PAUL KANGAS: Millions of people gathered in silence around the world today in a day of remembrance at churches, synagogues, and schools; in homes, hospitals, and hotels. There was a tremendous outpouring of sympathy and support to Americans hurt by Tuesday's terrorist attack, and President George Bush was at the forefront of the efforts, spending the afternoon personally touring the site of what was the World Trade Center in New York City. Bush shook hands with rescue workers and told them their tremendous efforts are appreciated.

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: I can hear you. The rest of the world hears you. And the people who knocked these buildings down will hear all of us soon.

KANGAS: Before touring the city's battered financial district, President Bush led the nation's leaders in today's national day of remembrance. It was one of hundreds of services held in places of worship throughout the country, and the world. Jeff Yastine reports.

JEFF YASTINE, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a day of hymns, prayers and reflection. At the National Cathedral in Washington, President Bush, four former presidents, members of Congress, cabinet officials and others gathered for this national day of remembrance-a time to look back at incidents that happened only three and a half days ago, and yet shook the country to its core. Husbands, wives, sons and daughters were lost, and yet, as Billy Graham noted, there are reasons for hope.

REV. BILLY GRAHAM: A tragedy like this could have torn our country apart, but instead it has united us and we've become a family. So those perpetrators who took this on to tear us apart, it has worked the other way. It's backfired. We are more united than ever before.

YASTINE: But America wasn't alone. In the early hours of the morning, people as far away as Kosovo-no strangers to wartime devastation-gathered to offer prayers and support.

AFRIM HOTI, PRISTINA UNIVERSITY, KOSOVO: We know better than all the people over the world what terrorism is. So in those moments, we want to be with the American peoples.

YASTINE: And in our own country, in places far removed from the devastation of lower Manhattan or the Pentagon, churches and synagogues filled with the faithful, praying for comfort of those that suffered and all hoping to heal some painful wounds. Come Monday, much of the financial community in the US will begin to go back to work, even with our emotional wounds still so raw. Yet, as one rabbi noted today, perhaps it's fitting.

RABBI BARRY KONOVITCH, AVENTURA TURNBERRY JEWISH CENTER: I think that the best revenge if you will, is to begin to lead a normal life once again; to demonstrate the resiliency and the strength of America. And by America, we often mean the American economy. That's what supports us.

YASTINE: Jeff Yastine, "NIGHTLY BUSINESS REPORT," Miami.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. © 2001 Community Television Foundation of South Florida, Inc.

09/14/01: Working To Triumph Over Tragedy

LINDA O'BRYON: Through all the turmoil, there are many stories of courage under fire; but perhaps none is more poignant than that of Cantor Fitzgerald. Before Tuesday, the international bond trading firm worked out of the top four floors of the World Trade Center. Now this trading room in New Jersey is its home. Cantor Fitzgerald believes it lost 700 of its 1,000 Trade Center employees this week: a horrifying toll. Still, its remaining staffers decided to go back to work despite losing their co-workers, and go back to work they did. But as Erika Miller reports, Cantor Fitzgerald isn't alone proving to be strong and resilient.

ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: For more than 15 years, 2 World Trade Center was the marquis address of Oppenheimer Funds. Then the unthinkable happened.

ANDY MIKA, SR. VP, INVESTMENT OPERATIONS, OPPENHEIMER FUNDS: We heard a noise and then saw debris flying over the building and at that point, we got up and left and I shouted to everybody to leave.

BOB BONAMO, SR VP, INVESTMENT & FINANCIAL SYSTEMS, OPPENHEIMER FUNDS: We rallied people. We tried to get them out quickly. We got to the stairwell and there was an announcement saying that building 2 was secure, stay where you are. We did not listen to that announcement, thank God.

ROB DENSEN, SR VP, OPPENHEIMER FUNDS: As horrific as this event was, it really demonstrated some core human values. The evacuation was orderly. People were civil, helpful.

MILLER: Fortunately, all 600 of the company's employees who worked in the Trade Center survived. Oppenheimer Funds also had the foresight to have a contingency plan in the event of a catastrophic emergency, backup space at this office park in suburban New Jersey. The plan was developed mainly in response to the 1993 bombing at the World Trade Center.

JERRY WEBMAN, SR INVESTSMENT OFFICER, OPPENHEIMER FUNDS: I think it is just something you realize when you manage an awful lot of other people's money, that you've got to think about a lot of problems that can arise and a lot of backup systems and a lot of redundancy.

