Ezra at Pandagon says it better:
Worng and Stupid
I think there's an easy response to this. "We don't want to ban all political speech, we want the president to denounce hateful, dishonest political speech. We know he's not good with nuance, but there's a line in the sand here and the Swift Vets have crossed it and done so funded by long-time supporters of the Bush family." Quite simply, they want the issue to be 527's -- a smart way of turning it on the one institutional advantage of the Democrats. We want the issue to be the unacceptability of lies and hate in the public sphere; that's a values debate and we'll win it. Particularly if we keep driving home the financial connections between Bush and the SwiftVets.
Further, if Bush thinks the campaign finance bill he opposed and then signed outlawed 527's, rather than created them, he was not only, by his own admission, wrong to oppose far-reaching campaign finance reform but too stupid to know what the bill he signed did. That means our president is wrong and stupid. God bless America, hail to the chief.