This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Katrina's Scars Harder To See As Super Bowl Looms

"That is an extraordinary run of events for a city that seven years ago was 15 feet under water and the last on every list in America that mattered," Mayor Mitch Landrieu said last week. "Now we find ourselves in a city that's on the world stage."

Yet, as far as the city has come, decades-old problems persist. New Orleans remains plagued by violent crime, political corruption, a troubled police department and poverty.

Crime rates briefly dipped after Katrina scattered residents all over the country but quickly soared again as people returned home. Landrieu has made crime reduction one of his top priorities, but the murder rate has remained stubbornly high since he took office in 2010.

After the storm, federal authorities launched a sweeping effort to clean up the police department. Several investigations yielded charges against 20 current or former officers, many of whom were linked to deadly shootings in Katrina's chaotic aftermath. The Justice Department also has negotiated ambitious plans to reform the police force and improve conditions at the city's jail.

Separate probes of City Hall corruption revealed that some officials enriched themselves while New Orleans struggled to rebound from the storm. The latest and most prominent target so far is former Mayor Ray Nagin, who was indicted earlier this month on charges he accepted bribes and payoffs in exchange for steering work to city contractors.

For the city's poorest residents, life hasn't gotten any easier since Katrina. Housing costs have skyrocketed while the region's unemployment rate has risen along with the rest of the country. A months-long moratorium on deepwater drilling in the Gulf after the BP spill didn't help matters, either.

"A fresh coat of paint hasn't and won't drive away the poverty that has existed in our community," said Davida Finger, a Loyola University law professor who has helped low-income residents with Katrina-related housing problems. "It didn't go away with the storm, and it can't go away overnight."

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs