• With: Dan Henninger, Jason Riley, Collin Levy, James Freeman

    LEVY: Right. That's the kind of speech the First Amendment was meant to protect. It wasn't meant to protect speech about recipes or sports teams.

    It's political speech, it's there for.

    GIGOT: What about the argument, though, that the rich -- Schumer is making that the rich have more power because they have more money, and therefore can amplify that speech to a greater degree?

    LEVY: I mean, the rich have more money in many ways, but getting rid of the money in politics is not going to create the kind of equal playing field that they think it will.

    (CROSSTALK)

    GIGOT: Go ahead, Dan.

    HENNINGER: One other example, I think, has to be made. The president of the United States, this president, has spent the last five years running around the country raising money, tens of millions of dollars for his own re-election.

    GIGOT: Hundreds of millions.

    HENNINGER: Hundreds of millions. All presidents do this. In 2012, Senator Schumer talked about drowning out the other side. He used a get- out-the -vote apparatus, social media, outreach, and so forth, that drowned the Romney campaign. Perfectly legal! Perfectly legal. But this is what Senator Schumer is talking about is simply doing something to disadvantage his opponents, like the Koch brothers, so that his side can raise millions to win.

    GIGOT: One of the other things they want to do here is be able to regulate companies that spend, or the Koch brothers or others who want to spend on speech. But what about other companies like media companies?

    FREEMAN: Yeah, this is --

    GIGOT: I mean, do you regulate, do you carve out a loophole for the "New York Times" in this new First Amendment?

    FREEMAN: Yes, they would.

    (LAUGHTER)

    I mean, besides that it's just a bad idea to rewrite the Constitution, especially Chuck Schumer stepping in for James Madison, we know he's not going to have his high-minded a goal here.

    But the point is that great double standard. If you own a newspaper, if you own a television network, you can spend as much as you want to get your message out. But government will decide who is a licensed journalist, essentially. And if you're a business, if you're a private citizen and you've got something you want to say, you are going to be strictly controlled and regulated and limited and muzzled in terms of what you can spend. So I can't believe it's gotten this far. We were talking about the impact of the Tea Party. Thank god they're out there, reminding people of the brilliance of our founding people.

    GIGOT: And also needs 38 states to be ratified.

    FREEMAN: Yes.

    GIGOT: Two-thirds of each house. So thank heavens for that --

    (CROSSTALK)

    GIGOT: -- James Madison provision as well.

    We have to take one more break. When we come back, Hits and Misses of the week.

    (COMMERCIAL BREAK)

    GIGOT: Time now for Hits and Misses of the week.

    Collin, starting with you.

    LEVY: Paul, the House voted this week to hold former IRS official, Lois Lerner, in contempt for her failure to testify, her refusal to testify about what she knew about the IRS targeting of conservative groups. Since this scandal broke a year ago, there's been almost nothing but the efforts to make little of it from the administration, from congressional Democrats.

    So I'm glad to see that, in some way, at least, someone is being held accountable.

    GIGOT: All right, Collin.

    Jason?

    RILEY: This is a miss for the Obama administration's response to the schoolgirl kidnappings in Nigeria. This is a strike against the West, a strike against modernity, Paul, and we should be doing more than tweeting about it and sending a team of security experts over there.

    Kidnapping girls for the crime of going to school is appalling. These are fanatics. Sooner or later, they'll be coming after America.

    GIGOT: Dan?

    HENNINGER: Yeah, I would like to give a preliminary hit to Representative Trey Gowdy, named to head the new house select committee on Benghazi this week. Congressman Gowdy held a press conference in which he directed to the press some very pointed, precise, unanswered questions about Benghazi.

    And it suggested to me that if the administration has a problem on Benghazi, it's going to get worse. A skilled congressional prosecutor can be a formidable force, so I would say stay tuned.

    GIGOT: Jason, briefly you don't give the administration credit for --

    RILEY: It's another example of leading from behind. We should be leading this international effort from the front.

    GIGOT: All right.

    And remember, if you have your own Hit or Miss, please send it to us at jer@FOXnews.com. And be sure to follow us on Twitter @jeronfnc.

    That's it for this week's show. Thanks to my panel and to all of you for watching. I'm Paul Gigot. Hope to see you right here next week.

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