This attack ad from the McCain campaign and the RNC is notable in how it misses the mark.

It doesn't just go at Obama. It tries to argue that "Obama and his liberal allies" in congress have no plan, while "McCain and his congressional allies" do.

This would seem an oddly short-sighted attack, as it is Obama's "liberal allies" Sen. Chris Dodd and Rep. Barney Frank who run the key banking committees that will draft any legislation, and each has already released proposals.

(Obama has laid out principles he believes should guide legislation, but he is not on the Banking committee charged with drafting such legislation.)

Granted, McCain is premising his campaign on a "facts don't matter" strategy, and Dodd and Frank are not yet household names. Obviously he hopes that the perception of Obama as lacking leadership on the economy is what sticks (according to recent polls, it isn't).

But as this crisis unfolds -- and it appears that it's unfolding with congressional Democrats pushing back on Bush's blank check boondoggle -- it's going to be hard not to notice that it's Obama allies Dodd and Frank taking the lead, not "McCain and his congressional allies."

(McCain's "plan" is literally less than 300 words, not exactly what's driving the debate on the Hill.)

Why then is McCain directing his attack on "Obama and his liberal allies?"

Because while Obama opted out of public financing of his campaign, the cash-strapped McCain had to stay in and accept caps on his spending.

The only way for McCain to keep pace financially was to raise fat checks that largely go to the Republican National Committee. But under the law, that money cannot be narrowly spent on the presidential campaign.

Hence, McCain and RNC need to lump in Obama with congressional "allies," so technically, it's not just about the presidential campaign.

Even when the charge doesn't make any sense.

That flaw is far from the main reason why McCain is failing to either articulate a consistent message on the economy or offer a reassuring presence in a time of crisis.

But it highlights one of the difficulties McCain has in spending campaign money, even though McCain and the RNC combined started this month with more money in hand than Obama and the DNC.