Michael J. Malbin, executive director of the Campaign Finance Institute, has published a working paper, aptly titled "The Case for Public Financing After Obama." In the paper, Malbin makes the argument that President Obama's decision to forgo public financing is not a deathknell to the concept of public funding.

The past election cycle seemed like a banner year for small donors—they got plenty of press and everyone was talking about them. Now Change Congress is asking these donors to harness their power to change the way Washington works.

By the time January 2008 rolled around, presidential candidates were already breaking campaign finance records. And by November 4th, they had shattered even more. With so many candidates, so much money, and so much riding on the outcome, campaign contributions were major headlines this year. Below is my list of the top five money and politics stories for 2008 (in no particular order).

We’ve been talking now for months about how Obama’s success with small donors is the exception, not the rule. This week Public Campaign President Nick Nyhart, makes the case in Roll Call. As Nick points out

A report just released by the National Institute on Money in State Politics points to the relatively small percentage of unitemized donations, or small dollar donations, that comprise state-level campaign war chests. In fact the number seems to be getting smaller. All talks of the pending small donor revolution aside, Sen. Barack Obama's (D-IL) recent success may still be the exception rather than the rule.

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.