Thursday, January 21, 2010

Don't Worry; Democracy is Overrated, Anyway


From today's New York Times:

"WASHINGTON — Sweeping aside a century-old understanding and overruling two important precedents, a bitterly divided Supreme Court on Thursday ruled that the government may not ban political spending by corporations in candidate elections."

Anyone who thinks this won't distort democracy should take a look at the effect that unlimited money had on the last three mayoral elections here in NYC, particularly the most recent one. And that was unlimited money driven by ego, not profits.

Democracy took a real hit today. Obama immediately called upon congress to write legislation to stem the inevitable tide of corporate cash, but my guess is that both bodies will remain silent on the matter.

We only recently finished an eight-year period when energy, pharma, insurance, and investment banks essentially ran the country. This ruling will make that era look restrained by comparison.