Word: bernstein
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...RICHARD BERNSTEIN: Whoever is President, they'll end up raising taxes because the deficit is a problem. That may be a bigger issue than the Fed chairman...
...BERNSTEIN: Well, I'm a deficit hawk. I believe we're in a generally deflationary environment and that government should have as clean a balance sheet as possible. As we go through '05, we are going to need to correct those deficits...
...BERNSTEIN: He's not saying anything, so who knows? If he does nothing, it will effectively be a tax increase because certain tax cuts will expire. So he doesn't have to be aggressive; all he has to do is sit back...
...BERNSTEIN: Two things: There's a feeling that when taxes are raised, it's bad for the market. That's not necessarily true. Clinton raised taxes, and we had a bull market. People should invest on a pretax basis. The after-tax effect is icing on the cake...
...BERNSTEIN: Yes. We looked at 1943 to the present and tested different periods. The results were consistent. Under Democrats, the optimal asset allocation is two-thirds stocks, one-third bonds. Under Republicans, it is 64% bonds, 36% equities. Consumer stocks perform better under Republicans, and industrials tend to perform better under Democrats. The one that really shocked us: energy tends to perform better under Democrats...