One hates to view other's misery as an opportunity, and yet life goes on. Surveying the landscape, Katrina appears to me to be massive new investment project. All those folks will need houses, jobs, and the other necessities of life.

Who and how those needs will be met is an open question. I seriously doubt that the Federal Government won't be heavily involved in that effort, meaning that all taxpayers will be footing at least PART of the bill.

So, where's the opportunity? The fiscal 05 deficit is estimated to be in the $300-400 billion range, with Iraq and Katrina putting serious pressure on for MORE Federal spending. It might be time to consider 2 modest proposals:

1) Exit Iraq. Whether we should've been there in the first place is runway behind us. But if Bush needs a "peace with honor" solution, Katrina is it. He could order the troops home in, say, three months to attend to more important priorities here. And the reserves and national guard personnel can get back to their lives.

2) Cut domestic discretionary spending 5%. A 5% cut seems quite "sellable" in a time when the nation has taken such a blow. I mean, if the employees at the Ex Im Bank have to take two days of unpaid furlough, and the Dept of Agriculture delays their much-anticipated study on the migratory patterns of hummingbirds, the nation's business will march onward, I'm confident. Indeed, a 5% cut is hardly "radical"; it's quite reasonable, it seems to me.

The alternative to this proposal will be, no doubt, a drumbeat of calls to raise taxes to "pay for" Katrina.

-Robert Capozzi