MILLER: And it's at this suburban New Jersey location that Oppenheimer Funds is once again operating and will be for the foreseeable future. The firm has been trading fixed income securities this week and plans to begin trading equities when the market opens Monday. The company has space for 88 employees and it says it has all the necessary equipment to duplicate all trading operations from the destroyed location. Other displaced staff members are working from home or from temporary spaces until a new permanent headquarters can be established. Also working in the firm's favor: a secondary facility in Denver where about 1,400 workers are based. And the company says it will be able to manage all $125 billion of its customers money with no visible disruption. Most employees here in New Jersey are eager to be back at work. Evidence that although the World Trade Center complex was destroyed, the spirit of those who survived remains unbroken. Erika Miller, NIGHTLY BUSINESS REPORT, New Jersey.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. © 2001 Community Television Foundation of South Florida, Inc.

09/14/01: One On One With Hardwick Simmons, Chairman of the Nasdaq

SUSIE GHARIB: Let's talk now about how stock market officials are getting themselves ready to resume trading on Monday morning. And joining me here is the NASDAQ Chairman, Hardwick Simmons and we're very happy to have you here. Before we start talking about next week, let's talk first a little bit about on Tuesday. I understand that you were in your office which is right across the street from the World Trade Center, the headquarters of NASDAQ. Tell us a little bit about your story.

HARDWICK SIMMONS, CEO, NASDAQ: It's a terrifying story, Susie. I was sitting there at about quarter of nine in the morning and all of a sudden a kind of a sonic boom went right off over my head. I thought somebody had hit my building and I rushed over to the window to see what had happened and I just saw the tail of the plane disappear into One World Trade Center, the north tower and this enormous fireball just come about, around the 80th or 90th floor and just kind of blew out sides of the building followed by an enormous shower outside and I didn't know what it was. I thought it was an accident at that point in time and we quickly got everybody back from the windows, kind of moved them into the stairwells of the building as we really didn't know what had happened. Some people decided to leave right then and there, leave the building. Some of us stuck around and then all of a sudden, we saw that second plane go in on the other side, an enormous fireball and at that point in time, we knew what we were up against. And we quickly evacuated everybody down 50 flights of stairs and onto the street.

GHARIB: Were there all sorts of reports about the stability of your headquarters building at One Liberty Plaza and you said you just went and checked it out today. What is the status of the facility?

SIMMONS: One Liberty Plaza is absolutely fine. I just walked to the top of it, up 50 flights and it is absolutely stable.

DENSEN: We have a sense of obligation not just to our shareholders but to this country to move forward and all our employees who I talk with express that. There's incredible resolve in this organization.

SIMMONS: Yes, it has had some exterior damage. Some windows fell out down below, but the building is absolutely structurally sound. And we want to make sure when people talk about One Liberty Plaza, they pick out the right building and not Four New York Plaza, which unfortunately the "Daily News" confused with it today.

GHARIB: You are going to do some tests to get the NASDAQ ready and up and running for Monday. Tell us how a little bit about how that's all going to work.

SIMMONS: Well, we're. And now when I say the NASDAQ, I mean the New York Stock Exchange. All exchanges will be testing tomorrow. We'll have a kind of a full day open. We'll start at 9:30 just like a normal trading day. Firms all over the country will input their trading data. Obviously it's not real trading data, but they'll input this data, and we'll run it right till 4:30 in the afternoon. And we'll give it-

GHARIB: So just like Y2K, the Y2K?

SIMMONS: Absolutely. We'll give everybody a chance to connect. That's what's key to us right now.

GHARIB: What if the connections don't work? Will you open on Monday?

SIMMONS: Absolutely. We'll open because what'll happen is if some firm's connection doesn't happen, we'll have to find another way in the next 48 hours to make sure that firm gets connected.

GHARIB: What if the New York Stock Exchange tests don't go as well as yours? What will you do on Monday?

SIMMONS: I think the New-I don't think that's a big question because the Exchange is remarkably unscathed, its actual computer capability itself. So really what we're talking about is the industry's ability to connect to both NASDAQ and the New York. And I don't think there'll be differences one or the other.

GHARIB: You have a lot of broker/dealers, market makers, some of them were in the World Trade Center, some of them in the area. Are all of them, you know, situated somewhere in a disaster recovery site or do you still have some people stranded?

SIMMONS: To the best of my knowledge today we still have about six firms of the 32 that were in the World Trade Center that we haven't heard from or been able to contact. I don't know about those. All the major firms that were down there now, even though they may not be able to operate in their regular premises, all have disaster recovery sites, which they will be moving to. In addition, I mean one of the great things that's happened is that all firms have kind of pooled all the resources they have and loaned those to other firms who lost theirs so that everybody has a place to connect. So no customer order need worry that it can't get to the floor or exchange or to NASDAQ.

GHARIB: I know there's a whole human toll involved here of just even people psychologically coming back and getting back to business. But to what extent do you think that things will be close to normal on Monday?

