The bad news, of course, is that right now Obama’s approval/disapproval rating is better than McCain’s. Indeed, Obama’s is a bit higher than it was a month ago. That suggests the failure of the McCain campaign’s attacks on Obama.

So drop them.

Not because they’re illegitimate. I think many of them are reasonable. Obama’s relationship to the Rev. Jeremiah Wright is, I believe, a legitimate issue. But McCain ruled it out of bounds, and he’s sticking to that. And for whatever reason  the public mood, campaign ineptness, McCain’s alternation between hesitancy and harshness, which reflects the fact that he’s uncomfortable in the attack role  the other attacks on Obama just aren’t working. There’s no reason to think they’re suddenly going to.

There are still enough doubts about Obama to allow McCain to win. But McCain needs to make his case, and do so as a serious but cheerful candidate for times that need a serious but upbeat leader.

McCain should stop unveiling gimmicky proposals every couple of days that pretend to deal with the financial crisis. He should tell the truth  we’re in uncharted waters, no one is certain what to do, and no one knows what the situation will be on Jan. 20, 2009. But what we do know is that we could use someone as president who’s shown in his career the kind of sound judgment and strong leadership we’ll need to make it through the crisis.

McCain can make the substantive case for his broadly centrist conservatism. He can explain that our enemies won’t take a vacation because the markets are down, and that it’s not unimportant that he’s ready to be commander in chief. He can remind voters that even in a recession, the president appoints federal judges  and that his judges won’t legislate from the bench.

And he can point out that there’s going to be a Democratic Congress. He can suggest that surely we’d prefer a president who would check that Congress where necessary and work with it where possible, instead of having an inexperienced Democratic president joined at the hip with an all-too-experienced Democratic Congress, leading us, unfettered and unchecked, back to 1970s-style liberalism.

At Wednesday night’s debate at Hofstra, McCain might want to volunteer a mild mea culpa about the extent to which the presidential race has degenerated into a shouting match. And then he can pledge to the voters that the last three weeks will feature a contest worthy of this moment in our history.

He’d enjoy it. And he might even win it.