Hurricane Sandy has not only cost money but lives of many as well. There are people tragically affected by the storm, namely in New York and the northeast states’ area. The economy and people’s well-being are at stake; however measures have been underway to clean up this catastrophe.
“New York City was all but closed off by car, train and air. The superstorm overflowed the city’s waterfront, flooded the financial district and subway tunnels and cut power to hundreds of thousands. Power is expected to be fully restored in Manhattan and Brooklyn within four days.
The New York Stock Exchange will reopen for regular trading Wednesday after being shut down for two days. There’s no evidence that the shutdown had any effect on the financial system or the economy. But Jim Paulsen, chief strategist at Wells Capital Management, said further delays might have rattled consumers and dampened their spending. ”It’s about confidence,” Paulsen said. “We’re watching these horrific images of the storm, and people are thinking whether they should ahead with that big purchase ….It doesn’t do any good to have another day with headlines saying the U.S can’t figure out how to open its stock exchange.”
Most homeowners who suffered losses from flooding won’t be able to benefit from their insurance policies. Standard homeowner policies don’t cover flood damage, and few homeowners have flood insurance.”
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