Campaigns Go After Each Other's Economic Advisers

The tussle between the campaigns over economic matters has turned into a back-and-forth over friends and advisers.

On Friday morning, the McCain campaign released a new ad criticizing Barack Obama for employing the former Fannie Mae CEO, Jim Johnson, as the head of his vice presidential steering committee. Johnson, one might recall, was pushed out of the position after it became clear that he got a favorable deal on his own house loan. But he's still apparently fair game for McCain.

ANNCR: What Obama says...

BARACK OBAMA: It would be unacceptable for executives of these institutions to earn a windfall.

ANNCR: ...Is not what he does. Meet Jim Johnson, former Fannie Mae CEO. Fannie cooked the books and Johnson made millions.Then Obama asked him to pick his VP. And raise thousands for his campaign. Barack Obama. More empty words.

Meanwhile, Obama has a spot up about advisers to McCain. Released the night before McCain's spot, it starts by pointing out that the Senator, himself, "admits he doesn't understand the economy."

"So who advises him?" the ad asks, before pointing to Carly Fiorina (and her $42 million golden parachute she received from Hewlett Packard), Phil Gramm (and his "nation of whiners" comment), and the president (who Obama never shies away from tying to McCain).

It's hard to know how strong these guilt by association spots will be, but McCain (perhaps hoping to rip a nugget of good news from a dreary political week) is going hard after Obama on the front. Friday morning, the first 15 minutes or so of McCain's speech in Green Bay, Wisconsin were all about Johnson and former Fannie Mae chief Franklin Raines. Raines is accused of steering the housing giant towards collapse while receiving millions in compensation -- but his ties to Obama are tenuous.