance industry held reserves that covered the 9/11 attacks, insurance companies were reluctant to continue providing coverage for future terrorist attacks. Only a few insurers offer such coverage, and it is limited and very expensive.
Tourism in New York City plummeted, causing massive losses in a sector which employed 280,000 people and generated $25 billion per year. In the week following the attack, hotel occupancy fell below 40%, and 3,000 employees were laid off. Tourism, hotel occupancy and-in particular-flying also fell drastically across the nation.. The reluctance to fly may have been due to increased fear of a repeat attack. Suzanne Thompson, Professor of Psychology at Pomona College, California conducted interviews of 501 people who were not direct victims of 9/11. From this, she concluded that “Most participants felt more distress (65 percent) and a stronger fear of flying (55 percent) immediately after the event than they did before the attacks.”
New York City
In New York City, there were approximately 430,000 lost job months and $2.8 billion in lost wages, which occurred in the three months following the 9/11 attacks. The economic effects were mainly focused on the city’s export economy sectors. The GDP for New York City was estimated to have declined by $27.3 billion, for the last three months of 2001 and all of 2002. The Federal government provided $11.2 billion in immediate assistance to the Government of New York City in September 2001, and $10.5 billion in early 2002 for economic development and infrastructure needs.
The 9/11 attacks also had great impact on small businesses in Lower Manhattan, located near the World Trade Center. Approximately 18,000 small businesses were destroyed or displaced after the attacks. The Small Business Administration provided loans as assistance, while Community Development Block Grants and Economic Injury Disaster Loans were other ways that the Federal Government provided assistance to small business affected by the 9/11 attacks.
New York City’s economic recovery took a sharp step backward in September as employers slashed thousands of jobs:
After adjusting for seasonal changes, New York City lost 17,000 private-sector jobs in September, according to real-estate services firm Eastern Consolidated. It was the worst month since March 2009, when the city lost 18,900 jobs.
“These losses were not surprising given how sharply a number of industries had added gains over the summer,” Barbara Byrne Denham, chief economist at Eastern Consolidated, wrote in a research report.
Leisure and hospitality and professional and business services — both sectors which had been adding jobs over the year — suffered big losses in September, according to James Brown, an economist with the Labor Department. The transportation and utilities sector was one of the few areas that added a significant numbers of jobs.
Escape From New York
An old saying goes that the time to live in New York is when you’re young and poor, or old and rich—otherwise, you’re better off somewhere else. That wisdom is getting an update this week from a study by the Empire Center for New York State Policy that shows middle-class people leaving the state in droves.
Between 2000 and 2008, the Empire State had a net domestic outflow of more than 1.5 million, the biggest exodus of any state, with most hailing from New York City. The departures also have perilous budget consequences, since they tend to include residents who are better off than those arriving. Statewide, departing families have income levels 13% higher than those moving in, while in New York County (home of Manhattan) the differential was even more severe. Those moving elsewhere had an average income of $93,264, some 28% higher than the $72,726 earned by those coming in.
In 2006 alone, that swap meant the state lost $4.3 billion in taxpayer income. Add that up from 2001 through 2008, and it translates into annual net income losses somewhere near $30 billion. That trend is part of a larger march for New York: In 1950 the state accounted for 19% of all Americans, but by 2000 that number had fallen to 7%. The city’s main saving grace has been its welcome mat for foreign immigrants, who have helped to replace some of those who flee.
- Rothschild’s New World Order Multiculturalism: Its All Just A Money Making Hoax ~ That Demands Loss Of Your Own Identity.
As the study’s authors, E.J. McMahon and Wendell Cox, suggest, no single reason can be fingered for a million migrants seeking their fortunes across state lines, but one place to start is New York’s notorious state and local tax burden. According to the Tax Foundation, between 1977 and 2008, New York has ranked first or second in the country for its state-local tax burden compared to the U.S. average.
In the years considered by the Empire Center study, New York’s state and local tax burden ranged between 11% and 12% of income. The peak year for taxes, 2004, was followed by the peak year for departures—as New York lost nearly 250,000 people to other states in 2005. And that’s before another big tax hike this year.
That pattern is consistent with the annual migration patterns, showing that highly taxed and economically lackluster states were most likely to end up in residents’ rear view mirrors. According to the annual study by United Van Lines, states like New York, New Jersey, Michigan and Illinois have been big losers in recent years.
In the Empire Center study, two of the top states to send taxpayers to New York—Illinois and Michigan—were also among the worst population losers overall. Greener pastures that drew New Yorkers included states like Florida, North Carolina and Pennsylvania, in addition to the usual suburban locales of New Jersey and Connecticut.
