Katrina
Katrina has passed, and New Orleans got lucky. The city is merely devastated, as opposed to completely permanently destroyed.

Now the city will rebuild, and will remain standing until, inevitably, a flood or hurricane or plain old silt build-up destoy it. Building anything in New Orleans is economically unjustifiable when one takes into account the inevitability of its destruction, to say nothing of the risk of the occupants getting killed, but anything short of the city's complete annihilation won't force people to realize that.

People forget that there was an earlier world trade center attack, one which merely took out the basement. After that attack is was quite clear that there could be another one, and that another attack could easily take out the buildings completely. The clearly justified response would have been to abandon the buildings. But that would have required the sort of risk analysis and forethought which we humans are incapable of doing in large numbers.

One also wonders how large a federal bailout of private insurance companies we'll have this time. 'Moral hazard' is a fashionable theory for setting policy, unless it applies to a large private company and a 'one time event' in which case we need to make life easy on the poor widdle executives, who could hardly see it coming.