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Wall Street is in turmoil. Storied financial institutions are disappearing. Both presidential nominees agree that the situation is grave. Barack Obama calls it "the most serious financial crisis since the Great Depression." John McCain warns, "Our economy is at risk today -- have no doubt how serious this problem is."

Anything that raises economic anxiety should help the "out" party -- in this case, the Democrats. All they have to say is, Look who's been in charge. "I certainly don't fault Senator McCain for these problems," Obama said last week. "But I do fault the economic philosophy he subscribes to. It's the same philosophy we've had for the last eight years."

McCain may be the candidate of the incumbent's party, but he refuses to take ownership of that party's record. "There's too much debt and not enough regulation or oversight," the Republican complained.

Of course, Washington is at fault, the Republican nominees for president and vice president argue, but that doesn't mean us. "Guys and gals," Sarah Palin said, addressing the voters of Golden, Colo., "our regulatory system is outdated and needs a complete overhaul. Washington has ignored this. Washington has been asleep at the switch."

By 52 percent to 44 percent, voters think that Obama would handle the economy better than McCain, according to a CNN poll conducted by Opinion Research. But that margin is not very wide. And the Republican contenders are doing everything they can to say, "We want change as much as the Democrats do." A McCain ad declares, "Our economy is in crisis. Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules on Wall Street to protect your life savings." The election is turning out to be an odd one -- nobody's the incumbent.

Both presidential nominees identify the same culprit in the nation's financial crisis: greed. "We're going to reform the way Wall Street does business and put an end to the greed that has driven our markets into chaos," McCain said. Obama's analysis: "CEOs got greedy, lobbyists got their way, politicians sat on their hands until it was too late."

What can government do about greed? Not much, but it can try to curb bad behavior by business. How? Regulation. By nearly 2-to-1 in a Gallup poll for USA Today (59 percent to 31 percent), Americans say that the federal government should "significantly increase its regulation of Wall Street." Guess what? Both Obama and McCain favor that, too.

"It's time to get serious about real regulations that are going to prevent the kind of mess we are seeing right now," Obama said in Las Vegas last week. McCain talked a tough line. "Our regulatory system must protect consumers and investors by punishing individuals who engage in fraud, break contracts, or lie to customers -- like the predatory lenders who know you can't afford an adjustable-rate mortgage but mislead you into signing one," the Republican said in Wisconsin.

Obama argues that he has a stronger record on regulation than McCain. "When I was warning about the danger ahead on Wall Street months ago because of the lack of oversight," the Democrat said in New Mexico, "Senator McCain was telling The Wall Street Journal -- and I quote -- 'I'm always for less regulation.'"

McCain responded, "Two years ago, I warned this administration and Congress that regulations for our home-loan agencies that few knew and barely heard of, Fannie Mae and Freddie Mac, needed to be fixed," he said in Iowa. McCain now contends that he's the bigger regulator. "Senator Obama talks a tough game on the financial markets," McCain said, adding, "The facts tell a different story. He took more money from Fannie and Freddie than any senator, except the Democratic chairman of the committee that regulates them."

So, which nominee do voters think would do a better job of handling the problems on Wall Street? They don't know. They don't see a lot of difference. In the Gallup/USA Today poll, 43 percent said that Obama would do a better job of managing the financial crisis, while 42 percent preferred McCain.

When voters were asked whether the Federal Reserve Board should have rescued the giant insurance company American International Group, 40 percent supported the bailout, while 42 percent were opposed. They're undecided about that, too.