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Contributed by mm | September 1, 2005 10:35 AM PST
New Orleans was hit hard, but I never doubt it will recover. It will take a very long time though.
From Wall Street Journal:
At the close of World War II, American bombers incinerated the cities of Hiroshima and Nagasaki with atomic weapons. Within two decades, both cities had been rebuilt, and their populations had surpassed prewar levels.
The lesson, according to economists who have studied the question, is that, while it may take years, cities are resilient and usually bounce back from the worst natural or man-made devastation. "Even nuclear bombs and fire bombing of cities was not enough to change the level and nature of economic activity," says Columbia University economist Donald R. Davis, who studied Japanese reconstruction. "People don't abandon their cities, and indeed industries don't abandon the cities they're in."
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Rich Get Richer, But Not as Fast As You Think (March 6, 2006)
Income inequality is probably nothing compared to the wealth inequality. Do you know that the top 10% families share 70% of the nation's family net worth? A net worth of $831,600 lands you at the 90th percentile. $93,100 gets you the middle point. At a ...
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