Yes- commit political suicide and prove your purity. Sometimes I think the Right is correct that the left believes in suicide through unilateral disarmament.
And how would Dean "slam the shit out of Bush" when as of March, he would be essentially prohibited from spending a dime until September campaigning? That is the effect of the current system if Bush opts out-- Bush would spend $100 million slamming Dean for six months, and Dean (or anyone abiding by the finance limits) would be prohibited from returning fire. Essentially, Bush would continue to collect massive donations from the wealthy, while Dean would be prohibited from accepting $100 donations from regular folks.
If Dean is raising almost all his money through small contributions, what is so sacred about the public finance system, whose only virture is supposed to be keeping big money out of the process? Our campaign finance system is a joke, so why is endorsing it making any progressive statement.
Dean's proposal is quite radical, see: http://www.deanforamerica.com/site/PageServer?pagename=policy_policy_campaignfinance
It boils down to the following points: 1. A proposal to fix the presidential public funding system (through, among other things, a 5-to-1 public-to-private match for the first $100 of every individual contribution and higher primary spending limits); 2. An endorsement of a proposal similar to the "Our Democracy, Our Airwaves" legislation introduced in Congress by Sens. McCain, Feingold and Durbin this year that would enforce public interest broadcast obligations and create a voucher system for free air time for candidates, funded by a spectrum use fee; 3. An endorsement of legislation to scrap the FEC and create a new system featuring a three-member commission and administrative law judges; 4. A pledge to nominate tough-minded, pro-reform FEC commissioners; 5. A 1-to-1 tax credit on contributions to federal candidates up to $100; 6. A proposal to limit the states' power to redistrict to once a decade, and encourage the Iowa model of redistricting by indendent bodies, rather than state legislatures,
Essentially, that would allow each individual to contribute $600 tax credit (including the 5-1 match for the initial $100 credit) worth of donations to candidates. That would infuse an amazing amount of grassroots funds into the system, which is far more needed than restrictions on small individuals giving more money.
-- Nathan