I'd like to hear exactly how the rebuilding would be financed. I understand only about 40% of the residents had flood insurance. My understanding is all flood insurance is underwritten by the federal government. I have it. I live about 10 feet from a a pretty good size creek.
Does the flood insurance program go broke? It seems that if people are paying into it throughout the entire country and it is not operated at a loss then it doesn't make much difference if the insured rebuild there or somewhere else.
I don't think I'd want to replace all my personal possessions more than one or twice in a lifetime though. I'm sure FEMA will be handing out checks to people. I don't know exactly how that is handled either. Anybody know?
NOLA is probably the most important port in the country and critical for oil and gas production and refining as well. It's in this country's interest to rebuild it properly.
One for you, one for me; one for you, one for me; one for you, one for me...