The problem with campaign finance laws is they effectively create a "free speech zone" for lawyers and politicians and anyone who can afford to buy them and a "legal intimidation zone" for everyone else.
Political interests, including powerful politically-connected corporations, had started using campaign finance laws to silence their opponents, not because they had a case but because the small-time activists under assault couldn't afford to hire lawyers.
There was a particularly egregious eminent domain case in which a city and corporate developer ganged up on an outlying suburb, the corporation because they wanted to use eminent domain powers already promised by the city to seize and develop the property and the city for the tax money.
The residents formed a political organization in order to try to keep their homes by encouraging their neighbors to vote against annexation.
Guess who got sued for campaign finance law violations? Hint: cities and corporations have lawyers in their employ even when they're not suing people or taking their land.
Campaign finance laws create barriers to entry for small-time activists. They do nothing to deter crony capitalism.
Now let's look at the consequences of unfettered freedom of political speech. Do small-time players really get drowned out by the deep pockets?
Consider these examples:
http://www.youtube.com/watch?v=nEiLgbBGKVkhttp://www.youtube.com/watch?v=2ascNokQFwQBoth represent propaganda from opposite sides of the same issue. Which one was more effective for its cause? Which one cost more money? Which one was produced by a big, wealthy corporation?
In the age of the internet only the resonance of the message matters. When information is free the idea that we need to be "protected" from "too much speech" seems more and more anachronistic. Campaign finance reform tries to solve a problem that cannot exist: when information is free your money can't buy it. It's like trying to divide by zero.
The point of campaign finance laws is not to keep political speech free but to make it expensive. That leads to more cronyism, not less.