Campaign finance reform is a symbolic promise that the populist campaign against the evils of wealth will rise again. The symbolism of campaign finance reform is revolting, but neither new nor particularly damaging. Our elected officials have always been hostile to freedom of political speech. The Republic was still in its infancy when Congress passed the Alien and Sedition Acts. It is sad that we have to rely on the courts to protect the core of the first amendment, but it isn't surprising.
Every democracy breaks out in populist boils from time to time.
In the United States the outbreaks may be unsightly and unpleasant but they pass. McCain-Feingold is no exception. The latest wave of campaign finance reform isn't likely to usher in an era of egalitarian activism. Congressional populists may score a point with McCain-Feingold but the symbolic victory won't deliver them from irrelevance. McCain-Feingold should be defeated.