@engineer,
engineer wrote:The public in general is howling for some sort of corporate banking reform, so in theory, representatives should be feeling all sorts of pressure to "do something," but now representatives could be faced with extremely well funded opposition campaigns from Goldman Sachs, et al if they try to change regulations on banks.
Again, so what? Why think so small? Even before the decision, the bankers Goldman Sachs could have bought their own TV network. That's what General Electric did with NBC. Alternatively, Goldman Sachs could have started up their own TV network. That's what Rupert Murdoch's News Corporation did with the Fox Broadcasting Corporation.
Speaking of Murdoch, though, I have a correction to make:
If Wikipedia has it right, Murdoch was no longer an Australian citizen when he started up Fox News in 1986. The reason is that US law required at the time (and may require until today) that only US nationals can own American TV stations. So Murdoch became a US citizen in 1985.
Having said that, my correction actually reinforces my central point: The US government enacted this requirement under the Supreme Court precedents whose authority the Court has reinstated last week. It simply isn't true, then, that by returning to the pre-1990 line of precedents, the Court has emasculated the efforts of US federal authorities to protect American democracy against robber barons.
They still can protect it against foreign nationals by requiring American citizenship of its owners. They can still protect it against for-profit corporations by classifying speakers according to their profit motive. (As an added benefit, this also works against for-profit LLCs and individually-owned companies.) The only thing they can't use anymore are distinctions based on the speaker being a corporation.