SIMMONS: Things won't be normal on Monday. They'll get closer to normal. I would guess most firms will just bring those people into lower Manhattan who are needed for the markets themselves and a lot of the other infrastructure probably won't come until we're sure that access is available for all of those people. So it won't seem quite normal. But you're absolutely right, there's going to be an awful lot of counseling work that has to take place down there because once you've seen what we saw and you've realized that kind of sense of vulnerability you didn't think you had, you really want to have somebody talk to you a little bit about it.

GHARIB: I know it's been tough. And we want to thank you from NIGHTLY BUSINESS REPORT so much for letting us use and broadcast out of the NASDAQ market site this week.

SIMMONS: And I hope you get into your site quickly, too.

GHARIB: We do, too. Thank you very much. And we've been speaking with Hardwick Simmons, Chairman of the Nasdaq.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. © 2001 Community Television Foundation of South Florida, Inc.

09/14/01: The Federal Reserve's $81B Aid Package

PAUL KANGAS: The federal government is forging ahead with its response to these tragic events. President Bush today authorized the military to call out the reserves. Congress approved $40 billion in emergency funds. And as Washington bureau chief Darren Gersh reports, the Federal Reserve bolstered the financial system.

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: The money Congress approved today will go to fight terrorism and help rebuild from Tuesday's deadly attack. The emergency spending bill passed without a dissenting vote.

REP. BILL YOUNG, CHAIRMAN, APPROPRIATIONS COMMITTEE: We will never be divided as a nation, as a people, as a government, as a Congress on the issue of defending our people.

GERSH: $10 billion will be available immediately for relief efforts and to begin rebuilding New York's battered infrastructure. Another $10 billion will follow once the President sends Congress a plan to spend it. An additional $20 billion in spending will come in 2002. Former Fed Governor Lyle Gramley says the economy now has three powerful props to help withstand the economic shockwaves of this attack- the President's tax cuts, interest rate cuts by the Federal Reserve and now a ramp up in government spending.

LYLE GRAMLEY, FORMER FEDERAL RESERVE GOVERNOR: This is just the tip of the iceberg. So I think while we're likely to have a recession by early next year, we're going to see signs of an improving economy and one that improves perhaps quite sharply.

GERSH: A senior Congressional aide says attention will now turn quickly to ensuring the nation's airlines keep flying. Some fear the major carriers will run out of cash completely in three months.

REP. JAMES OBERSTAR (D), MINNESOTA: Current conditions in the airline sector could lead to a complete financial liquidation of the airline industry unless we address their immediate financial needs.

GERSH: The Federal Reserve today injected $81 billion into the banking system and told banks to be ready for a surge in borrowing. It also urged banks to extend new loans to companies who need them.

OBERSTAR: They're operating what I would call a defensive arrangement. They want to keep economic activity, financial activity, as normal as possible.

GERSH: Also today, the Senate voted to give the President authority to use all necessary and reasonable force against the terrorists who committed this act and any nation that may have helped them. House approval is expected tomorrow. Darren Gersh, NIGHTLY BUSINESS REPORT, Washington.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. © 2001 Community Television Foundation of South Florida, Inc.

09/14/01: Will The Travel Industry Become A Casualty Of The Terrorist Attack? Emergency?

LINDA O'BRYON: The nation's air system is slowly coming back to life today. But many travelers are having second thoughts about getting onto those planes. As Diane Eastabrook reports, experts say that could spell trouble for the travel and hotel industries.

DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: At this suburban Chicago travel agency, very few customers are canceling trips they've scheduled weeks ago.

UNNAMED TRAVEL AGENT: All right, and that was a trip from Cincinnati to Richmond?

EASTABROOK: But the agency says hardly anyone is scheduling new ones.

JOHN SMITH, TOWER TRAVEL: Until people feel like they're able to travel without fear and they're not in a target, which is obviously the term that's been used for the attacks, they're going to feel unsure about traveling on cruise lines or taking long stays in hotels.

EASTABROOK: Industry watchers believe the terrorist attacks this week will turn an already dismal year for the travel and leisure industries into a terrible one. Price Waterhouse Coopers is predicting this to be the worst year for the U.S. lodging industry in 33 years. The company says revenues per available room could decline up to five percent. They dropped about 2 ½ percent during the Gulf War in 1991. Casinos in Las Vegas are also expected to take a hit. Since Las Vegas is typically a fly to destination, analysts think gamblers who are afraid to fly may avoid the city and opt for riverboat casinos, which are more accessible by car. But despite the grim short-term prospects for the lodging and gaming industries, some analysts say investors should not necessarily abandon these companies.