Liberals continue to insist that they can raise taxes ever higher without any effect on behavior, but the New York study is one more piece of evidence that this is a destructive illusion.
The NY City Council has declared December 14th, “Hate Wal-Mart Day” Page 13 NY Post, December 2, 2010
You can’t make this stuff up. While NYC officials and the Gloomberg administration are working overtime to erect a triumphal mosque at Ground Zero, Wal-Mart, the nations’s largest private employer, has been denied entry repeatedly. Wal-Mart was forced to drop its plans for its first New York city store. And New York was the loser for it. The lower middle and middle class was the loser for it.
(More at Political Vel Craft)
High Taxes Kill States.
There can be no better evidence than the 2010 Census. The states that lost House seats — because they’re shrinking, relative to the nation — had taxes 27 percent higher than the ones that gained seats.
Of the seven states that don’t have a personal income tax, four (Texas, Florida, Nevada and Washington) account for eight of the 12 seats apportioned to the fastest-growing states.
New York and Ohio lost two more seats. Other losers — down one each — are Massachusetts, Missouri, Michigan, New Jersey, Pennsylvania, Illinois, Louisiana and Iowa. What do they all have in common? High taxes. Texas, with the second lowest taxes in the nation, gained four seats, Florida picked up two and Arizona, Georgia, Nevada, South Carolina, Utah, and Washington state each gained one. All have low taxes. The states that lost seats ranked an average of 24th in taxes and had an average tax burden of $2,267 per capita (weighted more toward the states that lost more than one seat). The states that gained seats ranked an average of 39th in taxes and had an average tax burden (weighted) of $1,788 — 27 percent lower than the losing states.
People vote with their feet and flee to low-tax states. It’s not the climate; it’s the taxes.
In New York, the city grew from 7.3 million in 1990 to 8 million in 2000 to 8.4 million in 2010 — but population upstate shrank dramatically. Some 1.7 million people left New York state in the last decade, the largest exodus any state experienced. Upstate New York is dying, killed by high taxes.
The New York City metro area can grow despite high taxes. It’s the historical center for immigration from overseas, a glittering attraction for migration from within the country and the foremost global city. But upstate has no such offsetting attractions.
Consider Buffalo. From half a million people in 1960, it has fallen to a quarter of a million. It’s lost half its population in 50 years.
The trend is unmistakable: The “losing” states drove out their high-income citizens (and middle-income jobs) with heavier tax burdens. As New York and other high-tax states confront their budget difficulties, they need to be mindful of this trend — lest they wind up taxing their states into oblivion.
(More at Political Vel Craft)
Democrats Loose: CENSUS POWER SHIFT ~ GOP Pick Up 6 Seats In Congress ~ While Bloomberg’s NY, OH, IL, MA, NJ And PA Lose Seats!
Ohio and New York will lose two House seats each. Losing one House seat are Illinois, Iowa, Louisiana, Massachusetts, Michigan, Missouri, New Jersey and Pennsylvania.
States losing political clout may have little recourse to challenge the census numbers. Still, census officials were bracing for the possibility of lawsuits seeking to revise the 2010 findings.
The release of state apportionment numbers is the first set of numbers from the 2010 census. Beginning in February, the Census Bureau will release population and race breakdowns down to the neighborhood level for states to redraw congressional boundaries.
Louisiana, Virginia, New Jersey and Mississippi will be among the first states to receive their redistricting data in February.
The 2010 census results also are used to distribute more than $400 billion in annual federal aid and will change each state’s Electoral College votes beginning in the 2012 presidential election.
Teutonic Zionist Bloomberg, Calls For Carbon Tax On The Middle East: Funnels Money For Air Into Chicago For Rahm Emanuel!
Read How Mayor Bloomberg Misleads The Nation About Sending Money To Terrorists, When In Reality Obama Has Declared An Oil Drilling Moratorium Against The United States Of America!
New York Mayor Michael Bloomberg spoke today before the Wall Street Journal CEO Council annual conference. According to WSJ, he told attendees that the U.S. needs to reduce its dependence on foreign oil, if “you want to stop sending your money to … terrorists.”
The answer, he said: “We need a carbon tax.”
- California Waking Up And Shows America How To Fight Back And Win Against Greedy Liberals. 800,000 ‘Double’ The Signatures Required By Californians To Suspend Job Reducing Climate Bill.
- Meet The Market Makers For Green Energy Products Based Upon The Fraud Of Climate-gate!
