WASHINGTON--"Populism" is the most overused and misused word in the lexicon of commentary. But thanks to a reckless decision by Chief Justice John Roberts' Supreme Court and also the greed of the nation's financial barons, we have reached a true populist moment in American politics.

The Supreme Court's 5-4 decision last week giving American corporations the right to unlimited political spending was an astonishing display of judicial arrogance, overreach and unjustified activism.

Here's one silver lining on an otherwise disappointing night: When taken together, the results from New Jersey and New York City can be read as a repudiation of the rich man’s politics practiced by Jon Corzine and Michael Bloomberg--both of whom used personal fortunes to launch themselves into the political arena, and both of whom were trying to buy an election for the third time in the past decade.

As a New Yorker, I count myself among those stunned at Michael Bloomberg's close call last night. And I certainly find it satisfying to see a billionaire spend a $100 million on an embarassment-tainted victory. The way Bloomberg overturned term limits and seemed to buy off supports with philanthropic wealth was in some way anti-democratic.

It sounds like Michael Bloomberg has just endorsed an ambitious election-reform plan for New York City. As Bloomberg put it in a press release, "This plan will enable more New Yorkers to engage in the democratic process by making it easier for them to run for office and easier for them to vote." Hmmm. I wonder what Anthony Weiner would say about that.