McCain-Feingold
I respect John McCain. He voted against impeachment(conviction) and against the Bush tax cuts. I respect Russ Feingold as well. He votes his conscience and voted against the Patriot Act. But the McCain-Feingold campaign finance reform law is a joke. (I just realized I hadn't railed against it yet on the blog).
Here's what it does:
Campaign contributions are now limited to $2000 per campaign season. So, $2000 for the primaries and $2000 for the general election. However, individuals can donate as much as they want to political action committees. These committees cannot run ads that directly mention the names of candidates 30 days before an election.
M-F transfers power from the political parties to political action committees.
What's better, powerful PACs or powerful political parties?
M-F creates a system where a diverse group of political action committees can take in money. As a private citizen, I can donate to a center-left group, a center-right group, a far-left group, or a far right group. Or perhaps a non-partisan issue group. In the previous system, when the parties dominated the money, there were only two choices: Democrats or Republicans.
Are these PACs accountable to the citizenry? We cannot elect them, nor can we really regulate them. Most of them are highly centralized. Political parties exist at the grassroots level and often the power resonates from the bottom up. PACs often operate top-down. For example, if George Soros starts a huge PAC using 20 million dollars, he will most likely control the message and focus of that PAC. Political parties must elect delegates/chairspeople/etc.
To sum up: PACs give wealthy citizens an ideologically diverse spectrum of places to donate but little control. The two parties give candidates only two choices (although the primary season often offers several ideological choices...geez...there goes my theory), but more control.
Another problem with M-F: should the government really keep PACs from running ads 30 days before the election? Shouldn't the government be protecting political speech, not suppressing it? I honestly don't understand how the Supreme Court could have upheld this part of M-F.