Herald and Review from Decatur, Illinois • Page 6

WEDNESDAY, SEPTEMBER 12, 2001 DECATUR, ILLINOIS LOCALNATION A5 TERROR STRIKES Economy faces attack aftermath iff I I ii ami! i. BHHJj 9 Trasier' producer among victims The Associated Press Some of those killed on flights commandeered by terrorists Tuesday: DAVID ANGELL, 54, was executive producer of the NBC television show "Frasi-er." He was flying on American Airlines Flight 11 from Boston to Los Angeles with his wife Lynn, according to Angell's brother. The Most Rev. Kenneth Angell, bishop of the Roman Catholic Diocese of Burlington, Vt. The Angells were returning from their summer home in Chatham, where Bishop Angell and other relatives had just spent a joyful family wedding weekend.

BARBARA OLSON, 45, was the wife of U.S. Solicitor General Theodore Olson. She was aboard American Flight 77 from Dulles International Airport when it crashed into the Pentagon. She twice called her husband as the plane was being hijacked and described some details, including that the attackers were using knife-like instruments. Barbara Olson was a chief investigator for the House Government Reform Committee in the mid-1990s.

She later became a lawyer on the staff of Senate Minority Whip Don Nickles, before branching out on her own as a TV commentator and private lawyer. She was a frequent critic of the Clinton administration and wrote a book about Hillary Rodham Clinton. DANIEL C.LEWIN, 31, co-founder of Akamai Technologies in Cambridge, was aboard American Flight 11. He also was the company's chief technology officer and a board member. Lewin is survived by his wife and two sons.

Lewin, who attended graduate school at MIT, became an instant billionaire at least on paper in October 1999 when Akamai made its Wall Street debut. JOHN 0G0N0WSKI, 52, of Dracut, was the captain on American Flight 11. A former Air Force pilot, Ogonowski had just celebrated his birthday. He left a wife and three daughters Laura, 16; Caroline, 14; Mary Catherine, 11. He was also a farmer who loved the land.

His brother. Jim Ogonowski, said his 150-acre property would be preserved as open space, as his brother would have wanted. TOM MCGUINNESS, of Portsmouth, N.H., was copilot of American Airlines Flight 11, an official at his church confirmed. Rick DeKoven, administrator at the church, said McGuin-ness was married with two teen-age children, a boy and girl. He said church pastors were with his wife when she was notified Tuesday morning.

A prayer service was being held for him Tuesday night. DeKoven called him "a devoted family man," who was active in his community and church. Area experts see consumer cautiousness By ARVIN DONLEY and SUSAN REIDY Staff Writers With the heart of the nation's financial district covered by smoke and ash, economists are weighing in on what Tuesday's terrorist attack that destroyed both towers of the World Trade Center could mean for an economy teetering on the edge of recession. University of Illinois economist Fred Giertz said the attack will undoubtedly have a short-term negative impact on the U.S. economy.

But he believes the Federal Reserve will take actions, such as chopping interest rates even further and providing ample supplies of cash to the banking system, to prevent a cataclysmic financial crisis from occurring. "I think the economic impact of this will be substantial, but it will be transitory, and the economy will bounce back," Giertz said. Because of the massive destruction in the vicinity of Wall Street, Giertz said there will be the initial problem of being physically unable to resume normal trading and other financial business. Morgan Stanley, for instance, had its retail business headquarters located in the south tower of the World Trade Center. "I suspect they have contingency plans and records that are kept in a separate place in the event of something like this," Giertz said.

"All of those things will present problems, but because of the size of the economy and the financial markets, it may not be that devastating." Perhaps an even bigger concern than the disruption of the infrastructure is that consumers will cut back further on their spending. Consumer spending accounts for two-thirds of the nation's economic activity. Even before Tuesday's attacks, signs of trouble were evident as Americans grew more worried about their jobs with each new rash of layoff announcements. Tony Liberatore, director of Millikin University's master of business administration program, said terrorist attacks create a lot of uncertainty, which makes people cautious. "This is not something that will boost economic growth.

It's going to keep us in those low growth or negative growth areas for a short time," he said. In addition to a slowdown in consumer spending, Liberatore said investors will also be nervous, causing a downward impact on the market. Corporate profits will also be negatively impacted, he said. On the other hand, there will probably be a surge in spending for the recovery in New York and more spending by the federal government for military preparedness, Liberatore said. "There will be some balancing going on, but overall I Associated Press ERUPTION: Smoke and debris erupt from the south tower of the World Trade Center as it explodes after two jets crashed into the buildings on Tuesday.

