Must-read Nick Confessore (NYT):

Though the outcome of the 2012 elections dealt a blow to the wealthy donors who poured several hundred million dollars into groups seeking to defeat Mr. Obama, the president’s re-election does not presage a repudiation of the deregulated campaign financing unleashed by the Supreme Court’s 2010 Citizens United decision. Instead, his victory most likely reinforced the practice.

In virtually every respect, the growth of unlimited fund-raising and the move of outside groups to the mainstream of politics have magnified the already outsize role of money in political campaigns. They have changed how incumbents and challengers alike campaign and raise money, altered how voters experience politics, and expanded the influence of a small group of large donors on the policies and messages espoused by candidates.