The first half of the book serves as a comprehensive survey of arguments brought against reform. He begins by analyzing why the proposed legislation would give incumbents enormous advantages over challengers. From there, he discusses how the term corruption has been expanded to mean anything that a legislator does to respond to the wishes of constituents who helped contribute to her campaign-whether or not a causal link can be established between particular contributions and particular legislation. He concludes it with a section on how limits placed on monetary expenditures made to pay for speech are, in fact, limits placed on speech itself because the expenditure of money to pay for speech is inextricably linked to speech itself.
In the second half, he deconstructs philosophical arguments used to justify reforms and turns them on their heads. He starts by pointing out that supporters of reform typically ignore the fact that most non-monetary means of influencing politicians are not distributed on an egalitarian basis. Thus, simply removing private contributions from our political system will not make everyone equal overnight. He develops this point by discussing the traditional notion of political equality-that "...Citizens are free to use their differing abilities, financial wherewithal, and personal disposition to become more or less active in political life, and to attempt to persuade their fellow citizens to vote in a particular manner." He points out that campaign finance reform is nothing more than an attempt to narrow the pool of individuals afforded this freedom.
He concludes by hammering this point home: "...Because the First Amendment...makes no distinction between the different types of political influence, it allows a maximum number of voters to participate and helps to prevent any one faction or interest from gaining the upper hand in political debate." This Madisonian indictment of the campaign finance movement goes above and beyond merely attacking various legislative proposals as incumbent protection schemes. It cuts through all the political rhetoric and reveals what campaign finance reform really is: an attempt by a coalition of elite groups to cast the rules of political debate on their own terms.
If you're concerned about free speech, read this book. You won't be disappointed.