Government pensions, built into law and mostly protected from stock market vagaries, are the envy of the private sector.

The Dow is more a barometer of the economy and not so much the stock market. The photography sector isn't all that crucial to the economy.

That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.

You balance the budget by restraining the growth of government and encouraging the growth of the private sector.

The private sector is motivated by profit and efficiency and the US government often is not.

Well, that's a very good question. We know that our pay is below the market rate and the private sector rate.