New Orleans is still far from being able to withstand a 100-year storm -- in other words, a storm that has a 1% chance of happening next year, a 10% chance in any given decade, and a 30% chance during the duration of a standard mortgage.Consider this logic: if you role a standard six sided die, there is a one in six (16 2/3 %) chance of rolling a six. If you roll the die twice, you have one chance of rolling a six each time. Taking the logic of the Wall Street Journal in the above quote, if you roll the die twice you have a 33% chance of rolling a six. If this sounds right to you, then remember that rolling the die six times guarantees, 100%, that you will roll a six once. Just ain't so.
You would think they would know better.