High School Math Burial Grounds (and how to raise the dead)

ASCD reports on Uri Treisman's presentation at Education Commission of the States' recent National Forum on Education Policy:

To Treisman, high school algebra is the burial ground for the aspirations of many students in part because "almost no one uses the content of these courses in their subsequent university courses."

Treisman, Professor of Mathematics and Public Affairs at the University of Texas at Austin, argues that we've got to seriously up the ante in terms of the kinds of math content teachers can teach.

Not being a math teacher, I'd love to hear from some folks who are explain why the algebra, geometry, trig, calculus regime is the current standard. And what does it mean to 'up the ante'?

(Just as an aside, did I miss a memo? Seems like all of a sudden there is math talk all over the ed blogosphere!)