While there are prominent GOP-leaning 527s, the vast majority of 527 money is flowing to anti-Bush organizations. As detailed on OpenSecrets.org, most of the multi-million-dollar 527s are lined up against the President. Indeed, only one of the ten largest 527s, the Club for Growth, is anti-Kerry. . . .
The President was wrong to sign McCain-Feingold into law, and he is wrong again here. I would further argue that fewer donors would give to such independent groups -- and we'd have fewer "shadowy" ads -- if it were easier to give larger amounts directly to candidates or to provide traditional "soft money" contributions to political parties. President Bush's position strikes me as rank opportunism -- and it is so , in part, because 527 contributions have overwhelmingly benefitted his opposition.
Bush's position is politics, pure and ugly. It disgusts thoughtful people who value forthright leadership (and freedom of speech), but that's not much of a constituency these days. In political terms, it's pretty smart.