Stephen Colbert is laughing at the U.S. Supreme Court. He started Thursday night, on his show, when Colbert transferred control of his super PAC to his mentor, business partner and friend, Jon Stewart. It’s a great set piece of comedic theater underscored by a serious argument: Justice Anthony Kennedy, joined by a majority on the Supreme Court, issued a ruling in 2010 rewriting the nation’s campaign finance rules that is, on its face, pretty absurd. The argument is actually worth exploring in some detail. Since the 1970s, many lawyers and judges have argued quite reasonably that the the First Amendment’s right to free speech should permit anyone–an individual, a corporation or a union–to spend as much money as they want to influence elections. This argument posits that this sacred right to self-expression around elections simply trumps the danger that the large sums of money could corrupt the political process. It is a balancing test–the First Amendment on one side, the public interest in avoiding corruption on the other side–and reasonable people can reach different conclusions about where the fulcrum should be placed.