I have to agree that Obama won the economic debate last night. McCain should have won handily on foreign policy - that was no contest, and Obama only had to be credible in the end. Given the current situation, the economic trumps all else as we start to see the effects trickle down to Main Street. What does McCain need to do?
(1) McCain needs to confront credible Obama's 95% tax cut rhetoric. If he doesn't debunk this, he needs to explain why taxing the rich more is a bad idea. Recalling Senator Mitchell and the yacht industry would be bold.
(2) McCain needs to explain that this bailout isn't the final verdict on Bush Policy, but rather Democratic lending policy. Is this connection isn't made - if we cede that this downturn is the result of Bush and trickle-down, great damage will be done long-term. This must be challenged aggressively. We're in this pickle because of easy money to sketchy homeowners - precisely the policy that Democrats to this moment want to pursue even further. Until this chicken comes home to roost, nothing is resolved.
(3) McCain needs to be bold and assert that Bush's policies are the right ones, and that income distribution doesn't work for Europe. If it did why don't we see Europe as the land of opportunity instead of the United States?