Public Campaign's Nick Nyhart writes in the Huffington Post today on Sen. Barack Obama's decision to opt out of the public financing system for the presidential election.  Characterizing Obama's decision as "regrettable" but "understandable" Nyhart says that Obama has an even greater obligation to pursue an improved public financing system for the presidential race, and, though the Fair Elections Now Act, create one for Congress.

The closest most of us will ever get to a fancy presidential fundraiser is the story we read about it in the newspaper, but even that kind of access is increasingly restricted, as this article in the New York Sun describes. What are they hiding? Afraid the great unwashed are going to mock the kind of Chardonnay they're pouring out for the big check writers?

Courtesy of the Brennan Center's Laura MacCleery and Andrew Stengel this summary of the principal shortcomings of the current presidential partial public financing system, and the major changes that need to be made to ensure the system can continue to do its job mediating the influence of big contributions on the electoral process and allowing candidates without access to deep pockets to remain competitive.

A guest colum follow after the jump from Professor Jay Mandle, of Democracy Matters, on the issue of a "small donor democracy" and recent debate around small donors in the context of the presidential race.

Doug Robinson of Utah's Deseret Morning News doesn't mince words in calling money the "real hallmark" of the presidential campaign. The campaign finance experts he talks to don't agree on whether that's a good thing, but they agree that money has indeed become the measure of men, and women in the race.

As the primary process trundles along speculation is turning to whether the Democratic and Republican nominees for President will use public financing for the general election, as all candidates have done since the program was passed into law. Both Barack Obama and John McCain have said in the past that they would, provided their opponent did as well, but will it happen? The Politico speculates.