Rebuilding New Orleans ???

Somehow, I must be missing something when I read and hear that New Orleans will be rebuilt.
I can understand why the residents of Malibu and the Hollywood Hills in California rebuild after an earthquake or the annual landslides that destroy their homes. Between insurance and the forgivable loans that they get from the gov't. (your tax dollars), why shouldn't they rebuild in a high status area ? Since it virtually costs the homeowner nothing in the end and they end up with a newer and better home to live in or rent out, giving them an income for life; why not rebuild ? Even though the mudslides and earthquakes will repeat their destruction, it still is economically sound for the homeowner to rebuild under the free money conditions.
New Orleans is a different story. IT IS BELOW SEA LEVEL !!! President Bush said that this will be the largest reconstruction project ever undertaken. What he didn't say was that this will be the COSTLIEST reconstruction project ever taken that is destined to be a failure in the longrun. No matter how high and wide they build the seawalls, New Orleans is in a hole below sea level, on a coast.
What doesn't anyone understand about the eventual reflooding of this area ? Would you want to live in a bowl, surrounded by high cement walls just waiting for the next time that your home was flooded out and all your property was stolen by looters ? There is no way to prevent the eventual reflooding of New Orleans. The wetlands just south of the city that used to act as the barrier for hurricanes and tropical storms in the gulf, have eroded away over the years and New Orleans almost sits in the gulf instead of far inland like it did when it was first built.
It seems that a much more ecologically correct, economically correct, but politically incorrect thing to do would be to level whatever is still left and let that below sea level bowl revert back to being federally protected wetlands.
Why rebuild one of the filthiest and poorest cities in the country ? Anyone that's visited New Orleans can attest to the fact that they saw the poverty, the low education level and of course, how filthy everything was. Should this really be rebuilt ? Of course not.
There is only ONE reason to rebuild New Orleans on its original spot...that is to get a "fuzzy" good feeling.
Although hundreds of billions of taxpayer dollars will flow into this huge project, most of it will go into the pockets of the relatives and friends of the Governor and the Mayor. Yes, the unskilled, poorly educated residents will be the incompetent workforce doing the actually work. So, the bottom line is that a few "well connected" individuals will become extremely wealthy while a city destined for more natural destruction will be rebuilt by workers that don't have any work ethic or experience, using taxpayers money. What's wrong with this picture ?
Any reasonable person will agree that it is insanity to rebuild New Orleans. Already, the rest of the world is looking at us in disbelief that we would be so stupid as to actually do this.
As much as I'm proud to be an American, I'm so embarrassed that my gov't. would make such a stupid decision.
After listening to President Bush's speech from New Orleans, I felt good that the gov't. was going to make everything right again...until I thought about it; and then I couldn't believe that he was serious. Either I'll wake up and find that this is all a dream, or it's just a joke that the gov't. is playing.
Someone, please show me the benefits of rebuilding New Orleans. The only thing that I can see is that it will give a bunch of welfare recipients a temporary job.