Where the rules push toward individual donations, he finds candidates are more polarized. Where the rules open the floodgates to PAC money, the candidates are more moderate. Individual donors want to fall in love or express their hate. They’re comfortable supporting candidates who offer less chance of victory but more affirmation of identity. Institutional donors are more pragmatic. They want candidates who will win, and they want candidates who, after they win, will get things done. This is less benign than it sounds. Institutional donors want government to work, it’s true—but they want it to
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