Joe Klein says John McCain needs to decide which side he’s on:

This is shaping up as a pretty bad week for the McCain campaign. First, the economic fundamentals are sound. Then we’re in a major crisis. He talks about the excessive compensation that CEOs receive, but continues to have Carly Fiorina ($100 million for her failed stewardship of Hewlett Packard) as an economic spokesperson. He wants to have a vigorous new regulatory regime patrolling Wall Street–even though he has always opposed such a regime and his pal Phi Gramm was the guy in charge of dynamiting the regulations–and yet he is running this ad, warning against excessive federal power.

Klein says “this is called flailing.”

In McCain’s defense, he’d probably say he’s just being a maverick. A lot of McCain’s former friends in the press corps are convinced that this McCain they’ve been watching for the past couple of months is fundamentally different from the McCain of the tire swing days of yore. But there’s actually an awful lot of continuity here.