And since the signing of the Canada-U.S. free trade agreement, a milestone in the development of the modern era of globalization, that partnership has grown spectacularly.

WHITEHOUSE: President Obama and Prime Minister Harper Press Conference | The White House

As with Katrina, there is a back story for government's dysfunction: It's a long saga involving the fervent renunciation of the idea of financial regulation, bought-and-paid-for tax favors, confusion about how globalization affects money markets, a general ignorance about the modern financial world and a stunning lack of common sense.

NPR: Katrina's Unlearned Lessons Leave Financial Mess