In a decision issued today, the US Supreme Court removed all restrictions on corporate campaign spending. For details check out the New York Times, CNN, Washington Post, or read the Supreme Court Opinion.
In a bitterly disputed 5-4 decision, the Court struck down critical parts of the McLain Feingold Campaign Finance Law. Overturning at least two precedents, the majority held that the First Amendment prohibited restricting how much corporate money could be poured into campaign coffers.
The 1-vote majority is a legacy of the Bush Administration. Former Justice Sandra Day O'Connor had voted to uphold campaign finance limits in 2003. But her replacement, Samuel Alito, and Chief Justice Jonathan Roberts, both Bush appointees, voted with the majority.
The Court's slim majority failed to distinguish between regulating content and regulating money, equating the two as "free speech" (or maybe better stated, "fee speech").
The impact on our democracy will be devastating. One can only imagine how much money the health insurance companies will pour into this next election. How much money will Wall Street spend on politicians who are opposing new regulations to prevent the abuses that have occured this past decade? How much money will go into campaigns from utilities utilities seeking to aviod cap and trade, or oil companies seeking to drill on public lands?
This will go down as one of the truly awful decisions of the court, a decision to equal striking down the child labor laws in the early 1930s, or upholding separate but equal public accomodations in the early years of the 20th century. It is truly a dark day in the history of our democracy.
Let the bidding begin.