McCain-Feingold retrospective

Polipundit takes a look at the results of McCain-Feingold. (Via Truth Laid Bear.) It isn't pretty. While he concludes it needs to go, I'm not so sure.

While I was initially concerned about the effect of the law on political campaigns as well as their effect on voters due to burnout (especially in battleground states) and I bemoaned the proliferation of 527 orgs, my views began to change when I realized that the law allowed groups like the Swiftvets to have a voice in the election that they might not otherwise have.

I am very concerned about men like George Soros, who can afford to spend vast sums of money on an election, having an undue effect on our politicians, but on the other hand since they aren't contributing directly to a candidate's campaign, perhaps they'll be less able to demand a quid pro quo if their candidate wins. While I'd love to restrict the size of contributions (to handcuff a Soros, for example), I would be disappointed if a group like the Swiftvets was unable to come into being simply because they couldn't have large donors to get them off the ground. I guess what I'm saying is I'm conflicted, and I'm not as certain as Polipundit that they should be done away with.

It's not as if the old system was working any better.