Daily VideoFebruary 2, 2009
Economic Breakdown Cripples U.S. Port
The economic slowdown has paralyzed the otherwise busy port of Long Beach, California, where billions of dollars worth of imports and exports used to flow into and out of the country.
Car companies are leasing lots just to stock up their unsold vehicles, storage facilities are stuffed with good that can’t be sold, and truck drivers who used to make $2,000 a week now make $200.
Meanwhile, in China, thousands of textile mills, weavers, finishers, dyers, weavers are closing because as the market contracts here and worldwide, there’s no demand anymore.
This video provides a close up look at how the global economy is affected by the current U.S. recession.
“This is absolutely the worst times I’ve seen since I’ve been in the market 35 years, both from an importing point of view to a manufacturing point of view. The market is horrific.” – Marvin Jacobs, fabric distributor
“It wasn’t a downturn. It was a cliff. OK, we fell off a cliff, in the world.” – George Adams, president, SA Recycling
“We’re a micro-example of what I feel happened in the world. We were working 60 hours a week and sometimes 80 hours a week…In a period of a couple of weeks, people reneged on the orders, canceled the contracts… everything imaginable and possible happened, and literally the business fell off.” – George Adams, president, SA Recycling
“This was a complete collapse of everything we’ve known, and so people are lost.” – Longshoreman
Warm Up Questions
1. What is a port? What happens there? Who works there?
2. How do you think American ports are affected by the struggling economy?
1. Did this report surprise you? Why or why not?
2. What was the most interesting information?
3. How did problems in the U.S. housing market end up shutting down factories in China?
4. Make a prediction: what do you think conditions will be like a year from now?
Tooltip of related stories
Tooltip of more video block
Submit Your Student Voice
In this NewsHour lesson plan, discuss the ways city, state and national leaders have responded to civil unrest. Continue reading
In this NewsHour lesson plan, discuss the protests surrounding the killing of Minneapolis resident George Floyd. Continue reading
In this NewsHour current events lesson, find out how convalescent plasma from previous COVID patients may help researchers with treatment options. Continue reading
In this NewsHour EXTRA lesson, learn about Twitter’s new initiative to fact check the tweets of influential figures such as President Trump and how it has stirred debate over the role of social media platforms as content moderators. Continue reading
In this NewsHour EXTRA lesson, learn how the coronavirus is impacting the economy and how it compares to the Great Depression. Continue reading