Washington DC

Poliwood" is the buzzword in Washington. They've finally found a word to describe the new face of the federal capital where, between charities and visits to the Prez', the glitter has been raining down for almost a year. Having retreated to New York or the West Coast after Bill Clinton left the banks of the Potomac, the stars are taking advantage of the arrival of a highly photogenic President to make a comeback in DC.

And they are not alone. The business world is also rushing to Washington. Sometimes with bated breath and open mouths. For some sectors, the federal government has even become the last line of defence. This is rather incongruous in a country where the word "Washington" has until now been used to provoke booing at election rallies. But one man's misfortune is another man's strength. And Washington's new aura is partly fuelled by misfortunes in the rest of the country. With the financial sector in "alert" mode, the car industry in peril, and soon to be over-indebted states, everyone - from New York to Detroit to Sacramento - has been rushing to DC to plead their case over the past year and a half.

Enough to feed K Street's armies of lobbyists for a long time to come. It will also provide fertile ground for the technology hubs that are developing around the major federal agencies on the outskirts of the city, between Maryland and Virginia. Washington was a capital. Today it is a capital city.