Resurrecting The Street - How U.S. Markets Prevailed after 9/11, gives a unique snapshot of how the attacks affected, at the time, the relatively unknown Govie market. The enlightening thing right from the start was how important that market was to the whole financial health of the US. Ingber chronologically follows events of the day through the eyes of several key figures who were near the towers. It was chilling to read the eyewitness accounts of the towers being hit, falling and then the escapes to safety...especially 10 years later. His research is top notch because he interviewed over 100 personal cases in the following years. The result is a detailed account of a financial meltdown of gargantuan proportions and how the efforts of shell shocked dedicated individuals kept the markets from failing.
The events of 9/11 presented the financial industry with the greatest operational crisis in history. Key officials were killed; others could not be located. Primary and backup sites were unavailable or inadequate. Massive amounts of critical data were lost, and there was a crushing inability to communicate, locate or verify information. It was not known for a time which firms could participate in the markets and to what degree, nor was it clear to what extent certain markets had been damaged and when they should reopen.
Nor could the human impact of the 9/11 events be divorced from the business issues. Those grappling to restore the markets had to cope with their own feelings of anxiety, shock and loss, and to deal with a uniquely horrific blend of personal and professional difficulties.
This book tells of the regeneration of the U.S. markets, day by day, immediately following 9/11, with a focus on the U.S. Government securities market. 9/11 brought the most important financial market in the world – the one looked to by investors globally for safety in times of trouble – to the brink of collapse. The crisis was ultimately resolved through the willpower and wisdom of groups of disparate individuals, accompanied by an unprecedented climate of cooperation among fierce competitors that embodied the American spirit at its finest.