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I don't see how to tackle the fundamental difficulty of regulating "soft money". We can surely do better than McCain-Feingold, which leaves the "call Senator X and tell him it makes you sad when he kicks puppies" loophole. However, it's going to be difficult at best to have meaningful legislation against "awareness" ads or even more abstract culture war stuff like what the NRA has produced lately. I think we have less of a legislative problem than a culture problem.