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September 18, 2001 - Image 1

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Publication:
The Michigan Daily, 2001-09-18

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One hundred ten years of editor/a/ freedom

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NEWS: 76-DAILY
CLASSIFIED: 7640557
w. michigandaily. com

Tuesday
September 18, 2001

i

4 t i'3 ! t M-

i

The Washington Post

WASHINGTON - President Bush warned
the nation yesterday to prepare for U.S. military
casualties in the coming war against terrorism
and, in his bluntest language since last week's
attacks on New York and Washington, said he
wants Osama bin Laden brought to justice "dead
or alive."
"We will win the war and there will be costs,"
Bush said after a meeting with Pentagon officials
that was described as a review of his earlier deci-
sion to call up 35,000 military reservists to help
in air patrols around major cities, intelligence

gathering and engineering projects. He said the
military "is ready to defend freedom at any cost."
On a day when Americans went back to work,
the stock markets reopened and Major League
Baseball resumed play for the first time since the
terrorist attacks, Bush described the perpetrators
as "evildoers" and "barbaric people." Those har-
boring bin Laden and his network, Bush said,
should be "on notice" that they will not escape
the wrath of the United States and the interna-
tional coalition his administration is working to
build.
Secretary of State Colin L. Powell said "the
first round" of the war against terrorism will be

aimed specifically at those who launched last
week's attacks. He emphasized that it is "becom-
ing clear with each passing hour" that the al
Qaeda terrorist network is the prime suspect and
that "all roads lead to" bin Laden, the organiza-
tion's leader, "and his location in Afghanistan."
But Powell said the nation should be prepared
for a "long-term campaign" against worldwide
terrorism that will include legal, political, diplo-
matic, law enforcement and intelligence-gather-
ing components - as well as military action.
"What we have to do is not only deal with this
present instance but the whole concept of terror-
ism, deal with it as a scourge upon civilization

and go after it," he said.
U.S. officials continued their intensive diplo-
matic campaign to build international support for
military actions and other moves as they awaited
word on a Pakistani delegation's trip to
Afghanistan to urge that the Taliban leaders turn
over bin Laden.
Powell plans to meet tomorrow or Thursday
with Prince Saud Faisal, Saudi Arabia's foreign
minister, as investigators reported that 14 of the
19 suspected hijackers have links to that country.
Calling the Saudis friends of the United States,
Powell said of the foreign minister, "I expect he
will be forthcoming and I expect he will be com-

ing with a message of support and commitment."
As another sign of the growing intensity of
preparations, White House officials said Bush
will discuss the crisis at a working dinner tonight
with French President Jacques Chirac. The presi-
dent will meet tomorrow with Indonesian Presi-
dent Megawati Sukarnoputri, who leads the
world's largest Muslim nation, and on Thursday
with British Prime Minister Tony Blair.
The visits by Chirac and Megawati were
scheduled before the current crisis but the visit
by Blair, who has been one of the staunchest and
most outspoken allies of the administration in the
See WANTED, Page 7

Stocks plunge
on reopening
of Wall Street

By Ted Borden
Daily Staff Reporter

Major stock indexes posted heavy
losses yesterday on the first full day of
trading since last Tuesday's terrorist
attacks on New York and Washington
closed Wall Street for the longest period
since the Great Depression.
Despite the Federal Reserve lowering
interest rates early yesterday morning by
half a percentage point, to 3 percent, at
the end of the trading session, the Dow
Jones index of blue-chip stocks was
down 7 percent to 8,920.70. The 684.81
point loss was the Dow's biggest drop
ever, while the technology-heavy Nas-
daq index fell 115.83 points to a new
52-week low of 1,579.55.
In total, more than 2.3 billion shares
were traded on the Dow, a new record,
while the index dropped below 9,000
for the first time in 2 1/2 years.
The airline and insurance industries
were hit especially hard, with news that

airlines expected to post heavy losses
and that the World Trade Center bomb-
ings could cost insurance companies up
to $30 billion. Airline shares fell as
much as 65 percent, erasing $12.2 bil-
lion in market value. US Airways, the
nation's sixth-biggest carrier, said it
would cut 11,000 jobs and reduce its
schedule by 23 percent.
"What you're seeing is a reaction to
concern over what effects the terrorist
attacks will have on our economy" said
Jon Schmitz, director of equity strategy
at Fifth Third Bank, a bank that has
become a major player in the Midwest
market after its acquisition last year of
Grand Rapids-based Old Kent Bank.
"The market is anticipating that
because we already have a slowing
economy, this will slow it even more,"
Schmitz said, adding that investors are
relatively ralm. "History tells us that
over the past 60 years, markets have had
negative reactions but have always tend-
See MARKETS, Page 7

