Courtesy of Wizbang comes this story in which Mary Beth Cahill admits she underestimated the impact of the Swift Boat Veterans for Truth:

The campaign manager for Sen. John Kerry's failed presidential bid said Wednesday she regrets underestimating the impact of an attack advertisement that questioned Kerry's Vietnam War record.

Mary Beth Cahill, who spoke at Harvard University's Kennedy School of Government with Ken Mehlman, President Bush's campaign manager, said the Massachusetts senator's campaign initially thought there would be "no reach" to the ad from Swift Boat Veterans for Truth

This information comes as no surprise to bloggers, who for the most part recognized right away that the ads would be trouble for the Kerry Campaign. Of course, it didn't help that Kerry was one of the worst candidates recent memory. His campaign was terrible in so many other aspects that I wonder if Bush still would've won even without the help of the Swift Vets.

Update: The guys at Powerline have weighed in.