More ad sparring on economy

Another day in the Wall Street crisis, another pair of dueling TV ads.

Bad-mouthing each other instead of promoting their prescriptions, Barack Obama and John McCain launched ads aimed at what they perceive as the other's vulnerability.

Obama's spot goes after McCain on his ties to Washington lobbyists and corrupt Washington ways.

"Bermuda," the announcer says over an image of an idyllic beach. "It’s more than just a vacation destination for John McCain. McCain went to Bermuda and while he was there pledged to protect tax breaks for American corporations that hide their profits offshore.

"And grateful insurance company executives and their lobbyists who benefit from the tax scheme, gave McCain $50,000," the announcer says as dollar signs are reflected in the shades McCain is shown wearing. "John McCain. He took a vacation, and so much more. And we get more of the same."

McCain's campaign responded by asserting that Obama's Chicago headquarters is provided by an offshore company.

“Barack Obama’s ad cleverly ignores two key facts: his own campaign headquarters is provided by a company based in Bermuda, and is guilty of the very same off-shore benefits he’s attacking. Whether he is opposing additional oil drilling while decrying high gas prices or blasting earmarks despite his requests for a billion dollars in pork barrel spending for his home state, Barack Obama has a stronger record of hypocrisy than he does making change in Washington,” McCain spokesman Tucker Bounds said in a statement.

UPDATE: Democratic vice presidential nominee Joe Biden weighed in on the issue during a campaign stop today in Woodbridge, Va.

He criticized "a disturbing trend lately with John McCain -- claiming the mantle of reform in public but promising business as usual in private."

"Take the example of the most notorious tax loophole that exists in our law today. It’s this offshore deal -- the Bermuda insurance loophole," Biden said. "Now what happens here is that big insurance companies say their headquarters are in Bermuda when in fact they’re in the United States of America, but by doing that they are able under the law to send the money that they earn in America off shore to Bermuda where they don’t pay any taxes on it. Now by the way folks this is no small loop hole these companies are evading between 4 and 7 billion dollars a year in tax liability. 4 to 7. They’re skipping out on billions of dollars of taxes. That money could be going to insure our children who lack health care, to make sure that our veterans as they come back to the VA that the VA is not underfunded, to rebuilding bridges that are crumbling around the nation -- rebuilding our infrastructure."

McCain's spot tries to use the experience card against Obama on the economy, after using it often on foreign policy.

"In crisis, experience matters," the announcer says. "McCain and his Congressional allies led. Tough rules on Wall Street."

"Stop CEO rip-offs," the announcer continues, over an image of Franklin Raines, the former head of Fannie Mae, who the Obama campaign disputes has been advising the candidate. "Protect your savings and pensions."

"Obama and his liberal allies? Mum on the market crisis. Because no one knows what to do," the announcer says, partly quoting Harry Reid, the top Democrat in the US Senate.

"More taxes. No leadership. A risk your family can't afford," the announcer concludes, a twist on Obama's slogan of saying "We can't afford more of the same" about McCain.

The Obama campaign responded to McCain's ad by citing a series of commentaries praising Obama's sober approach to the crisis -- and criticizing McCain's floundering response.

“This ad is laughable. If you believe John McCain, George Bush and the Republicans in Washington have led on reforming Wall Street and restraining CEO pay, I've got a bridge in Alaska to sell you," Obama spokesman Bill Burton said in a statement.