Following some of the memorial services in commemoration of the 9/11 attacks, I had occasion to view some video footage from 17 years ago. One clip in particular was quite profound. We thought it might be worth sharing with our readers.
On Friday, September 14th, 2001, the late Louis Rukeyser opened his weekly PBS program Wall Street Week with the following monologue:
"Some may think it unseemly, in this profoundly grieving nation, that we would even think of matters economic and financial tonight; but it is right and proper in respectful perspective that we do so. For it is not a coincidence that two of the four planes hijacked by murderers on Tuesday targeted the World Trade Center---the very symbol of the Economic Revolution which has raised dramatically the living standards on every continent---and, by spreading the marvelous blessings of Free Enterprise and Individual Choice, is empowering people everywhere; by teaching them the exciting news that they can control and improve their lives far better than the increasingly anachronistic despots and fanatics who would keep them enslaved in an evil past of hatred and deprivation.
"Tonight on this special program, in which we will hear from five authentic titans of finance, we begin---as all of us should---with the devastating human cost. Our hearts go out to all the families of Tuesday's victims, who included two recent guests on this program: warm and brilliant men named David Alger* and Bill Meehan.**
"As for the economic impact of these terrible events: the short answer is that it will not be good. Despite the old myth that Wall Street thrives on war, the reverse is true and a nation already tottering on the edge of recession may now fall into it as we did in 1990. Certain industries will clearly be hurt...The economy though ultimately depends upon you and me. For the markets, like the rest of the world are moved by the largely unpredictable behaviors of human beings. Will we as consumers and investors retreat on a more permanent basis? Or will we step up to the plate now and say that this country's future is still wondrously strong? And we want to do our part now to help make it so.
"Exactly 40 years ago, my friends, I first stared into the face of evil when as a young reporter, I covered the trial of Adolf Eichmann. Not only do we see that same face of hatred and cruelty today in Osama bin Laden; but many of the world's reactions are eerily similar---right down to those who would justify and appease the new genocide as they did the old: throwing Israel to the wolves as we did Czechoslovakia. Fortunately that is not the opinions of most Americans today. But we are not a country known for our patience---or our memory...To keep our economy strong and truly to eradicate the new terrorist threat, will take not merely anger, but sustained dedication. Do we have it? Let us hope for our sake, and that of the world, that we truly do.
"And let me add one optimistic personal observation. Yesterday in Downtown Manhattan, stores were selling out of American flags. And one street-vendor's sign said it all: 'These colors do not run.'"
* David Alger died at the age of 57. He was CEO of Fred Alger Management, which managed $15 billion in assets and employed 220 people. Alger's office was on the 93rd floor of the North Tower. He is believed to have been killed instantly when the first plane struck. His brother Fred Alger, who resumed running the company after David's death, stated that there were no survivors from FAM among the 35 employees working at WTC.
**William Meehan died at the age of 49. He was the Chief Market Analyst at Cantor-Fitzgerald: a company which lost 658 employees in the attack on the North Tower. It's not known how Meehan died: he was among those trapped on the upper floor of the building before it collapsed. Mr. Meehan had three children and was a volunteer football coach at their school. He was a pioneer of Internet marketing strategy and claimed to have been the first person to have bought a Christmas tree online.
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