Rick Rescorla: Led thousands to safety on 9/11



Studying and emulating the lives of great men is a useful practice with a long history. Our culture, however, tends to promote celebrities, self-improvement gurus, and politicians.

Although no such luminaries proved of much use during the terrorist attacks of September 11, 2001, many “ordinary” people found it within themselves to act with stunning courage and determination.

The story of Rick Rescorla offers an especially poignant lesson for these times, involving as it does the triumph of individual know-how, experience, and common sense over bureaucratic “expertise.”

While serving as a platoon leader in the Vietnam War, the British-born Rescorla calmed his troops by singing to them. Years later, he employed the same tactic while helping evacuate the South Tower of the World Trade Center.

Twenty-three years on, it’s clear just how woefully unprepared our leaders were for 9/11. Rescorla, on the other hand, was ready.

Even before he became head of corporate security for Morgan Stanley, he had long warned anyone who would listen of the Twin Towers’ vulnerability to attack. When American Airlines Flight 11 hit the North Tower, the Port Authority ordered Rescorla to keep everyone at their desks.

His response, given his somewhat more intimate view of the unfolding crisis, was appropriately blunt: “Piss off.” The evacuation plan he’d insisted all employees rehearse through countless surprise drills went smoothly. His defiance saved some 2,700 lives.

Having led his charges at Morgan Stanley to safety, Rescorla went back into the building in search of more people to help. He was last seen on the 10th floor. He had never been comfortable calling attention to his wartime deeds, for which he was awarded a Silver Star and a Purple Heart. "The real heroes are dead," he would say. When the South Tower collapsed at 9:59 a.m., Rescorla joined their ranks.

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Morgan Stanley CEO issues odds on whether US will fall into recession: 'It’s going to be bumpy'



Morgan Stanley CEO James Gorman disclosed Monday that he believes the United States is at risk of recession, placing the probability at 50%.

"It’s possible we go into recession, obviously, probably 50-50 odds now," said Gorman, who was speaking at a conference hosted by his bank.

Gorman also appeared to take a shot at the White House, explaining that "it was inevitable this inflation was not transitory." The Biden administration claimed for months, beginning last year and into the early part of 2022, that inflation was transitory. But the heated economy always had a "legitimate recession risk," Gorman explained.

"I used to think it was about 30%. It’s probably more like 50% now — it’s not 100%," he said. "It behooves you to be a little cautious."

Even if the U.S. economic tanks into a recession, Gorman predicted that a recession would not be "deep or long."

"I don’t think we’re falling into some massive hole over the next few years; I think eventually the Fed will get hold of inflation," he said. "You know that it’s going to be bumpy; people’s 401(k) plans are going to be down this year."

The prediction comes as gas prices remain at record highs. As of Tuesday, the average price of gas is $5.02 per gallon, a new daily record. Meanwhile, inflation — which decreases the purchasing power of every dollar — is continuing to increase. The Bureau of Labor Statistics revealed last week that the consumer price index is up 8.6% year-over-year in May, a 40-year high.

Anything else?

Two weeks ago, JP Morgan Chase & Co. CEO Jamie Dimon warned that Americans should embrace for an economic "hurricane," instructing Americans, "You’d better brace yourself."

"Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this," Dimon said. "That hurricane is right out there, down the road, coming our way."