Rich Lowry on Shays-Meehan and John McCain on National Review Online and
Jonah Goldberg's Goldberg File on National Review Online both deal with the effect that the Shays-Meahan bill wil have on politics in America. Goldberg's is less focussed, but he makes the point: "[The] question wasn't if politicians were going to be influenced, but who would be doing the influencing."

They both make the point that the reforms in the new law will weaken the role of political parties and strengthen that of special interest groups and activists like labor unions, the NRA and the Sierra Clubs.

They make clear and compelling arguments for why parties are better than special interest advocates.

It occurs to me that this is exactly what the Democrats should like. They no longer have to be accountable for selling 300% of the party to various constituencies of their "coalition." They deliver for Environmentalists, but they have promised to help Big Labor, and when the demands of the two conflict, what then? Under Shays-Meahan this doesn't matter, because each of them can spend all they money they want on media attacking the Republicans, and it won't, theoretically, blow back on the Democrats. Since no money has changed hands, these groups will have less power to demand their due from the politicians they help elect.