For the past two years now, I've heard people on the left continually whine about FEC vs. Citizens United. I have heard all sorts of claims about this case, how it "gets rid of (somewhere between 30-100) years of precedent" and now the "floodgates have opened!!!" to corporate campaign financing, and how this is some monumental case that reverses everything in American politics and destroys any concept of legitimate democracy.
Now, from everything I have read about this case, my understanding is the following: The BCRA of 2002 contained a specific provision banning "electioneering communications" within 30 days of an election, or something like that. Citizens United attempted to produce a video and were accosted by the FEC for violating the law. The case went to SCOTUS, and because the First Amendment of the Constitution clearly prohibits government action against free speech and the free printing of media, there were luckily still five justices on the court who managed to conclude that a law banning the production of media is inconsistent with the First Amendment. So the specific portion of the 2002 BCRA that banned "electioneering communications" was overturned. To my knowledge, this is the extent of what happened in the Citizens United case. Am I correct in my interpretation of events? I recall nothing about "corporate personhood" being decided, or anything about the status of any other laws besides one specific provision in the McCain Feingold law from 2002.
Now, I am thoroughly confused, because progressive types can't stop talking about what a catastrophic horrible decision this is, how American Democracy is never going to be the same, and how it's all somehow because the Koch Brothers bought the conservative justices on the court. Is there a memo I didn't receive? Is there some more in-depth analysis of the case somewhere that I haven't seen? Were there other secret decisions made that I am unaware of?
All I see is that a law (from 2002, not 1910) banning the production of political media by private individuals was shut down on First Amendment grounds. Does anyone care to enlighten me about what I've missed here?