Kakistocracy:Gov't. by the least qualifiied or most unprincipled citizens.

[carpe diem]

I didn't know such an on-point word existed to decribe so perfectly our current political straits. I just had too share. I got it from http://www.msnbc.msn.com/id/3449870/

Kakistocracy (from The American Heritage® Dictionary of the English Language: Fourth Edition.  2000)

SYLLABICATION:  kak·is·toc·ra·cy
PRONUNCIATION:   kak'i-stok're-se, käki-
NOUN:  Inflected forms: pl. kak·is·toc·ra·cies
Government by the least qualified or most unprincipled citizens.

ETYMOLOGY:
1829, "government by the worst element of a society," coined on analogy of aristocracy from Gk. kakistos "worst," superl. of kakos "bad" (which is perhaps related to the general IE word for "defecate") + -kratia "rule of," from kratos "strength, power, rule" (see -cracy).

PUTTING THE WORD TO USE:
"Is ours a government of the people, by the people, for the people, or a kakistocracy rather, for the benefit of knaves at the cost of fools?" -  1876 OED