After Katrina, the chattering classes were quick to agree that the scale of this disaster had no precedent in American history. In making the case they alluded frequently to the 1906 San Francisco earthquake and the 1900 Galveston hurricane. But mainly they talked about money. And in that respect, they were right. No other U.S. natural disaster has ever chewed up so much expensive real estate and capital equipment. Damage estimates of $100 billion, then $200 billion, have given way to $200 billion estimates for... More >>>