NYC-WTC_000230598

NYC 9/11 Public Portal Document

THE NEW' YOHK POST, MONDAY, SEPTEMBER 17, 2001

CAPITALISM SET Wall St. trades on and I encourage people to go about their lives,'’ said Giuliani. “One of (he best tilings they can do is in lower’-* Manhattan to limit their use of phones and electricity. “We need a less-ihon-

fear for optimism to show" how strong wc are and how terrorists- can't cower us.” Many small merchants usual demand for electric­ ity when it comes back ihere and for rhe phone system because we're. patching it together," said ayTQMTOPOUSlS, “So that-means many of who serve the brokers and rhe small stores and res­ it. bankers took the mayor's Dyson. .v.* BRAD HUNTER message to heart, heading ' Meanwhite, the city -is □nd JESSICA SOMWAR taurants will not have ■55*- waging a full-court press electricity unless they back to chcir shops over The Bull is ready to roar have their own genera­ the weekend. on businesses that lost back [oday. tion,” said Dyson. "A wise Samuel Castro vowed to their offices, in an ’effort After a Herculean effort. . idea would be bring your reopen his Samuel's Hats to keep them from moving Wall Sxctt« will reopen own lunch." store on Nassau Street out of the city. for business this morning . He predicted most oper­ even though he doesn't Giuliaoj and City Coun­ in an act that city officials ations on Wall Street expect brisk sales. cil Speaker Peter Vallone say wilt defy the terrorists should go smoothly, citing “I iusl want to open — it are talking to top execu­ bent on shuttine down the (rial runs at the exchange world’s financial capita]. "It's important to make over the weekend. 1 a*, doesn’t matter whether 1 make money " Castro said tives and also weighing the creation of a coaunis- sion focused on helping The New York Board of as he cleared away debrU. ■Wall Street work Itodayl Trade, lost’its fa- • tv IH'- . “We have to continue K»»" Manhattan. to send a message to these cility arwhich perpetrators of this crimi­ will moverheto trade center, a backup lo­ JUn with our lives.” Sheet nal act that we're back in cation it established in business," vowed John Queens after the 1993 ua- —i,.---- .—J Coulianidis and dad up hew comtruc. Dyson, economic adviser file down an overhang Manny were busy tossing to Mayor Giuliani, rage-bomb attack at yeslotday neat the stock etchange. Rbuibis out spoiled food. The pop. ““ months oi Despite limited electri­ Turin Towers. cal power and scattered AU- eyes .will be on the Sier"*"* “ milUen phone outages, Dyson said markets to see how inves­ It looks as if the New tors around the world York Stock Exchange and react to (he attacks. other financial markets Billionaire investor Pnee tag to rebuild: $1008 Larar.-js SSk" ftodavl 1 doLibt it vtZe was vacant before the at" The cost of rebuilding in New York and Washington, can’t get any deliveries,” wili open for the first time Warren Buffett gave the and of cooipensaling the families of the thousands of said Coulianidis. officials are since the terror attack. markets a shot in the arm last night when he told people killed and injuied in the nitacks, could be as high gyt he and his father ‘'Ting to consolidate or "We're all working to as $100 billion, according to BftW Deloitte, the leading were getting ready so ihey 'to®fre"uTTenc?rol achieve a very high level CBS's “60 Minutes" that could reopen as soon as private fnms of nonnaicy at the mar­ he won't sell any stock actuarial consultancy. kets,” said Dyson, “That’s :oday. A loss on this scale would be five times as much as power comes back. rffST ,1!. anino our mission." President Bush said he the cost of Hurricane Andrew, which devastated Florida As of last night, 1,900 w» car to Rod The eschatkre^ were set has confidence in the in 1992 and caused the previous biggest claim. Initial es- Gon Ed workers were lay- Ji stav^ for their usual 9J0 open- city's ability to get back to timates suggested last week's terrorist outrages would ing transmission cables to Lja rC' „i, CT, ing last Tuesday morning business. generate insurance claims of $10 billion to $1$ billion. restore service to 9365 wonderful gesture for when disaster struck just "People will be amazed ■ Sunday Times of London customers. New York and against the blocks away before 9 a.ni. at how quickly we rebuild -----------;--------——------ Officials stress they are terrorists for people to be The NYSE, other ex­ New York, how, quickly stock Exchange alone. resumption ot busmess encoun^iog only those patient with us.” changes and most of the people come together to City officials expect at downtown along with the people with business on majoT financial institu- wipe away’ the rubble," least another 20,000 reopening of theaters, mu- 'Wall Street to return. rions in lower Manhattan . Bush said yesterday. “We workers to return to the scums and shops shows. This is not a sightsee- aa—„ O,, will have to rely on their need to go tack (o work.” Financial District this New York is coming back ing undertaking,” Dyson own electric-generating About 5,000 people morning. to life, warned. / Page^ 48‘SO systems. work at Che New York Mayor Giuliani said the “The life of the city goes Officials urge everyone --------------------------------

