"Down On The Levee..."

As pundits and analysts were engaged in trying to figure on
the direction of crude and natural gas prices yesterday, Katrina
swirled past New Orleans. The backwash from the storm deluged
Lake Pontchartrain with rain. Waters rose overnight, several
levees were breached, and now the City has been inundated
with a toxic swill replete with petrochem, sewage and tumblin'
gators and water moccasins. Since The Big Easy is set in a bowl
below sea level, 80% of it is now under water with no natural
run-off. Although it may be true that the flashy Red Rhino
Dance Club near Bourbon St. may have survived, the City has
effectively been destroyed.

Katrina, for her part, is cruising north toward eventual
extinction in Quebec, but not before damaging the economies
of several other states. All told, probably upwards of 15%
of the US economy will have been damaged, with said damage
ranging from total devastation to the loss of power for a few
hours.

Them's that know me have seen an icy cool money manager
deal with tough issues over the years. I am no alarmist, but
it appears to me we have a national emergency on our hands.
President Bush will be in CA today to give a speech or two.
This curiously defective man is handling this blow to the US
with his customary nonchalance. Why he is not down south
where he is needed escapes my understanding. At the least,
they could have swept Cheney from his iron lung and deposited
him there.

Folks are only beginning to get an inkling of damage done and
the fully national effort that will be required to restore the
central Gulf and areas north. The effective loss of New Orleans,
a wonderful and unique American City is a national calamity, and
the sight of our President whistlestopping up in CA is a national
embarassment.