Steven Taylor:

Can we say “matching funds are dead”? I bet we can. There can be no doubt that after Bush in 2000 (and ‘04) and Kerry and Dean this time, that the presidential primary matching-fund process created by the FECA is essentially dead. At best it is campaign welfare for medium-to-low wattage candidates.

While we spend a while hashing out what we’re going to do about this travesty, Congress and the Federal Election Commission might do well to heed the words of baseball guru Bill James, on a completely unrelated topic, the balk rule:

Q: Can you elaborate on how/why the balk rule doesn’t work? Thanks

Bill James: The rule manifestly fails to achieve its goals. It’s one of those rules that, when it didn’t work, they tried to fix it. When that didn’t work, they fixed it again, and they fixed it again, and they fixed it again.

At some point they should have stopped and tried something else, but they didn’t, so they stuck history with a rule which (a) is almost totally unintelligible, and (b) is arbitrary in its enforcement.

In principle, trying to prevent one player from decoying another is a dumb idea. The balk rule is like a rule in basketball that says (a rule that would say… theoretical example) that if you fake a shot, you have to take the shot; otherwise it is travelling. That would be a dumb rule. The balk rule is basically the same thing, only applied to baseball. [emphasis mine]

I think the bolded passage pretty much sums up the state of campaign finance law in the United States in 2004.