Hence big change is now in a rare and unfamiliar place, in control of the agenda. Therefore, look for Obama to announce several 'eye-openers' when his administration submits its recommended fiscal 2010 U.S. government budget -- changes that are likely to produce an economic shockwave or two, both inside the beltway in Washington, and in boardrooms.

What are the sectors likely to be affected? Well, several, big-ticket defense contracts could be affected. Pharmaceutical regulation may be another targeted area, with the goal of reducing the cost of both prescriptions and over-the-counter drugs, perhaps in exchange for research-oriented tax credits for pharmaceutical companies. One-million-dollar annual salaries for physicians also may appear to be problematic for the new goal of universal heath care and lower health care costs. Further, there may also be a shift in federal dollars from payments to hospitals, to payments to lower-overhead community health care clinics that can provide better and less-costly care for the poor and working poor, among other changes.

Fiscal Policy Analysis: From an economic fundamentals standpoint, a strong case can be made to stand aside, universally. Or, as the immortal Larry King of CNN would put, "Economically, it ain't exactly a happenin' time for the United States, right now." Further, certainly from a prospective public policy standpoint, it would make sense to stand aside and await at least for President-elect Obama's inaugural address on January 20, 2009, and preferably wait until his state of the union speech shortly after that in February. Keep in mind that Hillary Clinton was small change. Barack Obama is big change.

Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.