When the Mississippi River caused multiple levee crevasses back in 1927, it devastated a far larger geographical area than Katrina (and a far larger "value" figure in constant dollars), the folks whose properties were devastated (and that includes my own family), built back up on their own devices--there WAS no "federal relief money", nor even any state relief money for rebuilding--but they did it--bigger and better than ever.
Time for the Nawlins types to "Kwitcher bitchin' and get to work."
The aftermath of the flood of 1927 was a lot of small banks that went bankrupt, and others that were hanging on by the skin of their teeth until 1929.
Just one of the many factors that led to the Great Depression of 1929, but an important one.
In those communities, the Great Depression started in 1927.
Fast forward to 2006 -- the loans on those houses are guaranteed by Fannie Mae, and backed by the federal government, which means you and me, the American taxpayer. We're interconnected. The cascade of debt defaults won't stop at the parish line.
Wonder Warthog--
You and I are in agreement at last! :-)
I'm quite pleased, my FRiend!
--Gondring
By August 1927, when the flood finally subsided, the disaster had displaced about 700,000 people. Twenty-six thousand square miles were inundated to depths up to 30 feet, levees were crevassed, and cities, towns and farms lay waste. Crops were destroyed and industries and transportation paralyzed.
At a time when the federal budget barely exceeded $3 billion, the flood, directly and indirectly, caused an estimated $1 billion in property damage.
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