KEY POINTS:
1) Sketch a vision that suits him
Senator John McCain had a sharp take on the campaign trail yesterday on his rival's limited legislative experience: "Perhaps never before in history have the American people been asked to risk so much based on so little."
McCain needs to learn from British Prime Minister Gordon Brown and turn the Obama campaign's line that the United States needs more than just "a soldier" to lead on its head.
Brown has compared the financial crisis to economic challenges faced by Sir Winston Churchill at the end of World War II.
As the Daily Telegraph noted: "Brown's comments are the strongest sign yet that he is approaching the financial crisis as if it were a military conflict. He has established a 'war cabinet' of ministers to co-ordinate this country's policies."
McCain needs to demonstrate to voters in today's debate that he understands the magnitude of the crisis, what's required to fix it and that his experience makes him the general to lead.
He can't do that by rambling on about his rambles in Waziristan and people he worked with 20 years ago.
2) Be concise and specific
In the previous two debates, McCain verbally meandered through hard-to-follow generalities and personal tales. He focused obsessively on cutting government spending when the problems are much wider.
He needs to be bold and offer specifics in memorable, clear sentences.
3) Get voters to doubt Barack Obama
If Senator Obama's campaign has seemed like the methodical, mature and steady adult of the election race, McCain's has too often posed as the sulky, volatile and temperamental teen.
If you didn't know who was the candidate with experience and seniority, you might assume from their behaviour that each was the other.
In the Washington Post/ABC poll this week, Obama even led McCain on the questions of who would best handle a major unexpected crisis, who was the stronger leader and who would be the less 'risky' option.
It may be too late for McCain to erase his own past campaigning mistakes in voters' minds.
4) Get tone, temperature right
He should use his energy and enthusiasm, but in a positive, direct and controlled way. Cranky sarcasm is patently not what voters want to hear this time. The "my friends" blather has to go - it instantly ages him.
5) Separate himself from President Bush
McCain has to lure as many Independents and conservative Democrats as he can. Democrats outnumber Republicans. McCain's base is too small to win on and will largely vote for him anyway.
Even though Bush is still popular with many Republicans, McCain has to stop dancing around the issue and be clear that he's his own man.
He should throw the 'he's voted with Bush 90 per cent of the time' mantra back by quickly pointing out where he has broken with his party in the past and questioning how well Obama will keep his dominant and triumphant party in check in Congress.