Senator Barack Obama announced on Thursday that he would not participate in the public financing system for presidential campaigns. He argued that the system had collapsed, and would put him at a disadvantage running against Senator John McCain, his likely Republican opponent.

With his decision, Mr. Obama became the first candidate of a major party to decline public financing — and the spending limits that go with it — since the system was created in 1976, after the Watergate scandals.

Personally, I think that all candidates should not be allowed to campaign, contribute money or fundraise in any way, shape or form. Ideally, the government would set up strictly moderated debates between all parties. If you don't answer the question and simply use your 5, 15, 30 whatever minute time to jibber jabber about anything you want, you forfeit your turn to speak that round. The questions picked would be submitted by citizens one week, then voted on the next week (Condorcet method of some sort) by the citizens but the results are not made public. Each candidate will have a devil's adovcate who would get to present their case why not to vote for a candidate, again, at a government run event where they must remain objective and stick to facts. No partisan groups coming up with TV ads, no smear campaigns, etc. Then let everyone vote. Get money out of the equation entirely.