dave points out an article on Salon.com which brings up a surprising point.

"'No one can say they didn't see it coming'

In 2001, FEMA [Federal Emergency Management Agency] warned that a hurricane striking New Orleans was one of the three most likely disasters in the U.S. But the Bush administration cut New Orleans flood control funding by 44 percent to pay for the Iraq war.

A year ago the U.S. Army Corps of Engineers proposed to study how New Orleans could be protected from a catastrophic hurricane, but the Bush administration ordered that the research not be undertaken."

Ouch. To top it off, things in New Orleans have quickly gotten out of control as it is increasing difficult to get supplies in since people are firing at even military helicopters in a thoughtless attempt to get rescued. As supplies run out, people have just been getting more desparate, and there aren't enough military/National Guard present to control the situation. I'd predict the political fallout of this is going to really hurt Bush's already low approval rating.