Nutty. I was pretty on the fence about McCain-Feingold when it first came up and was willing to give the whole ideal of campaign finance reform the benefit of the doubt. I'm no longer willing. After spending the last couple of years observing just what a completely useless clusterfuck it's been, I've decided the whole notion of regulating political advocacy is lunacy. Open up the process, enforce transparency with an iron fist, but otherwise fling open the doors and let people spend their money on whatever they goddamn please.
I don't think that because the US Congress fail to find a sensible way of effectively regulating themselves, that there is exists no way. By that criteria, virtually nothing would be possible. That this hasn't worked, I agree, however.
Perhaps the courts could step in and impose a more effective system for us. The 14th amendment guarantees equal justice under law, and if participation in political campaigns isn't a fundamental civil right to which equal protection jurisdiction must be applied, what would be?
Also, the Italian journalist shot by the US is now the "Communist Italian Journalist" injured by US troops according to Fox News. I shit you not. I didn't think that warranted its own thread, but it was amusing.
ArsTechnica has a nice analysis of this. According to their analysis, that interview and the implications of the changes enacted by the judge he portrays is just his way of trying to drum up opposition and rejection of support for the bill. Looks like a plausible analysis as well.
As for the unregulated contributions idea, the elegance of the libertarian basis for the idea is about all its got going for it. We might as well just allow people to purchase legislation directly; at least the billions (yes, it would be that big) would flow into general coffers instead of getting splooged out on the airwaves.
An alternative is to allow unregulated funding but it all goes into a pool and gets distributed among candidates equally (or perhaps according to a calculus that reflects the size of a party with minimums for unrepresented parties, or something).