Paul Krugman: In a "Crankocracy," the Rich Call the Shots

Timothy Noah makes an interesting point in the April 19 edition of The New Republic: at least so far, the most visible effect of the Supreme Court's Citizens United decision has been not so much a flood of corporate cash into politics as a flood of cash from billionaire cranks into politics.

"Super-rich, hard-right tycoons like Foster Friess (mutual funds), Harold Simmons (chemicals and metals), Bob Perry (home-building) and Sheldon Adelson (casinos) are, through the new vehicle called the super PAC, leveraging their fortunes to seize hold of the political process," wrote Mr. Noah, a senior editor at the magazine, in an article titled "Crankocracy in America." "Super PACs have made it so easy for millionaires and billionaires to spend unlimited sums on behalf of a particular candidate that these groups are now routinely outspending Republican presidential primary campaigns."