But Barack Obama — like John McCain — has yet to find a formula to fit the new economic equation. The policy proposals that the Democratic nominee advanced Tuesday in a speech in Colorado were solid but soporific. It is difficult to imagine that an Ohio voter, fretting over collapsing banks and brokerage houses, would be calmed by Obama proclaiming as the hefty second plank in his reform plan: “We must reform requirements on all regulated financial institutions.”

Small wonder that Obama chose a different artistic direction Wednesday morning when he released a new TV ad in which he speaks to the camera for two minutes, which is “War and Peace” length for a political spot. Even though the Democratic nominee begins by talking about how “Wall Street’s been rocked,” only one sentence in the lengthy commercial offers a remedy that touches on the current crisis: “End the ‘anything goes’ culture on Wall Street with real regulation that protects your investments and pensions.”

McCain’s approach to the money-market meltdown has been even more off-key in ways that go beyond his politically maladroit claim Monday that the fundamentals of the economy are “strong.” The bulk of McCain’s speech on the financial markets in Florida Tuesday was a greatest-hits album about reform that seemed to imply that congressional earmarks had something to do with the fall of Lehman Brothers. McCain did channel his inner Teddy Roosevelt by repeatedly denouncing “greed” and the pursuit of “easy money” on Wall Street. But this kind of angry rhetoric was cheap-shot populism, since nobody expects altruism and selfless behavior from the financial markets.

“This crisis is an audition for the presidency in real time — and an opportunity for a candidate to step up to the plate,” says Bruce Reed, who was Bill Clinton’s chief White House domestic advisor and is now the president of the Democratic Leadership Council. “If handled the right way, it could decide the election. If it is treated like another political issue, it could fade with the next news cycle.”

But so far both candidates have been unable to resist the bait of political attacks. On “Good Morning America” Wednesday, McCain argued, a trifle bizarrely, that the Democratic nominee is ill-equipped to clean up Wall Street because “Sen. Obama has never taken on his party on any major issue. This requires a reformer.” In his address on the market mayhem Tuesday, Obama went after McCain with far more vehemence than he attacked Wall Street. In a rare moment of charity, Obama conceded, “Now I don’t fault Sen. McCain for all of the problems we’re facing, but I do fault the economic philosophy he subscribes to.”

No one should realistically expect McCain and Obama to suddenly refrain from political invective in the midst of a low-road presidential campaign. But these dueling sound bites inevitably lead voters to cynically dismiss both candidates as credible messengers about Wall Street. “Voters are looking for a leader who will fix this and make it better,” says Republican pollster John McLaughlin. “They want reassurance that their savings and their college savings will be there and that their house will not go down in value.”

With Wall Street roiling, it is impossible to reliably poll about the immediate political fallout because the tone of the news shifts from hour to hour. So, in effect, everyone in politics is theorizing without hard evidence. “Normally, you’d say that this would give an advantage to the Democrats,” McLaughlin argues. “But you have a situation where Obama has been running against experience for the last two years — and now it’s coming back to bite him.”

Normally about this time, the presidential campaign goes into freeze-frame as the candidates prepare for the opening-gun presidential debate Sept. 26 in Oxford, Miss. This could be the moment when Obama or McCain takes command on the issue of the woes of Wall Street, although the subject of this first fall face-off is ostensibly foreign policy. It would be a safe bet to assume that both candidates will frequently declare insolvent investment banking houses to be a “national-security issue.”

In large measure, both Obama and McCain won their nomination fights because their personal stories and positions on Iraq resonated with their party’s base. Forcing both of them to now fight it out on the economy is akin to decreeing that the winner of a three-legged race gets to move into the Oval Office. Throughout his quarter century in Congress, McCain had displayed only intermittent interest in economic issues, unless somehow you count campaign-finance reform. Obama’s mantra of change is more flexible, but the Illinois senator still has to convince the voters that he can be the presidential candidate who also offers safety and stability.

Democratic pollster Paul Maslin captures the political reality of the week when he says, “This is a shock wave — and the story is not going away. You have two armies out there searching for the high ground. And the high ground is defined as using the mechanisms of government to back things up on Wall Street.”

So far Obama and McCain have not had much new to say about the carnage in the financial markets. In a political campaign this close, there is a risk in departing too boldly from pre-existing positions and well-honed talking points. But the quest for the presidency involves something elusive and hard to define called leadership. And that, alas, has been hard to detect amid the predictable political rhetoric about the worst Wall Street crisis since the days of radio bulletins and ticker-tape stock quotes.

So Wallace, following a 92nd Street Y panel last night, said this:

“There will be pressure to elevate a woman but there will be an equal amount of pressure to pick someone who is prepared,” Wallace said.