Terrorists crashed two airliners into the World Trade Center in a closely timed series of blows that brought down the twin 110-story towers. BELOW: People flee lower Manhattan across the Brooklyn Bridge in New York, Tuesday, following the terrorist attacks on the World Trade Center. 111,1 "There is no economic good that comes out of this. It is just a question of how bad will it be," said Mark Zandi, chief economist at Economy.com. "It is now likely we will get a negative GDP number for the third quarter, given all of the economic disruptions that this is creating, with a shutdown of the transportation system and the financial markets." As the Fed sought to reassure the country that the nation's banking system was safe, Harvey Pitt, chairman of the Securities and Exchange Commission, issued a statement saying that the closing of financial markets on Tuesday was a "temporary phenomenon.

Trading will resume as soon as it is practical to do so." The New York Stock Exchange announced it would be closed today, and it did not indicate when it would reopen. Lead writer Anin Donley can be reached at udonleydi or 42 1-6977. The Associated Press contributed to this think it's going to be negative," he said. The Fed's promise to supply additional money to the banking system was similar to a pledge it issued on the morning after the October 1987 stock market crash. That action, only two months into Alan Greenspan's tenure as chairman, was credited with keeping the economy out of recession.

"The economy has been on a high-wire act, straddling between a recession and anemic growth. Now the terrorists have cut the wire underneath our feet," said Sung Won Sohn, chief economist at Wells Fargo in Minneapolis. "The United States and the rest of the world are likely to experience a full-blown recession now." Economists said the terrorist attacks, in addition to hurting consumer confidence, could disrupt the economy in a variety of ways, including severely curtailing air travel, which especially would harm areas that depend on tourism. Survivors recount frenzy leaving scene of bombings possibly dead. I'm just so lucky; I'm just so lucky." Lolita Jackson, a Morgan Stanley Investment Management employee, said she and 15 other people were in a business meeting on the 70th floor when the first plane crashed.

"We couldn't see the plane coming toward us, but we saw fire, smoke and papers office papers, so obviously there was a hole in the building," said the 34-year-old Jackson. "When we saw that, we saw fire actually shooting out of the building; we knew it was time to leave." She and her co-workers walked down to the 59th floor and were then told to take elevators to a lobby on the 44th floor. That's where they were when the second plane hit the opposite side of the building. "The building swayed probably about two feet," Jackson said. "I thought at that point it was going to topple over.

That was the moment I was probably the most scared." Jackson, who said she also went through the 1993 World Trade Center bombing by terrorists, started going down the stairs with the aid of rescue workers. "Had the second plane hit first, we probably all would have been dead," she said. At the 63rd floor, he decided to try to look out a window of one of the offices. "One side of Building 1 was engulfed in flames. People were yelling 'Oh my God! They're jumping, they're jumping out the I looked down and I saw a lot of debris, and I saw blood spots.

I saw the horror. That's when it hit me, and I thought to myself, have to get out of As Cruz rejoined the heavy stream of people on the smoky stairwell, the second plane hit. This time, it was his tower. "The whole building moved, and it was swaying back and forth. I heard a muffled boom, and I thought everything was just going to collapse.

People were rushing and merging together and going crazy," he said. When he finally got to the ground floor, dust and smoke had darkened the air. Amid the debris that littered the ground, Cruz said he saw a burnt torso. As he turned away, he caught the eye of a co-worker. They exchanged shaky smiles and she said, "We're very lucky, aren't we?" Later, he said: "It's still surreal in my head.

The reality of it hasn't hit me. Even though the World Trade Center has fallen, and all these people are By AUDRA ANG Associated Press Writer NEW YORK (AP) -Richard Cruz was getting off the elevator on the 92nd floor of the World Trade Center when the plane hit the tower across from him Tuesday. "There was mass hysteria; people were screaming," said Cruz, 32. "I heard a lady's voice saying 'Go back! Go back! There's been an I smelled smoke, and I saw a lot of paper flying like confetti." Cruz rushed to the stairwell along with other panicked co-workers from Aon Risk Services, an insurance brokerage company, where he started work a month ago. Associated Press EMERGENCY AID: An emergency worker helps a women after she was injured in the terrorist attack, Tuesday..