Tonight's debate led off with a host of questions on the economy, including this salvo from Tim Russert:

RUSSERT: National security and the war in Iraq was a dominant issue in the campaign until a few weeks ago. Now the economy has taken hold. If you ask any of the voters, it's the economy. Senator McCain, you have said repeatedly, quote, "I know a lot less about economics than I do about military or foreign policy issues. I still need to be educated." Is it a problem for the campaign that the economy is now the most important issue, one by your own acknowledgment you're not well versed on.

McCain's first objection? "I don't know where you got that quote from. I'm very well versed in economics." Huh! Well, Mr. Senator, as it turns out, they got that quote straight from your mouth. You also assured us, "But I've got Greenspan's book."

Yeah, but you're going to have to do more with that book than sleep with it under your pillow. The rest of McCain's answer went a little something like this:

McCAIN: I was there at the Reagan revolution. I was there when we enacted the first -- or just after we enacted the first tax cuts and the restraints on spending. I was chairman of the Commerce Committee in the United States Senate which addresses every major economic issue that affects the United States of America. I'm very well versed on economics. That's why i have the support of people like Jack Kemp...Phil Gramm...Warren Rudman...That's why i have a strong team around me that respect my views and my vision. And that's why The Wall Street Journal, in a survey of economists recently that the majority of economists thought that I could handle the nation's economy best. And I have been a consistent fighter to restrain spending and to cut taxes. And my credentials, my experience, my knowledge of these economic issues, I think, are extensive and I would match them against anybody who's running.

OK. In the first place, MEMO TO THE CLINTON CAMPAIGN: This is what someone who is an actual fan of Reagan's policies sounds like. They talk of things like the "Reagan revolution" with glowing praise, and then they actually enumerate policies that they are proud of. So do you think you guys could maybe start learning this distinction? Huh? Maybe? Would that just be too darned hard on you guys? KTHXBAI!

Secondly, while we're taking McCain's economics cred and matching it against other people, we'd be remiss if we didn't point out that just two days ago, McCain told reporters, "I still believe our fundamental underpinnings of our economy are strong. But it's obvious that we are facing challenges which will require actions such as the Federal Reserve took today." As ThinkProgress noted, this talk is painfully naive, as it "overlooks the fundamental weaknesses of the U.S. economy -- a weak labor market, large budget deficits, massive trade deficits, low productivity growth, and a nationwide decline on house prices." And as far as the sense and sensibility of the Federal Reserve's response, our own Hale "Bonddad" Stewart offers an analysis that builds a strong case against the efficacy of the interest rate cut that McCain feels will help to face the challenge. (His bottom line: interest rates weren't all that high to begin with, and the lowered rate won't be enough to convince lenders to start making loans.)

All of which suggests that nobody was exactly passing out Ph.Ds in Economics at the start of the "Reagan Revolution."