And then she said this:

Wallace flagged one female official in particular who she thinks would be a good choice this year.

“Nikki Haley — she’s great,” she said. “She’s the most effective surrogate Romney has.”

If the Sarah Palin problem was a problem of preparation and vetting, Haley … might present some issues? Specifically an odd and mostly unsubstantiated sex scandal and also these rumors that she might at any moment be indicted on tax charges. The tax thing might be bullshit and the affair story was the product of a self-promoting creep but they’re “out there,” as they say.

More important, Haley has been governor of South Carolina since January of 2011. As in very slightly longer than one year. And slightly less time being a governor than Sarah Palin had in 2008. It’s almost as if Wallace is making a pick not based on the principle of Who Would Be Best For the Nation but on demographics and optics?

Wallace also apparently suggested Carly Fiorina, which, lol. Romney/Ex-CEO who famously received a giant golden parachute when she was forced out of her company 2012, everyone! Just the ticket for the new economy.

That is sort of a shame. The Palin thing is the most heavily over-covered story line of the entire 2008 campaign, so focusing on it might be totally logical from a marketing perspective, but it’s unfortunate from an artistic one. The film re-creates various moments of YouTube campaign ephemera very well — remember when that old white lady called Obama an Arab and McCain looked uncomfortable? When it takes us behind closed doors, it’s to witness scenes any moderately close observer of the election and its aftermath could’ve dreamed up him- or herself. It might have been fun to see a TV movie about the Democratic primary fight; the personality clashes of the disastrous Clinton campaign would have made for entertaining television, and Mark Penn is surely a creature crying out for a grotesque Emmy-winning portrayal by, say, Paul Giamatti.

Instead, McCain has won the nomination three-and-a-half minutes into the film. Soon we’re watching Julianne Moore watch Tina Fey on TV. You remember the “SNL” sketches making fun of Palin, right? In case you don’t, “Game Change” airs lengthy chunks from most of them. It also has tons of actual footage from CNN and MSNBC and Fox News, and it re-creates debates and speeches and the Couric interview and the Charlie Gibson interview and a bunch of other things you saw either live or on YouTube when they happened.

Moore’s performance is not just fair but maybe even flattering. (For one thing, she doesn’t hit those flat upper Midwest vowels as gratingly as the real Palin.) Woody Harrelson plays strategist Steve Schmidt — the film’s protagonist — as a grizzled, “too old for this shit” campaign veteran called back to the trail against his better judgment. Jamey Sheridan is given barely anything to do as Mark Salter, McCain’s “conscience.” Salter, the primary author of his “Maverick” mythos, is limited, after the Palin selection, to making a hilariously over-telegraphed face of concern as everyone else in the war room applauds her first speech.

But the film is about Schmidt and Nicolle Wallace because they were pretty clearly Halperin and Heilemann’s primary sources, and we watch them become horrified by the depths of Sarah Palin’s ignorance at exactly the same time as everyone else in America became horrified by her ignorance.

Because it’s Hollywood, there’s very little politics in the film’s depiction of politics. Policies are simply things for Sarah Palin to write on note cards and not memorize. Operatives confidently declare, in faux Sorkin-ese patter, that if this or that meaningless decision is made, it means “we’ll lose by five.”

There is a sheen of faux cynicism (McCain swears like a sailor!) but it masks complete naiveté: Everyone is basically honorable and decent. Nicolle Wallace — a member of the Bush administration communications team — is sincerely alarmed at the prospect of someone as dangerously ignorant as Sarah Palin in the White House. On election night, she breaks down in tears as she admits to Schmidt that … she didn’t vote. They embrace.

The film subscribes to the simplest theory of Sarah Palin: That she is childlike, vain and incredibly ignorant but also an essentially decent person and wonderful mother. The moments that come closest to “unfair” — Sarah Palin doesn’t know that the head of Great Britain’s government is the prime minister, not the queen — are basically plausible. This isn’t Andrew Sullivan’s conniving, dangerous pathological liar. It’s an overwhelmed working mother whose most unhinged moments are explained by a crash diet. Her convention speech is largely stripped of its snarling attack lines, imagining a world in which it appealed to “the base” because of Palin’s heartfelt commitment to special-needs children and not because she was very good at saying mean things about Obama. (The film actually repeats the bullshit story that her teleprompter broke midway through, and she kept going.) Even when the film has her take a major heel turn — “if I am single-handedly carrying this campaign, I am gonna do what I want!” — after “winning” her debate with Joe Biden (played by video footage of Joe Biden), she is still basically an innocent seduced by the adoration of riled-up crowds and national attention. (Todd Palin barely does anything.)

