A few days ago I wrote: “In any event, I agree that this was a bold move on Bush’s part.”

Much of the criticism of Bush’s remarks I’ve seen centers around the thought that the attack ads from supporters of both campaigns are a necessary expression of free speech, and that the President shouldn’t attempt to limit them. After some thought, I disagree with the underlying hypothesis: that the Bush campaign either isn’t aware or doesn’t care that their candidate will be painted as a censor. In fact, I don’t think I could disagree more strongly.

First, as suggested elsewhere, I don’t believe that President Bush (or the Kerry campaign, for that matter) can coordinate with the groups that are putting out these ads – even by working with them to stand down on their attacks. The candidates and their campaigns must necessarily rely on the courts to sort this out.

Second, I’ve concluded that this is not just a bold move, but a brilliant strategic move. At this point, as not a single shred of evidence has been produced, I don’t believe that the Swift Boat vets’ ads are the result of any illegal activities by the Bush campaign. I am absolutely convinced, however, that they realized that this was a golden opportunity for them to press their case against organizations like MoveOn.org and America Coming Together and at the same time appear to be taking the moral high ground over the Kerry campaign, which steadfastly maintains that they “haven’t spent one dime” on the anti-Bush ads.

With estimates of anywhere from $145 to $200 million spent on anti-Bush ads so far this year, the Bush campaign has virtually nothing to lose by speaking out against all ads funded by 527 groups. The money spent by the Swifties is on the order of two magnitudes less, and Bush has been careful to criticize the ads, not the veterans behind them.

Now, the lawsuit Bush filed on Thursday turns up the heat on this issue. And why not? This situation can be spun as a win, either way:

If the case languishes, or if the courts rule that the 2002 campaign finance reform rules do not and/or cannot apply to the 527 groups, the ads continue. The Bush campaign can rightly claim that it did everything it could do, legally, to stop the SBVT ads.

If the case is expedited and the FEC is somehow forced to apply campaign finance reform rules on the 527 groups, the attack ads cease. This would be devastating to the “anybody but Bush” movement.

Further, in any event, Bush has effectively countered Kerry’s use of Sen. John McCain in a recent ad tying Bush to the Swifties.

"Sen. McCain enthusiastically applauds President Bush?s commitment to ensuring that 527s operate under the same funding rules that apply to federal political candidates," McCain spokesman Marshall Whitman said in a statement Thursday.

I don’t expect the FEC to do anything about this, even when they finally rule on the matter. Complaints to the FEC were registered some time ago and haven’t been acted on. This suggests that the FEC simply can’t do anything about these ads. The Bush campaign has undoubtedly come to the same conclusion, and has decided that since they can’t win, any risk of looking like an enemy of free speech is mitigated. This lawsuit is nothing more than a calculated risk.

And that’s the way I see it.

UPDATE: Bush further solidifies his hold on the high ground, according to the BBC.

MORE: Here’s why I think that Bush won’t be able to convince a court to push the FEC to restrict the 527s in any meaningful way. Ironically, a conservative court will dismiss the lawsuit because individual speech is clearly protected. No, Bush’s only real hope is a progressive court, one that is wont to reinterpret the law according to its intent; however, this would draw the attention of the likes of Joe Sandler and Harold Ickes. As the Democrats stand to lose most heavily, they enter this as the (unlikely) white knight for the FEC.

FINALLY: It’s worth noting that getting Sen. McCain on board during this critical phase of the campaign is likely to give the President a lift. McCain’s (dare I say) occasionally leftist tendencies will bring some part of the moderate vote that the President wouldn’t otherwise see. How better to attract McCain than to support a piece of legislation with his name on it?