Mr. Malbin talked about the financing of presidential campaigns. He discussed the history of campaign financing regulation and the decision of Democratic presidential candidates Howard Dean and John Kerry to opt out of the public financing system. By opting out of the system, the candidates became ineligible for public funds but became free to ignore spending limits. Mr. Malbin noted that, under the current public financing structure, it was unrealistic to expect leading candidates to stay in the system. He also responded to audience telephone calls, faxes, and electronic mail.