In this, the first of a three-part series, the Iconoclast examines the factors that make this country's infrastructure vulnerable to terrorist attacks, and what effect such attacks might have on the economy, in general, and the insurance industry, in particular.

With election time rolling around again, both sides (or if Ralph hasn't dropped out yet, perhaps we should say all sides) will be casting sound bites at each other over the television. Twelve years ago, the party of the donkey won over a "foreign-policy'd to death" public with its catch phrase, "It's the economy, stupid," while the party of the elephant pushed Reaganomics. This year, the economy again is big, but threats of terrorism are bigger — and both are more closely linked than we suspect.

Those of you who do occasionally read this column know that its writer is a transportation buff. For the past five years, he has traveled back and forth across the United States, coast to coast by road, rail, and air, observing every aspect of our highway, railway, shipping, and air services. They are deteriorating for lack of expensive maintenance. They are vulnerable to terrorism. Many highway bridges, rail lines, and tunnels are overworked and need replacement.