This is really strange. As a former Wall Streeter, I’m guessing that most people would assume that I would have no problem with having the management of six U.S. ports put into the hands of the United Arab Emirates-based Dubai Ports World (DPW). As a card-carrying capitalist, I’m supposed to favor letting the marketplace work its magic (DPW submitted the highest bid) and to oppose allowing political considerations to interfere with foreign investment.

In virtually every instance, I’m true to my capitalist credentials. But this time I’m not. By opposing DPW’s management takeover, I’m parting company with blog friend Dave Schuler, with whom I normally agree and who has closely followed the controversy, and a number of other thoughtful bloggers.

Let me make my position perfectly clear: even if there were an iron-clad guarantee that putting the management of some of our ports into the hands of an Arab company would not endanger our security, I would oppose it.

Here’s why.

An early February Gallup poll asked Americans: “What do you think is the most important problem facing this country today.” Only nine percent responded “terrorism.” In a major survey of American opinion conducted last November, the Pew Research Center found that just 16 percent of the “General Public” identified “terrorism” as the most important international problem facing America.

If, like me, you’re among the small minority of Americans who believe that terrorism—or, more accurately, Islamofascism—is the most significant problem we face, these poll results are profoundly disturbing. They must—or, at least, should—be even more disturbing to the President, whose frequent efforts to persuade Americans of the seriousness of the threat have evidently fallen on largely deaf ears.

Much has been said about the need to put together a far more effective public diplomacy effort targeted at the Arab world. Judged by the poll results I’ve cited, it seems to me that it’s more important for the Administration to craft a domestic public diplomacy program.

Few Americans have the time or inclination to familiarize themselves with the details of the agreement with DPW. With some Republicans—notably Senate Majority Leader Frist—having broken ranks with Bush, most Americans are simply going to wonder how a company headquartered in an Arab country whose banks were involved in the financing of 9/11 could be allowed to manage cargo operations in the U.S.

If this deal stands, it will be even more difficult for the President to persuade Americans that the War on Terror is for real. In my judgment, having more of our people recognize the reality we face is more important than improving our image in the Arab world or, dare I say it, giving capitalism free reign.