Question

The World trade Center in New York City on Tuesday, September 11, 2001—the worst terrorist incident in U.S. history. Explain why the terrorists were able to bring down the twin towers of the World Trade Center, with nearly 3,000 dead. However, but they were unable to bring down the U.S. financial system

Answer 1

The terrorist attack on the world Trade centre towers in New York on September 11 2001 was an unprecedented tragedy in the history of architecture. The twin towers WTC 1 and WTC 2 engulfed in flames caused by jet fluel and finally both towers collapsed into the ground, causing thousands of people to be trapped the rubble. Both towers collapsed at a very high speed nearly equal to a free fall. Official statements regarding the incudent were released by the federal emergency management agency in 2002 and the national institute of standards and technology in 2005 and 2008. In its reports FEMA concluded that the heat of burning jet fuel induced additional stresses into the damaged the structural frame simultaneously softening and weakening these frames and this additional loading and the resulting damage was sufficient to induce the collapse of the towers. Many detailed numerical analysis were performed by an NIST and they concluded that the WTC towers were likely would not have collapsed under the combined effects of aircraft impact damage and the extensive multi floor fires, if the thermal insulation had not been widely dislodged or have been only minimally displaced by aircraft impact. However the specific cause of such a high speed collapse still remains unresolved.

Regarding this unresolved structural problems and aircraft impact analysis of a full-scale WTC tower was performed to seek the possibility that the impact itself was the main cause of high speed collapse. It is clear that the towers experienced and extreme dynamic load that no other high rise buildings in history have ever experienced. Full-scale methods of WTC 2 and an aircraft were constructed, and and impact analysis was performe.

The September 11 attacks in 2001 were followed by national shops causing global stock markets to drop sharply. The attacks themselves resulted in approximately 40 billion insurance losses, making it one of the largest insured ever after. On Tuesday September 11 2001 the opening of the New York stock exchange was delayed after the first plane crashed into the world Trade centre North tower and the trading for the day was cancelled after the second plane crashed into the South tower. NASDAQ also cancelled trading. The New York stock exchange was then was evacuated as well as nearly all banks and financial institutions on wall street and in many cities across the country. The London stock exchange and other stock exchanges around The world were also closed down and evacuated in fear of follow-up terrorist attacks. The New York stock exchange remained closed until the following Monday.This was the third time in history that the NYSE experienced prolonged closure, the first time being in the early months of world war and the second being March 1933 during the great depression. Trading on the United States bond market also ceased, the leading government bond trader in the world Trade centre. The New York mercantile exchange was also closed for a week after the attacks.

The Federal reserve issued a statement saying it was open and operating. The discount window is available to meet liquidity needs. The Federal reserve added 100$ billion in liquidity per day during the three days following the attacks, to help avert a financial crisis. Federal reserve Governor Roger W.Ferguson Jr. has described in detail this and the other actions that the fed underlook to remain to maintain a stable economy and offset potential descriptions arising in the financial system.

Gold prices spiked upward from to $215.50 to $287 an ounce in London trading trading. Oil prices also spiked upwards. Gas prices in United States also briefly shot up, though the spike in prices lasted only about one week.

Currency trading continued with the United States dollars following sharply against the euro British Pound and Japan yen. The next day European stock markets fell sharply including decline of 4.6 % in Spain, 8.5 % in Germany and 5.7% on the London stock exchange. Stocks in the Latin American markets also plunged, with a 9.2% drop in Brazil 5.2 % drops in Argentina and 5.6% in Mexico before trading was halted.