There is little doubt that the terror attacks of September 11, 2001
             have had economic impact both in the United States and in the other
             industrialized nations of the globe. The question is, however, how much
             impact, and, if there has been significant impact, in what areas' More
             importantly, however, the question might profitably asked: how can one
             determine whether the economic conditions obtaining in the industrialized
             world are a result of 9/11 or of other forces pre-existing or co-existing
             with the terror attacks and subsequent Bush agenda for coping with the
             Indeed, it appears, after a brief review of recent literature
             concerning economics in a post-9/11 global setting, that the attacks had
             relatively little to do with direct economic effects and, at best, are a
             component of an economic two-step that has resulted in global soft
             economies. The President's 2003 Economic Report also glosses over the
             direct effects of 9/11, offering what appear to be relatively
             unsubstantiated claims about economic factors, none of which are firmly
             linked in the report to any bona fide research; indeed, if the President's
             Economic Report were a research paper, the author would fail.
             For example, the President's report contends that the reason home
             refinancing was such a major component of lending in the preceding period
             was that interest rates were low, and that, therefore, the homeowners
             refinanced in order to spend money; home improvements are mentioned.
             Another trend mentioned was the "cash out" boom, in which homeowners
             refinanced to take virtually all the equity out of their homes for other
             purposes, more even than had been the case with conventional home equity
             loans. (President's Report 2003 p. 33)
             The report noted that "According to the Federal Home Loan Mortgage
             Corporation (Freddie Mac), holders of conventional, conforming mortgages
             liquefied about $59 billion in...