The economy has officially emerged as the top issue of the campaigns, the LA Times reports, with three major speeches this week--and major jabbing among the candidates:

The deteriorating economy took center stage in the presidential election Thursday as Democrat Barack Obama called for tighter regulation of financial markets and rival Hillary Rodham Clinton proposed more retraining for displaced workers, creating a sharp contrast with Republican John McCain over how much the government should intervene.

Obama called Thursday for an overhaul of the nation's regulatory system, immediate relief for homeowners caught in the sub-prime mortgage crisis and a $30-billion economic stimulus package. Clinton, who had proposed a $30-billion fund to help prevent foreclosures a week ago, offered a new proposal to spend $12.5 billion on job-training programs.

The Washington Post reports further on the minor slugfest, noting that "on Tuesday, McCain (Ariz.) said he supports government assistance for Americans facing home foreclosure because of the turmoil in financial markets. But he declined to embrace the kind of government intervention for individuals and institutions favored by Clinton and Obama, arguing that 'it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.'"

Interestingly, these debates have coincided with week's of unprecedented action on the Fed's behalf. It's worth wondering, amid the debate about the role of government financial regulation, whether the Fed, in a small sense, has handed the candidates a bit of a fait accompli--and, even if that's not the case, their actions will certainly shape the debate going forward.