Oh Katrina

We got heavy clouds today in the horizon remnants of what's left of Katrina. I saw the videos of New Orleans today on TV and it reminded me of the monsoon season in Manila. Just like it's cajun counterpart, Manila also sits below the sea level, so you can imagine that water stays there for a while and does not drain into the bay very quickly after a storm dumps its rain. But experience would tell you that people who live in areas like these are resillient (if not outright stubborn), must be something to do with self-selection, they chose to live there because they know they can handle it. It can't be said of speculators who buy houses in an area so they can flip them a few months down the road.