As we mark its 10th anniversary, it’s clear that Sept. 11, 2001, continues to impact our country’s financial infrastructure. Here’s some perspective as well as our check-in on this week’s headlines:
The destruction of the World Trade Center back on that frightening Tuesday morning halted the markets, closing the New York Stock Exchange for four days. At the time, the U.S. was sliding off the bubble burst and was battling a recession from March 2001 to November 2001. Fast forward some years to the economic downturn of 2008 and the current crisis stamped by Standard & Poor’s downgrade of the nation’s AAA credit rating. The past decade’s fiscal rollercoaster has cranked to a higher level as jobs thwarted downhill. President Barack Obama took to the national airwaves on Sept. 8 in a televised speech, challenging U.S. lawmakers to enact a $447 billion package of tax cuts and new government spending that aims to stimulate a stagnant economy. As jobs have been butchered, so have hedge funds, especially as the worldwide economic chaos broils. Experts say several big hedge funds such as MLM Marco Fund are poised to face steeper losses before 2011 turns 2012. The Dow Jones Credit Suisse Core Hedge Fund Index dropped 3.76 percent as of Aug. 31 compared to a 3.1-percent dip in the S&P 500 index. Beyond our nation’s borders, the euro/dollar has slide into a six-month low, catalyzed by Greece’s slumping finances. The country last week faced a chance that it would run out of money in October when expected to fall short of 1.5 billion euros without the next round of help. What’s next?
- Market Moments Since 9/11, Forbes, Sept. 9, 2011
- EUR/USD Dips Into 6 Month Lows as Greece Faces Payment Freeze, Forex Crunch, Sept. 9, 2011
- Obama Challenges Congress on Job Plan, The New York Times, Sept. 8, 2011
- Forex Trading Volumes Near Record Levels, The Wall Street Journal, Sept. 7, 2011
- Big hedge funds are getting slaughtered, CNNMoney, Sept. 7, 2011
- U.S. Job Creation On Downward Trajectory, Business Insider, Sept. 6, 2011
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