McCain says campaign finance reform is dead

This article is brief, so I will include a link to the NYT report on the Supreme Court decision so you can dissect the particulars:
http://www.nytimes.com/2010/01/22/us/politics/22scotus.html

What this essentially means is that the Supreme Court believes that the First Amendment is more inclusive than the contested legislation currently reads, and in the instance of campaign-finance legislation, rules that corporations may donate unlimited sums of money to political candidates. Currently, under McCain-Feingold, contributions are limited to a certain amount to prevent candidates from garnering huge sums of money. This is not to say corporations WILL; it merely states they can. For economics, this does mean that politicians will have more of an incentive under the current electoral system to seek donations from corporations (and thus support policies that corporations prefer). For those of you who have read Freakonomics, this does not necessarily mean we will live in a corporatist state - money plays a large but not all-consuming role in politics. However, it is an important decision and should encourage people on both sides of the aisle to try and manipulate the new system.