By a 5-4 decision, the Supreme Court on Thursday rolled back restrictions on corporate spending on federal campaigns. The decision could unleash a torrent of corporate-funded attack ads in upcoming elections.
"Because speech is an essential mechanism of democracy -- it is the means to hold officials accountable to the people -- political speech must prevail against laws that would suppress it by design or inadvertence," wrote Justice Anthony Kennedy for the majority.
In his dissent, Justice John Paul Stevens accused the majority of judicial activism and attacked the use of corporate personhood in the case: "The conceit that corporations must be treated identically to natural persons in the political sphere is not only inaccurate but also inadequate to justify the Court's disposition of this case."
Republicans offered measured praise for the decision, but progressive good-government groups and Democrats responded angrily and vowed to fight back with legislation.
"With its ruling today, the Supreme Court has given a green light to a new stampede of special interest money in our politics," said President Obama in a statement.
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Well, the corporate takeover is now complete. Some are calling this decision the biggest Supreme Court ruling in generations. Simply put, there are no limits anymore on how much money corporations can throw at politicians. Goldman Sachs, Citi, Bank of America, Big Pharma, Big Ag, the health insurers.. the whole gang of them can now outright buy governments at all levels -- city, county, state, and federal.
Political power will now shift to the CEO's and corporate boardrooms.
In the case of bailed-out companies like the banks and GM, the cruel irony is that in essence they can now use our own tax money to buy the politicians (what a vicious cycle that will be -- get bailed out, buy more pols and get more bailouts).