City biz should rebound after short-term dip I flyBETHJ. HARPAZ ■ businesses are going to have to targets." he said. "But I don’t see leave the city, that's not good disappeared front normally bus- Realtors and economists pre­ move out. But with federal help people fleeing New York.” for the city's fiscal base-'' tling places like Times Square, dict thar the World Trade Cen­ and city help, there's going to be Marcia Van Wagner, chief The attack destroyed office Cabs are suddenly available in ter attack will resjlt in a short­ a rebuilding." economist for the Citizen's Bud- space for hundreds of firms and nei^borhoods where they used term blow to the local economy, Mark Thompson, managing get Commission, a fiscal watch- thousands of jobs, not just in the to be impossible to fina. And but say that, over time, rhe city director of Plyinoutti Partners, a dog group, agrees that there will Twin Towers but also in sur­ discount tickets 3re available to will likely come out OK. , commercial Realtor, says many likely be a short-term turndown, rounding buildings that are now Broadway shows that had been “In the short term, obviously, companies will relocate into accelerated by the national eco off-limits due to structural dam­ hard to see. there’s a large amount of devas- space recently made vacant by nomic slump already in pro­ age. Small businesses that pro­ Van Wagner says that an im­ taiion and loss of life. It's a huge the dot-com bust. And lu cite gress when Tuesday’s attack on vided ancillary services to some mediate tourist slowdown was blow for New York," said Co­ long term, he predicts, there the Twin Towers occurred, of the firms directly hit — ev­ . to be expected, explaining, lumbia University economics will be new construction to help “A year from now, if your co­ erything from delis to copy ■'When things like this happen, Professor David Weinstein. create needed offices. op or condo is worth less, it will shops — will experience re­ people ger superstitious about rhe place where (he tragedy oc­ duced revenues from fewer cus- curred." But Weinstein, who has stud­ But he acknowledges that probably be worth about the ied what happens when cities some of New York's most pres­ same that it would have been tomers. Barbara Corcoran, who is Suffer catastrophes such as tigious addresses might be less without this,” she said. On the other hand, billions of probably the best-known high- bo'nibi^s during wartime, said desirable from now on than an “It's not part of a structural dollars in federal aid are in the end Realtor in Manhaitao, pre­ that historically, ‘the long-run anonymous building in down­ erosion of what makes the city pipeline. Insurance payments dicts that prices will soften Ln impact is actually’quite modest. town Brooklyn or Queens. competitive. Thai's not to say will help damaged companies the short term, but largely be­ ... In the short run. there will “There may be some issues this doesn’t present a . fiscal reconstitute. New jobs will be cause of fi wait-and-see attitude be a nin-up in commercial reai- some companies will have, challenge. There ire a lot of created in constructloR that she expects will rale the esiate prices in the scramble to [such] as being in laudtnark very big taxpayers involved in Largely due to the airline real-estate market for the next find office space, and' some buildings they see as potential this, and if a number of them slowdown, tourists have largely few months.

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NYC-WTC_000230598