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To: Glenn D. Rudolph who wrote (131268)	9/15/2001 11:37:29 AM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

Glenn, Cantor Fitzgerald is the main clearing agent/MM for US Treas bond trading, they did $60 trillion in trades last yr. They were on several floors near the very top of Twr 1, the first one hit. They lost 600 of 960 people. IMO it is nothing short of a miracle how their surviving employees voted to work through the night Wed and on Thursday and Fri so that trading of US bonds could resume. It likely could not have occured without them. You can see the list of tenants of all the WTC towers on CNN web site. I don't think you understand the magnitude of the interuption to US business this has caused. Victor

To: Glenn D. Rudolph who wrote (131268)	9/15/2001 12:48:33 PM
From: GST	Read Replies (1) \| Respond to of 164684

"you provided no facts as to why the world economy will slow further due to this ongoing problem" I gave you the example of all travel-related expenditures which are likely to decline by $10 to $20 billion per month in coming months -- there is no way of knowing how long that will continue. It could be a week, a month, three months a year -- nobody knows. The airlines lobbied Congress and got $15 billion in emergency aid by arguing that without help they would all be bankrupt in three months. I think this is evidence of a significant slowdown. In that one cluster of industries alone it is a reduction of expenditures at an annual run-rate of $120 to $240 billion per year. Our limited experience with this kind of situation is that the impact is felt for a year or two -- but there are so many factors to consider that it makes any projection very uncertain. Another hijacking or air incident would obviously be devastating. The beginnings of a response by the USA will cause people to become more cautious --and there must be a response. Ground troops in Iraq, for example, might produce a sense of caution that would further reduce travel and related expenditures. An outbreak of a new type of threat would also be very harmful -- biological warfare being the most difficult to respond to in a meaningful way. But whatever happens next, history and logic point to a slowdown in many important areas of our economy. I have simply pointed out the most obvious one -- travel-related industries.