Two weeks ago, the presidential race was tied. Then when the financial crisis hit, Barack Obama opened up a 5-point lead, 48 percent to 43 percent, in the average of four national polls taken between September 22 and 25.

Two of John McCain's core constituencies -- men and senior citizens -- started moving to Obama. The financial crisis has a lot of men worried about their jobs. Obama says that his alternative-energy plan will create "5 million new jobs that pay well and can't be outsourced." McCain warns, "A vote for Senator Obama will guarantee higher taxes, fewer jobs, and an even bigger federal government."

Most seniors are retired, and they are worried about Social Security. "If my opponent had his way," Obama said, "millions of Americans would have had their Social Security tied up in the stock market." McCain denies it. "We're not going to privatize Social Security," the Republican nominee says.

In a CNN poll taken by Opinion Research, two-thirds of voters said that the economy is not fundamentally sound. By nearly 2-to-1, these respondents said they plan to vote for Obama.

In fact, both Obama and McCain support government intervention in the financial markets. Both blame the Bush administration for not taking action earlier. "Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac," McCain said. "Congress did nothing; the administration did nothing."

Nevertheless, government intervention is an issue on which Democrats have more credibility. In the CNN poll, 62 percent of voters said that the federal government should intervene in the financial crisis. And 62 percent of that group said they support Obama.

But even though the public wants the federal government to do something, people are worried about what the government will do. Americans have mixed feelings about a government bailout plan. President Bush says that the plan is aimed at rescuing the economy. "This rescue effort is not aimed at preserving any individual company or industry," he said in his speech to the nation. "It is aimed at preserving America's overall economy."

Rep. Jeb Hensarling, R-Texas, who voted against the bailout plan on Monday, had warned earlier, "On the one hand, we may have financial peril. On the other hand, we may have taxpayer bankruptcy for the next generation." Any mention of taxpayers' money makes voters skeptical. Is it the government's responsibility to use taxpayers' money to bail out private firms whose collapse could harm the economy? The Los Angeles Times/Bloomberg News poll asked that question. The answer was no, 55 percent to 31 percent.

Do Americans believe that a rescue plan will treat taxpayers fairly just because Congress and the president agree on it? No, by 65 percent to 34 percent in the CNN poll. But do they think it will help the economy? Yes, by 55 percent to 42 percent. Mixed feelings indeed.

In the September 26 presidential debate, Obama placed the blame for the financial crisis squarely on the Bush administration's lax regulatory regime. "This is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain," Obama said.

McCain didn't see a failure of policy as much as a failure of process. He defined himself as a reformer who would end corrupt and abusive business practices. "People are going to be held accountable in my administration," McCain declared. "And I promise you that that will happen."

Who did debate viewers believe would better handle the financial crisis? Obama, by a solid 18-point margin -- 54 percent to 36 percent, according to a CNN poll.

While everyone agrees that a rescue plan is necessary, almost no one wants to take ownership of it. The plan could be politically poisonous. It might not work. Protests across the country sent a signal that voters might revolt against it.

Congressional Democrats insisted that Republicans share responsibility for the plan, but the Republicans were split among themselves. Obama insisted that the plan must include more government oversight and taxpayer safeguards. McCain, who last week announced that he was suspending his campaign for several days to stress the urgency of congressional action, worked to get House Republicans to the table.

The only political figure willing to claim much ownership of the rescue plan was Bush, who never has to face the voters again.

This article appeared in the Saturday, October 4, 2008 edition of National Journal.

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