Money Matters Essays

Money Matters Essays Money Matters Essay Money Matters Essay Even though more than four decades had passed, the reaction is an understandably common one: panic and fear. Yet it can be argued that those who experienced the earthquake in 1989 were in a much better position in the aftermath of the disaster. The Stanford News reported that, Stanford survived its second major earthquake with far less destruction than was wrought in 1906, when two persons died and press reports implied that the campus was in total ruin []. In 1989, there were no deaths or major injuries on campus, despite a student population more than eight times what it was in 1906 and the fact that the temblor hit at the end of a busy workday. Certainly the 06 quake was far more powerful. Now estimated at 8. 3 on the Richter scale-a means not available at the time-it released at least 30 times more energy and generated at least 10 times more ground motion than the quake of 89 (24 Oct. 1989 1). Not only the fact that no lives were lost in the Loma Prieta earthquake come as welcome news, but the business of the university also resumed almost immediately afterwards. The earthquake took place on Tuesday evening, but by Thursday, classes were already being held, albeit in makeshift classrooms and at different times. Compare that to the previously stated fact that classes as well as graduation had been postponed outright in the 1906 earthquake to be held in August of the same year. Even though the latter class, at least superficially, walked away with much less bruising physically, the economic situation that the disaster put the university in was anything but secure. The value of property lost was described by the Stanford News: If all goes according to plan, the University eventually may spend $171. 5 million to recover from the Oct. 17 earthquake. Plans reported to the Administrative Council and the Board of Trustees in early February call for a basic program of must repairs and legally required seismic strengthening totaling $134 million. Another $37. 5 million may be spent for repairs and building improvements that are considered optional (13 Feb. 1990 2). The amount of $171. 5 million is of course much more than the $39 million dollars (adjusted for inflation) that was lost on the original earthquake of 1906. Of course this can be attributed to the fact that in those 83 years, the university had expanded quite considerably and invested much more funds into its infrastructure and buildings, but both time frames were still faced with the question of How do we pay for this?