On a humorous note, my wife employs blackmail everlasting times a week. As in every time I’m out of line she starts reminding me of every past misdeed until I give in to her demands. So do my children. Woe is me.
The only issue with libel, slander, is that you must go to court to clear you name. This takes $$ and as in the case of Gov Palin, the expense can be so disruptive and expensive one is unable to function in one’s duties or is bankrupted pursuing justice. The law should allow the victim to recover all expenses plus serious damages upon winning the case and include jail time for the libelous/slanderer.
Now THAT makes sense.
...and lots of it. We need "Loser Pays" laws.