Presidential politics in 1992 are intriguing, the most complex possibly since 1824, and their impenetrable complexity means months of not knowing what lies ahead for the economy, interest rates, and financing activity.

In addition, bright effective legislators are resigning from the Senate and the House of Representatives in frustration, and old pols are being dumped by voters incensed by Washington's ineffectiveness, causing enough ferment to make the new Congress difficult to assess. How this change will affect securities markets legislation and regulation is also impossible to tell.

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