Is campaign finance dead?

And should it be? Law Professor Richard L. Hasen examines campaign finance regulations in regards to Senator Obama's campaign.

In this piece, Hasen refutes most of the arguments that focus on Obama's money and political corruption. Additionally, he points out the competing conceptions of political equality in this campaign: whether political equality ought to refer to whether or not both candidates possesses the same amount of funds or whether or not the candidates should possesses money in proportion to the support they can receive in the polity. The first argument seems ideal, until you consider the factors that can be a problem such as some media markets are more expensive than others; limiting the money that the candidates receive does not limit the money some 527s can spend (Swift Boat Veterans for Truth). The second argument provides a better vision of democratic as more people can contribute.

Hasen concludes that because of Obama's success, the nominees in 2012 will not participate in the public financing system.