The markets are still down. The London interbank offered rate is still 151 points north of the Fed target. And my 401K looks like Rick Moranis zapped it (now there's a scientist to admire!).In spite of these many reasons for pessimism, we have the promise of a new, energetic American government, one embracing transparency, honesty and reform.
This means the Lab will need to completely rethink it's approach to government funding. Effective immediately, we are reducing our lobbying budget (although we are maintaining basic retainers with our favorite K Street firms, just in case all this new turns out to look a little like the old). We are halting construction on vacation homes for US Congressman (although even if disclosed, it doesn't seem to completely inhibit re-election). And we are drinking as much of the Lab's cellar stocks of Champagne as we can. This last doesn't have anything to do with our new budgetary and policy realities. Just feels like the right thing to do.
After all, the historic milestone reached Tuesday is far from arbitrary.
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