NAPOLEON OVERTON, VICE PRESIDENT, MORGAN KEEGAN INC.: If there is substantial pressure due to lower earnings expectations short-term for these two sectors, then I think longer term it'll represent a clear by buying opportunity to buy good companies when they're beat up in a very unusual situation.

EASTABROOK: Airlines could play a crucial role in the recovery of lodging and gaming stocks. Analysts say the sooner American consumers are assured the skies are safe again, the sooner they'll return to traveling. Diane Eastabrook, NIGHTLY BUSINESS REPORT, Chicago.

Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. © 2001 Community Television Foundation of South Florida, Inc.

09/14/01: Al Goldman, Chief Market Strategist for A.G. Edwards Reflects On The Attack On America

PAUL KANGAS: Normally on a Friday at this point in the program, we'd be talking to our market monitor guest. But sadly this is anything but a normal Friday. So we thought we'd take this time to get a more personal view of these events through the experience of a seasoned market professional. Joining me now from St. Louis is Al Goldman, Chief Market Strategist for A.G. Edwards. Al, welcome.

ALFRED GOLDMAN, CHIEF MARKET STRATEGIST, A.G. EDWARDS: Paul, thank you. It's an important, an honor to be with you today.

KANGAS: You know, you have 41 years under your belt in the financial community. Please give us your reflections on this week's tragic attack on America. Tell us what this week has been like for you.

GOLDMAN: Well, I don't care how long you've been in the market, we all have a central nervous system and this has been a horrible week to all of our psyches, the biggest tragedy our nation has ever experienced. And that is just something that we're never going to get over. But we had another responsibility not only to the human loss, but also we have to look forward and worry about those of us who are still here worrying about the future of our economy and the market and our financial systems. So we've had kind of a divided labor this week.

KANGAS: Drawing on your long experience in your career, can you compare this week to any other crisis that has impacted our nation?

GOLDMAN: No, I don't think there's anything this severe. As everybody knows by now, in Pearl Harbor we lost about 2,400 people. It was horrible. But this is going to be well in excess of that. We do have something that history does teach us and that is after very serious tragedies the market gathers itself and a year later, for example, after President Kennedy's assassination, the Oklahoma city bombing and the World Trade Center bombing in the garage, a year later the market, on average, was up 23 percent.

KANGAS: Amazing comeback, wasn't it?

GOLDMAN: Yes.

KANGAS: How do you rate the performances so far of our leaders? And that includes the Federal Reserve, the Treasury and the leaders in the financial community.

GOLDMAN: Well, the only thing I was worried about was that we would open the markets today, and I thought that would have been a very bad idea, both not showing enough respect to what is the carnage and the terrible tragedy but also to give investors a chance to recover their senses and to think a little bit more coolly come Monday. So as long as we went to Monday, I'm all right. I think the Federal Reserve Board has done a very good job. Fed Chairman Greenspan has come out and, of course, increased substantially the money supply and has said that the Fed stands ready to do whatever is necessary. Our Treasury Secretary O'Neill has said positive things. So, so far I think they've gone done a good job. I do hope that the Fed will be lowering interest rates, also, and it will be good to have it before the opening on Monday.

KANGAS: You know, I have been hearing some speculation that there's a growing agreement, a consensus among the brokerages in the investment community not to short stocks as the market opens and trades on Monday. Have you heard anything about that?

GOLDMAN: I haven't heard anything specific. I know there is speculation that the SEC may restrict short selling, but I would be all for it. I don't think anybody should try to capitalize on this great human tragedy.

KANGAS: So you think that perhaps there'll be some federal regulation of shorting or just a general agreement among the brokerages?

GOLDMAN: I would like to see it. It is speculated. I have not heard anything specific. My inclination would be to guess that there will be not be any regulations against it, but I would not want to be the professional money manager who goes short this market.

KANGAS: All right, now in recent days, I've also heard increasing talk about a surprise rally instead of the widely expected sell-off when trading resumes next week as our investors show their support for our capitalistic system. Has patriotic fervor such as that ever impacted our markets before and even if not, do you think there is a good possibility it could happen now?

GOLDMAN: I think there is a definite swelling of patriotism in the country. I think it's going to show up with the consumer, who's going to shop a lot sooner than most economists are now guessing. My feeling is that Monday there will not be a huge surge in selling pressure. I do think the market will go down only modestly, perhaps 100, perhaps 200 points. But I do not look for a huge sell-off. What selling comes in will probably be from foreign holders. You know, being separated from us, distance creates uncertainty and also many foreigners don't understand the American spirit.

KANGAS: I understand.

GOLDMAN: So I think just down modestly.

KANGAS: All right, Al, thanks so much for taking the time to be with us.

GOLDMAN: My pleasure. Thank you.

KANGAS: My guest, Al Goldman, Chief Market Strategist for A.G. Edwards.