Yet even with all this cash, Obama has done us a favor by illustrating the failed promise of public funding. He has proved that small donors can get together and raise tons of dough. His fundraising is a reflection of excited supporters staking a claim in the process. Why should those voices be limited? Why should anyone's voice be limited?

John McCain, one of the authors of the McCain-Feingold campaign finance reform bill, has undermined his own campaign by taking "clean government" public funding and allowing Obama to outspend him -- in some places, 6-1.

One of the promises of his bill was to stop the rich and powerful from wielding inequitable influence. So now instead of giving to Joe Schmo's campaign, the rich contribute to Joe Schmo's presidential library and Joe Schmo's wife's charity and independent 527s who love Joe Schmo. So almost nothing has changed. Almost.

"In terms of corruption the era of McCain-Feingold is the era of Bob Ney and Jack Abramoff and, what was it, $70,000 or $90,000 in Congressman Jefferson's refrigerator in his office," a former head of the Federal Election Commission, Brad Smith, told Reason magazine. "You could say that the era of McCain-Feingold is an era of corruption in American politics as great as we've seen since Watergate."

Could anyone say there is less negativity in politics today? Is there any less money involved in campaigns? Is there any less corruption in Washington?

No. There is only less liberty.