The famous statue of the Wall Street Bull Is decorated with American flags yesterday as members of the National Guard continue to patrol the neighborhood. The stock
market reopened yesterday for the first time since the Sept. 11 terrorist attack on the World Trade Center, with investors sending stocks reeling.
Back to busiess butfarfrom normal

Los Angeles Times
NEW YORK - In some ways, it could have been
any weekday, with the suited masses riding suburban
trains, the subways disgorging the workaday hordes,
and the great swarms of workers waiting at the elevator.
doors.
But yesterday was a day unlike any other, with New
Yorkers seized by an aching desire - a primal need -
for the routine, the familiar, the ordinary. And it was all
so hard to find.
In the freshly reopened financial district, there were
checkpoints and traffic snarls, smoke and stink and
barricades. Some of the police toted automatic rifles.
National Guardsmen wearing gas masks patrolled the
canyons of Wall Street. Yellow police tape flowed like
confetti. It seemed every other person wore a paper

"It's sort of spooky
seeing five brokers and
800 policemen3'
- Angelo Pomes
Stockbroker
dust mask.
In the end, getting back to the business of business
was traumatic. The World Trade Center, an icon of
American capitalism and commerce, had been gone
for six full days. Gone, too, was the bedrock assump-
tion that you go to work every day and return home
safely each night.

Things were different now, and everybody knew it.
"It's sort of spooky seeing five brokers and 800
policemen," said Angelo Pomes, of the brokerage firm
Prosperitas Management.
Jimmy Reilly, 41, a stockbroker hustling to work,
saw the upside. "It's good to be alive," he said.
Danny Debetta, 24, a stock exchange floor clerk
awaiting the market bell, had a bad feeling. He thought
it was too soon to bring the markets back.
"The mood's not good," he said.
Moments later, the day began badly and ended
worse. The New York Stock Exchange dropped 143
points eight minutes after rescue workers rang the
opening bell - and then plummeted 684 points by
day's end.
But even the largest point drop in history seemed to
See BUSINESS, Page 7

Dow Jones industrial; average 8,020.70
9,100 .
1710 ponts ous -
Nasdaq composite index cose
1,579.55
1,560

9:30 a.m.

10:30

11:30

12:30

1:30

2:30

3:30 4 p.m.

SOURCES: Yahoo.com, compiled from AP wire reports

AP

Humanistic service
brings faiths together

By Jordan Schrader
For the Daily
In a somewhat non-traditional way of cele-
brating the Jewish New Year, people of many
faiths last night attended a Humanistic heal-
ing service that emphasized the importance
of service and unity.
Humanistic Judaism is a religion primarily
based on Jewish culture rather than ceremo-
ny. Shaina Liberson, an LSA sophomore
who helped plan the event, said its draw is
that the religion is open to everyone.
"It's not focused on believing in God, but
more about helping each other and believing
in yourself" Liberson said.
The service featured as its keynote speaker
Prof. Ralph Williams, associate chair of the
University's English department.
Williams said Humanistic Judaism is not a
denial of God, but rather an acknowledge-
ment "that moral choice must take place as
though God were not a given."

Williams added.
In light of the terrorist attacks on New
York City and Washington last week, he said,
these ideals are especially significant.
"We have seen evil calling for evil," he
said.
"I urge you to answer in the face of that
call for evil, 'I will make the world new and
fresh, and we will love."'
He told the audience that, although "the
world seems made for unhappiness" after the
last week, each person can do good in the
coming year.
Accompanied by the music of drums, a
violin and a clarinet, Social Work student
Greg Epstein led the congregation in the
chanting of Hebrew hymns, both traditional
and newly adapted. Epstein is a leader of and
adviser to the University's Humanistic Havu-
rah, the group that sponsored the event.
A bowl of water was passed around the
audience and many people washed their
hands in it, an act Epstein said symbolized

Universities
nationwide
help victims
By Maria Sprow
Daily Staff Reporter
Drives in Ann Arbor to raise money and collect blood for
victims of the terrorist attacks in New York and Washington
are only a small part of the relief efforts going on at universi-
ties and colleges from coast to coast.
"There have been so many outpourings of support in so
many ways," said Michelle Hudgins, spokeswoman for the
American Red Cross.
Hudgins said each of the 1,100 chapters of the Red Cross
nationwide have been successful in their efforts.
"It's the staff and volunteers in the field that are making it
happen," she said. "Every day (they) are surpassing its capa-
bility and previous records."
Hudgins said support has been so numerous and over-
whelming that it would be impossible for the Red Cross
to determine which universities have made the biggest
contributions since every school is making massive
efforts.

ABBY ROSENBAUM/Daily

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