> They can spend that, and only that. They get a set amount of time on all TV stations.

That’s naive. Media is owned by a few folks. There’s nothing to stop Murdoch from broadcasting/publishing the names of only the person that Murdoch wants to win. And you’ll never hear about the little Green Party lady that YOU want to win, and you can’t donate to help her out.

You can cap TV time for funded spots, but the talking heads on radio and TV will just keep mentioning how great Candidate Y is.