The constant use of actual news footage adds a bit of verisimilitude but also constantly raises the question of why this lightly fictionalized version of the election actually needs to exist. “Game Change” is not really for serious political junkies, who remember all the stuff that did happen and will scoff at the stuff that didn’t. (At one point, John McCain answers his ringing iPhone in the middle of the night. He used a BlackBerry, HBO.) But if casually politically involved people want to see their assumptions about Sarah Palin reinforced, well, there are still those “SNL” sketches.

In the end, the Republican operatives who foisted Sarah Palin on an unprepared nation are rightly horrified that they created a monster, but at no point does anyone act concerned that their actual candidate was himself an angry, warmongering old crank with extremely fungible principles. Sure, Sarah Palin didn’t know what the Fed did. Do we have any proof John McCain knew what it should’ve done? Maybe everyone actually was totally unfair to poor Sarah Palin.

Rice, the national security advisor in George W. Bush’s first presidential term and secretary of state in his second, is currently a professor at Stanford with the requisite right-wing think tank fellowship. She has not said or done anything “political” in years. But Curl has been hearing things!

America’s first black female secretary of state is quietly positioning herself to be the top choice of the eventual Republican presidential nominee, ready to deliver bona fide foreign-policy credentials lacking among the candidates. The 56-year-old has recently raised her profile, releasing her memoir in November and embarking on a monthlong book tour.

After 2 1/2 years as a professor at Stanford, Miss Rice is reportedly getting “antsy” to get back into the political game. “She’s ready to go,” said one top source.

Oh, a month-long tour in support of her book about her time in the Bush administration! She must be running for vice president, along with Donald Rumsfeld and Dick Cheney and Scott McClellan and George W. Bush.

There’s more. (And not just the part where Curl calls Rice “a spicy Rice dish” and waxes fetishistic about “her guns” being “a match for those of our first lady Michelle Obama.”)

Plus, her selection would be a giant chess move to counter the expected replacement of Vice President Joseph R. Biden with Secretary of State Hillary Rodham Clinton. Sure, the White House denies and denies, but that should really make any political watcher more suspicious. One White House insider even told me that the position swap was the only reason Mrs. Clinton joined the administration in the first place.

Curl has so many inside scoops packed into this column! I had no idea that our first presidential running mate swap since Ford’s 1976 campaign was basically a foregone conclusion and not just a weird Beltway journalist fantasy! But yes, I can see why the still  un-chosen GOP candidate would definitely be looking pretty closely at Rice — who’s been strongly making the case for her selection by not explicitly denying interest in the position — in case Obama replaces Biden with Clinton, which he will surely do.

The column gets worse (“Funny thing is, she is, unlike Barack Obama, an ‘American black’”) but that’s not really important. What’s important is exploring how someone like Condoleezza Rice ends up a perennial name on the fantasy ticket list.

Rice has been a subject of these columns since 2005, when she became Bush’s second secretary of state, and the White House tasked communications operative Jim Wilkinson — previously known best for inventing the false story of Jessica Lynch* — with getting Rice (and her boss) some much-needed positive press. Wilkinson did his job beautifully (remember when Rice’s knee-high boots were a topic of actual serious news coverage for weeks?) and Rice began receiving the “rock star” treatment.

In the Washington Post, Glenn Kessler, author of the 2007 Rice bio “The Confidante,” summarized the exact moment of the birth of the presidential speculation:

In March 2005, before Rice sat for an interview with the Washington Times, Wilkinson slipped a note to the editorial page editor, Tony Blankley, suggesting that she be asked whether she would consider running for president. It was an audacious proposal — she had been secretary for only six weeks — but such speculation would bolster Rice’s image as a leader. (Wilkinson and Blankley said they do not recall the incident, but others present said they saw Wilkinson’s note.)

Oh, the Washington Times.

Shortly thereafter, Dick Morris wrote a book claiming — nay, insisting — that 2008 would be “Condi vs. Hillary.”

As Iraq descended into a violent civil war in 2006, Rice-for-president buzz bizarrely grew. There was enough of a false grass-roots movement for a paint-by-numbers AP trend piece with a silly nickname and everything. Tim Russert asked her point blank. As always, she said no in no uncertain terms.

Then, of course, everyone began to speculate that she’d be McCain’s running mate. Robert Novak claimed as much on Fox. Dan Senor said she was pushing for the pick on some Sunday show. Hendrik Hertzberg wrote a Talk of the Town piece on the subject! McCain and Rice both finally denied “reports” that she was angling for the spot on the ticket.

Now, I guess, it’s time to start up the rumor mill anew.