- Brazil’s U.S. $133 Billion, Ten-Year Push in Search of Oil and Gas : Do Liberals Support Obama Sending Billions In U.S. Taxpayer Dollars For Brazil To Drill New Offshore Oil Wells?
- Maurice Strong Uses Bill Gates Of Microsoft, To Funnel Money For America’s Destruction
Al Gore, among others, has been promoting a carbon tax based on bogus data showing carbon causes global warming. To my knowledge, Bloomberg is the first person to suggest a carbon tax as a way to battle terrorists.
U.S. homes to be packaged by Fannie Mae and sold as Collateralized Carbon Obligations on a carbon exchange (ILLEGAL DERIVATIVES), such as the Chicago Climate Exchange where Rahm Emanuel was just sent. The buyers would be carbon emitters, who emit so much carbon dioxide they are required to BUY carbon offset credits.
- Coldest Winter In 1,000 Years On Its Way ~~ While Fear Mongers Of Global Warming, Laugh All The Way To The Bank!
Bloomberg, a billionaire, got his start by gaining access to the “inside quote” that Primary Dealers used who traded with the Federal Reserve. He sold his quote machines to bond dealers with this quote. The quote was extremely valuable in providing bond traders with insight on Fed trading activities. It is not publicly known why Bloomberg was given access to this quote. Other quote providers who requested to publish the quote were denied access. In short, it was a billion dollar gift to Bloomberg.
- 15 States Head To Court Stopping EPA’s Draconian Regulations Based Upon Dark Age Science!
- Global Warming Scam, Born In San Francisco, California : The Architect Of Global Warming Conspiracy: Maurice Strong – Father Of “Oil For Food Scandal”
- Can Grass Roots America aka; Tea Party Federation Lead Climategate, Obama’s Organized Crime, And Neo-Socialists ‘Out of the Valley of Evil?’
Many view a Cap and Trade carbon tax as a gift to Wall Street firms such as Goldman Sachs, who are gung ho about trading carbon credits in Chicago Where Rahm Emanuel was just sent by The British Monarchy.
- George Soros Bubble Burst – Climategate: It’s All Unravelling Now!
- Breaking : 68% Of Americans Say Drill Here Drill Now! : Obama Sending Oil Jobs To Brazil.
- 31, 486 Scientists : Global Warming Is A Complete Fabrication – “the human-caused global warming hypothesis is without scientific validity.”
- Economic Policy Journal
A NEW YORK EDUCATION
“Imagine,” said a public school teacher in New York City, who asked that I not use his name, “going to work each day knowing a great deal of what you are doing is fraudulent, knowing in no way are you preparing your students for life in an ever more brutal world, knowing that if you don’t continue along your scripted test prep course and indeed get better at it you will be out of a job. Up until very recently, the principal of a school was something like the conductor of an orchestra: a person who had deep experience and knowledge of the part and place of every member and every instrument. In the past 10 years we’ve had the emergence of both [Mayor] Mike Bloomberg’s Leadership Academy and Eli Broad’s Superintendents Academy, both created exclusively to produce instant principals and superintendents who model themselves after CEOs. How is this kind of thing even legal? How are such ‘academies’ accredited? What quality of leader needs a ‘leadership academy’? What kind of society would allow such people to run their children’s schools? The high-stakes tests may be worthless as pedagogy but they are a brilliant mechanism for undermining the school systems, instilling fear and creating a rationale for corporate takeover. There is something grotesque about the fact the education reform is being led not by educators but by financers and speculators and billionaires.”
Teachers, under assault from every direction, are fleeing the profession. Even before the “reform” blitzkrieg we were losing half of all teachers within five years after they started work—and these were people who spent years in school and many thousands of dollars to become teachers. How does the country expect to retain dignified, trained professionals under the hostility of current conditions? I suspect that the hedge fund managers behind our charter schools system—whose primary concern is certainly not with education—are delighted to replace real teachers with nonunionized, poorly trained instructors. To truly teach is to instill the values and knowledge which promote the common good and protect a society from the folly of historical amnesia. The utilitarian, corporate ideology embraced by the system of standardized tests and leadership academies has no time for the nuances and moral ambiguities inherent in a liberal arts education.Corporatism is about the cult of the self. It is about personal enrichment and profit as the sole aim of human existence. And those who do not conform are pushed aside.
(More at Political Vel Craft)
- Noose Found Hanging At World Trade Center (newyork.cbslocal.com)
- Major Legislation Shows Country’s Ongoing Support for 9/11 Rescue Workers, New York Mesothelioma Attorney Says (prweb.com)
- The true death toll at the WTC on 911 (disclose.tv)