Inasmuch as the current presidential election has come down to a choice among hemlock, self-immolation or the traditional gun in the mouth, now is the time for patriotic Americans to review what went wrong and to start planning for 2012.

How did we end up with the mainstream media picking the Republican candidate for president?

It isn't the early primaries, it isn't that we allow Democrats to vote in many of our primaries, and it isn't that the voters are stupid. All of that was true or partially true in 1980 -- and we still got Ronald Reagan.

We didn't get Ronald Reagan this year not just because there's never going to be another Reagan. We will never again get another Reagan because Reagan wouldn't run for office under the current campaign-finance regime.

Three months ago, I was sitting with a half-dozen smart, successful conservatives whose names you know, all griping about this year's cast of presidential candidates. I asked them, one by one: Why don't you run for office?

Of course, none of them would. They are happy, well-adjusted individuals.

Reagan, too, had a happy life and, having had no trouble getting girls in high school, had no burning desire for power. So when the great California businessman Holmes Tuttle and two other principled conservatives approached Reagan about running for office, Reagan said no.

But Tuttle kept after Reagan, asking him not to reject the idea out of hand. He formed "Friends of Reagan" to raise money in case Reagan changed his mind.

He asked Reagan to give his famous "Rendezvous With History" speech at a $1,000-a-plate Republican fundraiser in Los Angeles and then bought airtime for the speech to be broadcast on TV days before the 1964 presidential election.

The epochal broadcast didn't change the election results, but it changed history. That single broadcast brought in nearly $1 million to the Republican Party -- not to mention millions of votes for Goldwater.

After the astonishing response to Reagan's speech and Tuttle's continued entreaties, Reagan finally relented and ran for governor. In 1966, with the help, financial and otherwise, of a handful of self-made conservative businessmen, Reagan walloped incumbent Edmund G. (Pat) Brown, winning 57 percent of the vote in a state with two Democrats for every Republican.

The rest is history -- among the brightest spots in all of world history.

None of that could happen today. (The following analysis uses federal campaign-finance laws rather than California campaign-finance laws because the laws are basically the same, and I am not going to hire a campaign-finance lawyer in order to write this column.)

If Tuttle found Ronald Reagan today, he couldn't form "Friends of Reagan" to raise money for a possible run -- at least not without hiring a battery of campaign-finance lawyers and guaranteeing himself a lawsuit by government bureaucrats. He'd also have to abandon his friendship with Reagan to avoid the perception of "coordination."

Tuttle couldn't hold a $1,000-a-plate fundraiser for Reagan -- at least in today's dollars. That would be a $6,496.94-a-plate dinner (using the consumer price index) or a $19,883.51-a-plate dinner (using the relative share of GDP). The limit on individual contributions to a candidate is $2,300.

Reagan's "Rendezvous With History" speech would never have been broadcast on TV -- unless Tuttle owned the TV station. Independent groups are prohibited from broadcasting electioneering ads 60 days before an election.

A handful of conservative businessmen would not be allowed to make large contributions to Reagan's campaign -- they would be restricted to donating only $2,300 per person.

Under today's laws, Tuttle would have had to go to Reagan and say: "We would like you to run for governor. You are limited to raising money $300 at a time (roughly the current limits in 1965 dollars), so you will have to do nothing but hold fundraisers every day of your life for the next five years in order to run in the 1970 gubernatorial election, since there clearly there isn't enough time to raise money for the 1966 election."

Also, Tuttle would have to tell Reagan: "We are not allowed to coordinate with you, so you're on your own. But wait -- it gets worse! After five years of attending rubber chicken dinners every single day in order to raise money in tiny increments, you will probably lose the election anyway because campaign-finance laws make it virtually impossible to unseat an incumbent. Continued...