As Wall Street melts down this morning (the Dow is off 300 points at opening) and Leman Brothers files for bankruptcy, Team McCain is up with a new ad focusing on economic reforms.

The Script:

ANNCR: Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it.

Tougher rules on Wall Street to protect your life savings.

No special interest giveaways.

Lower taxes to create new jobs.

Offshore drilling to reduce gas prices.

McCain – Palin.

Leadership, experience, for the change we need.

JOHN MCCAIN: I’m John McCain and I approved this message.

Some ad facts:

• John McCain: “And Under My Reforms, All Aspects Of A CEO’s Pay, Including Any Severance Arrangements, Must Be Approved By Shareholders.” “In times of hardship and distress, we should be more vigilant than ever in holding corporate abuses to account, as in the case of the housing market. Americans are right to be offended when the extravagant salaries and severance deals of CEO’s — in some cases, the very same CEO’s who helped to bring on these market troubles — bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while the offenders themselves are packed off with another forty – or fifty million for the road. If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO’s pay, including any sever ance arrangements, must be approved by shareholders.” (John McCain, Remarks, Washington, D.C., 6/10/08)

• John McCain And Governor Palin Will Reform Our Mortgage And Financial Markets. “Fixing Fannie and Freddie, and reforming our mortgage and financial markets, is critical to getting the housing market and the entire economy moving again. A great deal of the savings and wealth of American families is wrapped up in the value of their homes. A house has traditionally been the wealth-building course to retirement. The housing industry employs millions of Americans. One of us, John McCain, said over two years ago, ‘If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose.'” (John McCain and Governor Sarah Palin, Op-Ed, “We’ll Protect Taxpayers From More Bailouts,” The Wall Street Journal, 9/9/08)

• John McCain And Governor Palin Will Cut Taxes For Middle Class Families. John McCain will phase out and eliminate the Alternative Minimum Tax (AMT) — a tax that will be paid nearly exclusively by 25 million middle class families. Repealing this onerous tax will save middle class families nearly $60 billion in a single year. Under John McCain’s plan, a middle class family with children set to pay the AMT will save an average of over $2,700 — a real tax cut for working families. (McCain-Palin 2008, “John McCain’s Jobs For America Economic Plain,” Press Release, 7/7/08)

• John McCain And Governor Palin Will Double The Personal Exemption For Dependents. John McCain believes the tax code should be less of a burden on those, whether they are mothers and fathers or single parents, who are trying to raise a family. He proposes to raise the personal exemption for each dependent from $3,500 to $7,000. (McCain-Palin 2008, “John McCain’s Jobs For America Economic Plain,” Press Release, 7/7/08)

• John McCain And Governor Palin Will Ban Internet Taxes. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity. (McCain-Palin 2008, “John McCain’s Jobs For America Economic Plain,” Press Release, 7/7/08)

The ad will be cycled into tomorrow’s national television rotation.

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