New NYT column concludes:

A two-class structure of election financing is emerging. The first is the traditional system of federally regulated individual contributions in which the small donor has become increasingly important. The second is the combination of “super PACs” and tax-exempt independent expenditure groups, including 501(c)(4)s, which together operate without limits and cater almost exclusively to those at the very top of the economic pyramid. Policing the hodgepodge of regulations, statutes and rulings governing elections has become virtually impossible. A kind of lawlessness prevails that is incompatible with the goals of democracy.