Inauguration Festivities

A lot of people are complaining about the cost of Bush's upcoming inauguration (approximately $40M), saying that he should donate that money to tsunami relief; I don't know that this would have even been an issue had the U.S.'s original pledge of $35M not been criticized by the U.N.
His supporters counter that the money comes from private donations and helps drive the economy (catering, hotels, florists, etc.), and Laura Bush justifies it as a "historical event."

Quite frankly, while my heart breaks for the tsunami victims and I have donated to the relief efforts, I don't buy the argument that because of their tragedy, Bush should forgo inaugural celebrations. If we are going to seriously debate whether inaugural gaities are appropriate, I think the only context we should consider relevant is the ongoing war. I know that Franklin Roosevelt kept at least one of his later inaugurals very low-key, believing it inappropriate to hold lavish parties in his honor while the country was at war.

So, what do you think? Soldiers are dying a continent away, just as they were when Nixon took office, although he inherited that war from Johnson. Big parties as a celebration of American democracy and Bush's win, or more subdued events in recognition of sacrifices being made?