From the news conference: "Can and will New Orleans be rebuilt? Absolutely!"
IMHO there should be a series and thorough debate at the national and state level if that is the best idea. Or at least whether any federal money will be used to rebuild or insure such.
Sometimes the wisest course is to write off a total loss and learn from mistakes rather than repeat and compound them. They can't stop the landowners from building on and using their land, nor from pooling their resources to increase their protection, but we also shouldn't be federally subsidizing unwise and dangerous practices. And that goes for far beyond New Orleans and LA. Federal flood insurance that in effect encouraged and subsidized building in vulnerable coastal flood plains was just as foolish as high welfare/unemployment payments. Promoted unwise decisions, but perhaps among the wealthy instead of the poor. The insurance market did a much better job, if it was too expensive to build in coastal TX, FL, and Carolinas, there was good reason for it. If you want your oceanfront home, you can build it, but the gov't shouldn't be making it artificially affordable by removing the financial consequences of ignoring history and taking high risks. And there are plenty of Republicans to blame, along with the Democrats for the foolish development in coastal areas open to storm surge devastation.
Didn't really want to get into this debate while rescues are still going on, but we have to have this debate before too much is committed towards a New Orleans rebuilding that is just as likely to be wiped out next year as it was a month ago.
New New Orleans should be build next to New Orleans Lake, if you know what I mean.