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Hurricane Katrina Update:

If nothing else, Hurricane Katrina has verified my long-held belief that we live in a very fragile society with just a thin veneer of civilization. And it is evident that it doesn’t take much to peel back that veneer. A “must read” article recently ran in USA Today [1].

And consider this from yesterdays’ Daily Reckoning [2]: “Katrina was the rainy day for which people are meant to save. But Americans of the Greenspan era saw no need to save. The latest figures show them saving in July at the rate of MINUS 0.6% of income. Oh la la…laissez les bon temps rouler!” (“Let the Good Time Roll!”)