Note to McCain:

Hey, McCain campaign, you have ceded the momentum in this race back to Obama. We understand the economy in this campaign is going to be a very tough issue for Republicans, but you need to do these things, and continue on them:

1. Keep hitting Obama (even if it's below the belt - they are at their absolute worst when they are whining about tactics) on Fannie Mae/Freddie Mac - on the money he has taken from them and on his advisors. However, your ad must be better than the one you have out there. I'm also not enamored of the "Not ready to lead" theme so clearly stated. Because, once people decide he is ready, you've lost it. You need to hit him on his ideas, as "Bad for America" or "too liberal" or somesuch. Maybe it's the female narrator.
   
2. Do as Dick Morris says and point out that his policies will harm an economy that needs an injection of capital. His capital gains tax increases will stifle investment and while the Feds are taking money out of the economy to shore up failing banks, and banks are tightening their lending policies, that's disastrous. It won't be hard to find economists and reasonable quotes on that one.
3. Hit him as a tax and spender. Yes, this is always tried and true with Liberal Democrats, but it also happens to be true. He's going to raise taxes on the investor class, and small businesses, and that is also going to hurt the economy. Pound these themes home. Use the fact that you've been using on the campaign trail, that he has never opposed a tax increase, and pound it home. I think mixing ina clip of Bill Clinton saying he's tried but he just can't give the middle class a tax cut might be effective, to show that Dems will always tell us they're going to cut taxes, but when it comes to actually doing it, that's just business as usual
4. Hit him on not being a reformer on economic issues. When presented with opportunities to reform Fannie/Freddie, he didn't act. Tie him to Reid/Pelosi on this, two people less popular than Bush.
5. For yourself, you need to do as National Review and other conservative thinkers have suggested, and modify your own tax plan to increase significantly the child tax credit. This credit disproportionately favors the lower middle class, and you need those charts that show who gives more back to people in the 35-75k range, to be you. And, it's good policy.
   

Most importantly, STAY ON THE OFFENSIVE. Economic issues are winners for Republicans if we don't ceded the high ground. We're right on the issues, as even Bill Clinton will attest, since he largely followed Republican economic policies as President (thanks to Newt).