Isn't it heartening that $3 billion was spent on the presidential election?

Each major-party candidate's campaign spent $1 billion and there were also over $1 billion spent by outsiders to the campaigns. But I'm looking at the bright side, which is hinted at by the headline for the NYT article on the subject: "Little to Show for Cash Flood by Big Donors."

So much money is spent that no one is big enough to be big. Everyone — all the way up to Sheldon Adelson, who dumped $300 million into the ocean of money — is diluted into smallness.

More speech is the classic remedy for whatever is considered the bad speech in the marketplace of ideas. Think about whether more money can work as the remedy for whatever you're thinking is the bad money in campaign finance.

The Democratic Congressional Campaign Committee apologizes for saying Republicans had obtained "Chinese prostitution money."

The DCCC admits to making "unsubstantiated allegations," which "was wrong." (Note the grammatical correctness of the verb "was." They don't admit the allegations were wrong, only that making them was wrong.)

The DCCC had seized on an Associated Press report indicating that a former executive at the Las Vegas Sands Corporation in China alleged in legal documents that [Sheldon] Adelson was aware of prostitution at the casino’s location in Macau. Adelson is CEO of the Las Vegas Sands Corporation. “What will Speaker Boehner, Leader Cantor and House Republicans do with their Chinese prostitution money?” the DCCC had asked on its website, according to ABC News. The taunt was referring to House Speaker John Boehner (R-Ohio) and Rep. Eric Cantor (R-Va.), the majority leader.

Their Chinese prostitution money!

Fighting for reelection, Obama spent $58 million — $38 million on TV ads alone.

According to this L.A. Times article, which is illustrated, for some reason, with a photograph of Sheldon Adelson — a Romney donor — gesturing at some lit-up models of what are presumably models of casinos. (He's identified as a "casino mogul.")

A "mogul," which originally referred to "the successive heads of the Muslim dynasty founded by Zahīr-ud-Dīn Muḥammad Bābur (1483–1530), which ruled an empire covering a large part of South Asia from the 16th to the 19th centuries," now denotes "An important, influential, or dominant person; an autocrat," according to the OED, which gives the early example "I am the Sultan of this place: Mr. Limberham is the Mogol of the next Mansion" — a line spoken by a character named Brainsick, in the play "Limberham (or The Kind Keeper)," by John Dryden.

The photo of Adelson in the L.A. Times makes him seem capable of moving skyscrapers like big chess pieces. What a manipulative fellow! He gave $10 million in June to a Romney super PAC called Restore Our Future. ("Restore" means to bring back. Back to the future.) Restore Our Future raised $20.6 million in June. Meanwhile, Obama's super PAC, Priorities USA Action took in only $6 million.

Romney's campaign raised much more money than did Obama — $106 million to $70 million (in June). So Obama is lagging in the fundraising and also spending much more.

Heading into July, Romney and his party allies were left with nearly $170 million on hand, while Obama and the Democrats had $147 million.

That's not that huge of a difference, but Obama is such a big spender. And what did he get for all that spending? I think the idea was to frame Romney as an evil capitalist, and it hasn't worked out that well. 1. Despite the heavy attack on Romney, Obama hasn't moved up in the polls, and 2. The attack on capitalism went too far and touched off an effective counterattack. Not only has Obama depleted his funds, he's depleted his argument against Romney.

The Obama campaign’s attempt to portray Mitt Romney as the villainous Bane from “The Dark Knight Rises” appears to be a big flop. And the problem for Obama is, he really doesn’t have a Plan B.

 ADDED: The Obama campaign spent more than $2.6 on polling alone, just in June. What are they finding out? Why isn't that information giving them more useful ideas about how to win? Reminds me of the stimulus program, dumping huge amounts of money on things that done even pan out.