The unrelenting ad wars continued with duelling ads over the candidates' respective economic advisers. First, the McCain campaign released an ad, "Advice," claiming that former Fannie Mae chairman Frank Raines was one of Obama's key economic advisers. Within hours, Time Magazine's website posted an article by Karen Tumulty arguing that the McCain campaign was playing the race card, with the ad's "sinister images of two black men, followed by one of a vulnerable-looking elderly white woman."

Also within hours, the Obama campaign released a statement about the ad (quoted in the Time article) and a counterattack ad, "Who Advises," questioning McCain's links to three of his economic advisers, Carly Fiorina, Phil Gramm, and, listed as an adviser, President George Bush.

McCain ad "Advice:"

Obama ad "Who Advises:"

UPDATE: The McCain campaign released another ad, "Jim Johnson," accusing Obama of hypocrisy by citing his ties to Jim Johnson, former CEO of Fannie Mae, who was appointed (and later stepped down) as a member of Obama's vice-presidential selection committee.

McCain ad "Jim Johnson:"