September 11, 2024
It's been 23 years since the September 11, 2001 attacks (commonly referred to as "9/11"). These were a series of coordinated terrorist attacks carried out by the militant Islamist group al-Qaeda against the United States on September 11, 2001. Almost 3,000 people lost their lives on the attacks. A few trillion dollars were spent (indirectly invested) in the War Against Terror that ensued after the attacks. As with all wars, the expenses translated into many technological advancements. Wealth creation in the United States since the 9/11 attacks, especially in the digital technology sector, has been incredibly amazing.
Of the many technology companies that created trillions in wealth in the past 23 years, the most remarkable in our opinion has been Apple. Unfortunately, it seems that the fruit is finally losing its mojo. Apple seems to have peaked and may soon begin a slow yet steady trail downhill.
While Apple may very well remain a solid investment and a financial stronghold for many years to come, paying good dividends as a value company, it seems virtually impossible for Apple to replicate its past success. It seems virtually impossible for Apple to have as good 23 years into the future as the ones it had in the past since 9/11. Apple was then valued at $6 billion. Today, Apple has a market cap of $3.35 trillion. Do the math.
Below let's a take a quick look at the 9/11 attacks just to honor the victims and their families in this day of remembrance. Then, let's take a quick look at Apple's remarkable (and unrelated) journey since then. There's no connection between the 9/11 attacks and Apple's success other than the fact that the U.S. Government's investments on digital technology helped the entire sector. Apple's success since 9/11 also help to illustrate that while apocalyptic views are always popular, despite occasional tragedies, the world keeps moving in one direction, forward making progress.
The 9/11 Attacks
- Four hijacked planes:
- American Airlines Flight 11: Crashed into the North Tower of the World Trade Center in New York City at 8:46 AM.
- United Airlines Flight 175: Crashed into the South Tower of the World Trade Center at 9:03 AM.
- American Airlines Flight 77: Crashed into the Pentagon (the headquarters of the U.S. Department of Defense) at 9:37 AM.
- United Airlines Flight 93: Was heading toward Washington, D.C., but passengers fought the hijackers, causing the plane to crash into a field in Shanksville, Pennsylvania at 10:03 AM.
Casualties
- Total deaths: 2,977 victims plus the 19 hijackers.
- World Trade Center: 2,753 people were killed.
- Pentagon: 184 people were killed.
- Flight 93: 40 passengers and crew died.
- First responders: 343 firefighters, 60 police officers, and 8 paramedics were killed while trying to save lives.
Immediate Impact
- The Twin Towers of the World Trade Center in New York collapsed due to the impact and resulting fires.
- The Pentagon suffered significant damage to its west side.
- Flight 93’s passengers prevented the plane from reaching its intended target, speculated to be either the White House or the U.S. Capitol.
Who Was Responsible?
- The attacks were orchestrated by al-Qaeda, a militant Islamic extremist group led by Osama bin Laden.
- 19 hijackers, most from Saudi Arabia, carried out the attacks.
U.S. Response
War on Terror:
- Following the attacks, the U.S. launched the War on Terror, which led to the U.S. invasion of Afghanistan on October 7, 2001, to dismantle al-Qaeda and remove the Taliban from power for harboring terrorists.
- This also set the stage for the U.S. invasion of Iraq in 2003 under the belief that Saddam Hussein’s regime possessed weapons of mass destruction, though no such weapons were found.
Creation of Homeland Security:
- The Department of Homeland Security (DHS) was established to coordinate national efforts to protect the U.S. from terrorism and natural disasters.
- The USA PATRIOT Act was passed, expanding surveillance and law enforcement powers to combat terrorism.
Airport Security:
- The Transportation Security Administration (TSA) was created, revolutionizing air travel security with strict measures such as enhanced screenings and restrictions on carry-on items.
Long-Term Impact
Global War on Terror:
- The 9/11 attacks marked the beginning of prolonged U.S. military engagements in the Middle East, with far-reaching political and economic consequences.
- The war in Afghanistan lasted for two decades, ending with the U.S. withdrawal in 2021.
Anti-Terrorism Laws and Practices:
- 9/11 led to widespread changes in national security, surveillance, and intelligence gathering. These included the controversial NSA surveillance programs that monitored global communication.
Economic Impact:
- The attacks caused billions of dollars in damages and led to a significant drop in global markets. The U.S. economy suffered a recession in the months following 9/11.
Islamophobia and Social Changes:
- The attacks led to increased scrutiny of Muslims and Arab-Americans in the U.S. and around the world, resulting in a rise in Islamophobia and racial profiling.
Memorials
- National September 11 Memorial & Museum: Located at Ground Zero in New York, it honors the victims and first responders.
- Pentagon Memorial: Dedicated to those who died in the attack on the Pentagon.
- Flight 93 National Memorial: In Pennsylvania, commemorates the bravery of the passengers who thwarted the hijackers' plan.
Global Impact
- The 9/11 attacks profoundly changed global geopolitics, particularly in terms of how nations deal with terrorism, security policies, and international relations, especially between the Western world and the Middle East.
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