But before you put pen to paper on that column about how a Gingrich-Rice ticket would surely win moderate women in Ohio, consider this: In addition to the fact that she’s always denied wanting the job, and in addition to the fact that she was an unmitigated failure in the Bush administration, downplaying terrorism as a priority prior to 9/11 and selling the public on the Iraq invasion with untruths, Condi Rice is pro-choice.

*Update: Jon Krakauer recently rescinded his claim that Wilkinson, then a communications aide to General Tommy Franks, was responsible for the initial false Washington Post report on Lynch’s apparent heroics before her capture. Though Wilkinson was obviously involved in the PR campaign surrounding Lynch’s rescue and return to the U.S., he apparently isn’t responsible for falsifying her actions or leaking that false story to the press.

The New Black Panther Party is a cartoonish fringe group of a couple guys who play “’60s radical” dress-up and say mean things about whitey for Fox cameras in order to scare old white people. They have been explicitly rejected by the old Black Panther Party. For some reason, various conservatives have dedicated themselves to proving that this weird, marginal group of Nation of Islam cast-offs is somehow supported by or deeply connected to the Democratic Party and the Obama administration in particular, because, you know, Eric Holder and Barack Obama, those are two guys who very obviously share the values of extremist anti-white proponents of racial separation.

So Breitbart “proves” something or other about the essential anti-white racistness of the Obama campaign by noting that members of the inane New Black Panther Party were spotted by cameras near Obama, at various times, and also NBPP head Malik Zulu Shabazz spoke at the event.

(Brietbart goes on to publish two pictures of the event despite the photographer withholding permission, because “The First Amendment allows photographs of such enormous public importance to see the light of day.” Good luck with that argument in court?)

Andrew C. McCarthy gleefully endorses Breitbart’s story in a breathless post at the National Review’s The Corner:

This is a shocking story, and a breathtaking indictment of the mainstream media which went out of its way to avoid vetting Obama as a candidate — and to make sure anyone who tried to do due diligence got no sunshine. A candidate who chose to appeared in the company of, say, the KKK, would have provoked relentlessly hostile media coverage and, in short order, have been marginalized as disqualified to hold responsible elective office.

If only the media had reported that some fringe weirdos also participated in this event that both Democratic candidates and thousands of other people participated in, and then the fringe weirdos sort of followed Obama around for a while. That would’ve opened America’s eyes! (I mean the media besides NPR, which did report that the NBPP was there.)

Here’s the bit of this sad, desperate reach that is the saddest and most desperate: “Andrew further reminds us that, in March 2008, the Obama campaign website posted an endorsement of Obama by the New Black Panther Party.” Whoa, did they really? Shocking if true! It is, of course, not true. It was a user-generated blog post on the Obama campaign site that the campaign removed as soon as they became aware of its existence. Because websites do not “post” things to themselves, generally, McCarthy’s statement can’t even be charitably described as technically accurate. It’s just a lie.

A random stupid incorrect Breitbart smear is worth paying attention to only to the extent that the smear threatens to bubble up to the more reputable conservative press, or Fox, or Republican elected officials. The McCarthy endorsement means keep an eye on this one!

Here’s my reaction to those revelations: Sarah Palin is a person! She’s done drugs and pissed people off and slept with people, like 90 percent of American humans. If Sarah Palin was smart she’d dismiss the book with a chuckle, say nobody’s perfect, laugh off the “gossip,” and move on.

Sarah Palin might not be smart.

The Palins always prefer grand self-pitying martyrdom to quiet dignity, of course, which is why picking on them can be so profitable: They will always respond, and always help you drum up more publicity for your Palin-attacking venture. Instead of depriving the book of oxygen, they launched a multimedia attack on Joe McGinniss before he’d finished the first draft, and what they accomplished was … giving him more material and ensuring that even more breathless anticipation awaited the book’s release.

Now that the book’s rollout is underway, the Palins might as well get paid for their marketing efforts. Todd Palin angrily denounced it, again accusing McGinniss of having a “creepy obsession” with Sarah Palin. Oooh, it’s so creeeepy to write an unauthorized biography of a prominent public figure, right?

How bad did the Palins allowed themselves to be trolled? Sarah Palin’s people released a statement on behalf of Brad Hanson, Todd Palin’s former business partner, with whom Sarah Palin is alleged to have carried on an extramarital affair, some years back. The statement is a blanket denial, but what does having the supposed beau directly address the press accomplish, exactly? It just drives more interest in the book’s salacious, shocking revelations about the secret life of Sarah Palin. This guy, of all guys, should be kept out of it.

I am sure that Todd and everyone else is very personally pissed off that McGinniss went to Wasilla, talked to a bunch of people who hate them, and published a book full of stories about how bad and awful they are, but blowing up publicly just sends the message that there’s stuff in the book worth getting worked up about.