Prof. Groeteschele was right about one thing
Walter Matthau's character is probably my least favorite part of the movie. He's such an obvious straw man that it only serves as a distraction from the action. They could have at least tried to make his arguments convincing.
One moment, though, I think he makes a pretty good point. (SPOILERS)
When it's clear that New York will be destroyed, Groeteschele urges the Pentagon to begin preparations for excavations--not to find people, but to find the records of America's biggest corporations. "Our economy depends on this," he says.
The Pentagon generals look at him in horror, not able to understand how someone could be so callous as to value paper records and profits as more important than human lives.
The thing is....he's right. Assuming such a situation did happen then, after the gov't is done with human rescue in the city, they'd have to look at the next pressing issue--preventing panic and chaos in the rest of the country. Getting the economy moving again--so that Americans know they'll have a paycheck coming to feed their family--is a top priority.
Panic may not seem like as big of a problem as the loss in life in New York. But it has the potential to be worse--because the effects could be longer-lasting if Americans lose faith in basic American institutions. If people are terrified enough they're capable of anything--who knows what types of civil liberties and rights Americans might be willing to give up in such a situation. (I've always contended their either President Henry Fonda or whoever replaces him would declare martial law and essentially become president for life, but maybe I'm being over-paranoid.)
Anyways, just food for thought. Sometimes the situation calls for you go be a cold-blooded bastard.