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This morning, the United States’ financial markets will reopen for the first time since Tuesday, Sept. 11. With widespread uncertainty in the wake of the horrific terrorist attack, many analysts fear panicked selling in the stock market—possibly pushing the country into recession.
Along with the fear of renewed danger, falling stock prices would sharply reduce consumer confidence. Before Tuesday, experts had questioned whether the economy was slow enough to be considered in recession. Since then, “slump” has gone out of fashion and “recession” has been used mentioned more openly, raising the specter of a self-fulfilling cycle of fear regarding our economic health.
Americans, however, should not be afraid. We have an alternative, namely to commit ourselves to boosting the markets. By not selling off stocks, by being bullish today and in the coming weeks, we can maintain confidence in the economy and keep America strong.
Patriotism takes many forms. New York’s famously competitive financial firms have showed a spirit of cooperation in recovering from the attack. This morning, the New York Stock Exchange will allow the stocks of its unopened rival, the American Stock Exchange, to be traded on its floor.
This goodwill, cooperation and generosity extends beyond the financial sector. Many others have shown in this past week that profits are not the sole end of American life. There has been an amazing upsurge in corporate and personal donations since the attack on the World Trade Center; from companies such as Coca-Cola and AT&T to celebrities like Madonna, many have made generous donations to the relief effort and the Red Cross. American patriotism and generosity have also been apparent on a more local level; New York delis gave free coffee and movie theaters gave free tickets and concessions in the days after the blast.
These are the acts of kinship and kindness that America should take to heart. This is a time for confidence in one another and strength as a nation. To promote a climate of fear or to take financial advantage of the uncertainty created by Tuesday’s tragedy would be harmful to our country and to its citizens.
As markets open today, don’t sell America short.
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