Word: reformer
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...terror. And that's where I'll conduct it. Look, I know there's a lot of consternation about 527s [groups outside the political parties that can spend unlimited amounts of money to influence elections]. I share the same consternation. When I signed that [campaign-finance-reform] bill, I thought we got rid of this kind of stuff--unregulated soft money, billionaires pouring money into a campaign. I can understand why Senator Kerry is upset with us. I wasn't so pleased with the ads that were run about me. And my call is get rid of them...
GALLAGHER: The transition process will be turbulent. Feldstein had a whole different approach to deflation risk. He thought there should have been a much more aggressive fiscal approach, which would have had the Fed chairman aggressively endorsing tax cuts. He's also a big advocate of Social Security reform...
...Kerry sees things much the same way. Meanwhile, Dick Cheney is saying that deficits don't matter. Then you have the gridlock argument. The bond market would assume Kerry's spending initiatives would get frustrated. So you lower the deficit that way. And Bush does talk about Social Security reform. Under typical proposals, that would add about a hundred million dollars a year to the deficit for the next 10 years...
GALLAGHER: Financial services would benefit more from an expanded IRA, which has a greater chance than Social Security reform. Reform wouldn't funnel money into private mutual funds but to companies that index the market. The tax-free savings account is a bigger deal...
VALLIERE: Even if there were Social Security reform--and I think the chances are below 50%--they will cap the fees. I talk to people in my industry who think they wouldn't make any money...