The Millionaires' Primary (The Nation)

[marmar]

The Millionaires' Primary
Ari Melber


Voters are bracing for the longest and most expensive presidential race in American history. The 2008 campaign will last two years and top $1 billion, and most candidates plan to cover the rising costs by ditching public financing so they can sidestep spending limits. For the first time since Watergate, private donors will likely supplant public funding for the entire election. That means America's most expensive campaign may also be its least accountable, with a small group of multimillionaires exerting huge influence over which candidates are allowed near the White House. Think Jack Abramoff on steroids.

"It's money, and only money, that is the reason we're leaving today," said Tom Vilsack, when he announced last month that he was the first candidate to drop out of a presidential race that had barely begun. As a two-term governor from the pivotal state of Iowa, Vilsack might have been a viable candidate, but he could not raise the money required for today's campaign. Vilsack's fundraising was dwarfed by early frontrunners such as Barack Obama and Hillary Clinton. Clinton has announced she will forego public financing for the primary and general election so she can raise unlimited cash.

To save the public financing system, Senator Russ Feingold has introduced legislation to raise spending caps, provide public financing six months earlier in the race and quadruple the matching funds for participating candidates. "The American people do not want to see a return to the pre-Watergate days of unlimited spending on presidential elections and candidates entirely beholden to private donors," Feingold said when he introduced the Presidential Funding Act of 2007.

Fred Wertheimer, president of Democracy 21, a group that fights big money in politics, argues that without reform, campaigns are headed for an "extraordinary unlimited spending arms race" that will allow influence-peddling that the country has not "seen since the Watergate scandals." Democracy 21 is endorsing Feingold's bill and asking all the presidential candidates to support it. The only candidate who has signed on so far is Senator Barack Obama, who has also promised to voluntarily follow the spending caps if the Republican nominee will do the same. Senator John McCain just made a similar pledge. .....(more)

The complete piece is at: http://www.thenation.com/doc/20070326/melber

[PSPS]

1. And this is exactly how the corporate media likes it.

The lion's share of this money gets spent on media ads, and it's all at the rack rate paid in cash and in advance.

This is a giant windfall for media.

Now you know why they're hyping it up so early -- they can get more money!

[Clarkie1]

2. I proud of Obama for supporting this! nt