Hurricane Sandy: Closed New York Stock Exchange Reverberates Around the World
New York Stock Exchange workers place sand bags in front of doors and over electrical vaults at the exchange in New York October 28, 2012. The New York Stock Exchange placed sand bags around the perimeter of the building and announced they will close on Monday in preparation for the arrival of Hurricane Sandy. REUTERS/Carlo Allegri (UNITED STATES – Tags: SOCIETY ENVIRONMENT DISASTER BUSINESS)
The New York Stock Exchange shut down Monday, the first time since the September 11th terrorist attacks.
Host Lisa Mullins talks with Andrew Hilton, director of the Center for the Study of Financial Innovation about the economic impact the shutdown will have oversees that may not occur to most Americans
Hilton says shuttering the New York Stock Exchange puts New York in a very vulnerable position because markets in London and Asia could try to steal away listing companies.
Hilton believes Wall Street should look to develop a electronic stock market where trading can continue despite extreme weather events.
He says this event is not catastrophic, but it does jack up the cost of doing business.
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