WASHINGTON -- September began as John McCain's month and ended as Barack Obama's. McCain's high-risk wagers aimed at shaking up the campaign turned into bad investments. And Friday's debate eliminated McCain's best chance to deliver a knockout blow to his opponent.

McCain is supposed to own the foreign-policy issue -- and he should have owned Friday's debate. During their respective primary battles, McCain was a better debater than Obama, who could be hesitant, wordy and thrown off his stride.

But the Obama who showed up at Ole Miss was sharper and more concise than the man who frequently lost debates against his Democratic foes. He was also resolutely calm in standing his ground against McCain, whose condescension became a major talking point following the debate. If Al Gore suffered from his sighs during the 2000 debates, McCain will be remembered for his supercilious repetition of seven variations on "Senator Obama doesn't understand."

This gave special power to Obama's peroration about McCain's "wrong" judgments on going to war in Iraq. McCain's dismissal of Obama brought back memories of how advocates for the war arrogantly dismissed those who insisted (rightly, as it turned out) that the conflict would be far more difficult and costly than its architects suggested. His derisive approach may help explain why the instant polls gave Obama an edge in a debate that many pundits rated a tie -- and why women seemed especially inclined toward Obama.

An Obama adviser who was watching a "dial group" -- in which viewers turn a device to express their feelings about a debate's every moment -- said that whenever McCain lectured or attacked Obama, the Republican's ratings would drop, and the fall was especially steep among women.