McCain and the Economy

Mark McKinnon, McCain's communications director during the primaries, wrote the following in The Daily Beast:

If not for a major economic event that interceded a few weeks ago (for which a strong majority of voters blame Republicans), this race might still be competitive. It isn’t Steve Schmidt’s fault. It’s the economy, stupid.

Josh Marshall from TPM thinks otherwise:

....I thought most observers were overstating the degree to which an economic crisis automatically advantaged the Democrat. To some degree, sure, especially in the dying days of an unpopular Republican incumbent. But remember, McCain's sell in this campaign was steadiness, experience, unflappability in a crisis. If he'd convinced voters that that was what he brought to the table, I do not believe the damage he sustained by the economic crisis would have been nearly so great. I continue to think that McCain's reaction to the economic crisis was the turning point in the election.