Did the economy tank before or after 9/11?

[Deja Q]

http://articles.moneycentral.msn.com/Investing/Extra/DontExpectABigRaiseIn2008.aspx

Being a worker isn't getting any easier. We're moving from traditional pensions to 401(k)s, from full-scale health insurance to consumer-driven health plans and from steady annual salary increases to one-time "pay for performance" bonuses and incentives.

SNIP

"The risk of earning a competitive wage is now increasingly on the employee's shoulders," said Ravin Jesuthasan, a managing principal and practice leader at Towers Perrin.

"If you go back to the mid- to late-1990s, we saw (salary budget increases) in the 6% to 8% range," but that all changed when the economy tanked after 9/11, Jesuthasan said.

(some were talking of the 'tech bubble' that led to a downer in 2000/2001)

[FreakinDJ]

1. No - It tanked when Enron ripped off 2 Billion

in Enron investor scam. WorldCom was sort of the iceing on the cake.

But ALWAYS fear - because Bush was there blameing the whole thing on "Those Evil Terrorist"

[Deja Q]

2. Tell that to Ravin.

He's thinking different.

:D

[FreakinDJ]

8. Hard telling here from California

Where the Tech sector was effected the most by the Dot-com bubble.

But actually the stock vales were an inverse of Bush's poll numbers. As Bush started to rise in Aug 2000 the Tech stocks started to decline. I guess most investors knew Bush would not extend the tax moratorium and hate all business other then Oil and Defense Contracting.

But yes business was still brisk right up to the Enron debacle

[Quixote1818]

3. It tanked before 9/11. nt

[montanacowboy]

4. The Economy Tanked big time BEFORE 9-11

Bush boy was going down the tubes big time and then.......wow..... 9-11 came along

They are trying again to rewrite history

[rurallib]

5. It tanked in march or April

when Enron pulled it's 'power play' in California and held them hostage. Disrupting one of the world's largest economies and jacking up their energy prices caused a big fast slowdown. Which was blamed on Clinton.

[Warren Stupidity]

6. Tanking when 9-11 happened.

9-11 pushed it down even further but the dot com bust was already well under way. Of course 'everything changed' after 9-11, meaning primarily that lying became standard practice in both the stenography broadcast system and the government.

[area51]

7. Before 9/11. (n/t)

[Blue Diadem]

9. There were places closing and moving out of state or country in the late 90's around here.

By 1999, we had to move out of state to get a decent manufacturing job, but that job was at higher wages too. After asshat stole the office, it seems the greed of the corporations took over and factory closures/business closures accelerated quickly, same as health care premiums. They can blame 9/11 but I don't think that is what caused it.

[madrchsod]

10. before

the summer of 99 was when the industry i was working in started tanking. the company i worked for tracked recessions for over 100 years so they knew it was coming. 9-11 depressed the country for at least two years longer than a regular cycle.there was no money at all for industrial loans following 9-11 which depressed the economy even futher. the mortgage scam is the only reason the country was able to spend it`s way out of a deep recession. now it`s worse than the per 9-11 level.

[BadgerLaw2010]

11. The implosion of the tech bubble starting in March of 2000.

Make no mistake, a stock market bubble of that degree, with so many retail investors committed to stocks and living off the paper returns, HURTS. It wiped out trillions of dollars in paper wealth that people were treating as all-too-real. Couple that with the underlying collapse in the tech economy and you have real market-induced pain.

[Toots]

12. The tanking began on December 9th when Extreme Court selected Bush* and his Cabal

It happened overnight. Stocks started crashing and enronomy plummeted. They called it a Recession and Blamed Clinton but the facts are there for all to behold..

[Zynx]

14. To be fair, the stock market was well off its highs by that time.

The NASDAQ and S&P were down 30% and 7% for the year respectively by that point and even more from their highs.

http://bigcharts.marketwatch.com/charts/big.chart?symb=nasdaq&compidx=SP500%3A3377&ma=0&maval=9&uf=8&lf=4&lf2=1024&lf3=131072&type=2&size=3&state=8&sid=3291&style=330&freq=1&startdate=1%2F01%2F00&enddate=12%2F9%2F2000&comp=NO%5FSYMBOL%5FCHOSEN&nosettings=1&rand=5975&mocktick=1

Whatsmore is that economic activity was clearly slowing. Industrial production in particular was slumping already.

[Zynx]

13. I followed economic and financial news very closely during this period.

While the NASDAQ bubble started to burst in March of 2000, there were only signs of economic strain by about mid 2000. By the beginning of 2001 it was clear the economy was sliding into recession. Economic data was very negative for much of the pre-9/11 period even though the job market hadn't totally tanked yet. It is true that the most severe employment losses were post 9/11, but any economist will tell you that employment is a lagging indicator. Firms don't cut jobs until it is clear business is slowing and don't hire until it is clear business is recovering.

[Imagevision]

15. The econonmy didn't tank, it began to fall in May of 01 - 9-11 made it tank

[usaftmo]

16. The economy tanked in the spring of 2001;

fortunately for shrub he's using 9/11 as an excuse to forget everything prior to that. To bring those matters up are unpatriotic! :sarcasm: