It's been a dreary few years for NYC venture capitalists, having ceded the mantel of eight-figure annual incomes to the hedge fund set. But the recent angel funding of tagging service del.icio.us has local venture capitalist Fred Wilson in a boom-time mood. He writes on his blog:

The question everyone asks is "what is the business model". To be completely and totally honest, we don't yet know... In time it will become clear what the business model should be. And there are a number of them to choose from for sure.

Oooh, oooh, we've heard this one! (Next up: the return of $85,000/year jobs for 23-year-old liberal arts college grads! Woohoo!)
Funding del.icio.us [A VC]