Financial Crisis? Blame Someone!
There's nothing like a good disaster to bring on the finger-pointing. With the financial system in a tailspin, MoveOn.org seized the moment to hammer on former Sen. Phil Gramm, a onetime McCain economic adviser, for cosponsoring a 1999 bill repealing some regulations on financial institutions. But the bill had broad bipartisan support, passing the House 362-57, the Senate 90-8; Democratic President Bill Clinton signed it into law. Did it "strip the safeguards that would have protected us," as the ad charges? Actually, economists of various political stripes – as well as Clinton – have credited the law with cushioning some of the blows of the recent troubles.

A McCain ad turns the tables by saying the Republican candidate tried in vain to "rein in" Fannie Mae and Freddie Mac, the institutions whose underwriting of too many risky home mortgages contributed to the meltdown. Obama was "notably silent," the ad says, and "Democrats blocked the reforms." Actually, Republicans never brought the bill up for consideration on the floor; they controlled the Senate at the time. And besides, McCain signed on to the 2005 bill too late for it to have made any difference.