NASHVILLE, Tenn. -- Parrying the questions of a panel of undecided voters, Sens. John McCain and Barack Obama did their best last night to project empathy but steadiness in the face of economic turmoil.

A smiling Mr. McCain opened the second of their three debates with a greeting that doubled as a subtle dig at his rival.

"Good to be with you at a town hall meeting," he said, referring to the fact that Mr. Obama he had spurned his call for the two of them to join in as many as 10 such debates.

One of the supposed attractions of the town hall format is the surprises that can emerge from having actual voters ask questions beyond the normal realm of campaign rhetoric. Last night lacked such moments, however, as the candidates generally managed to treat every question as a segue to talking points familiar from countless campaign speeches and their previous debate.

In the face of his softening poll numbers, Mr. McCain had been expected to try to use the forum as a lever to shift the dynamics of their overall race. He was frequently on the attack, as was Mr. Obama, but the night produced no obvious YouTube moments -- no riveting exchanges likely to be remembered as major turning points in their competition.

A CNN poll of voters who watched the debate found that 54 percent gave the win to Mr. Obama while only 30 percent thought that the Republican had won. In a separate instant poll of supposedly undecided voters conducted by CBS News, 40 percent thought Mr. Obama won and 26 percent saw Mr. McCain as the victor.

The two candidates opened with renewed attacks on one another's economic policies. Mr. Obama again attempted to link the current economic crisis with the policies of the Bush administration and his opponent.

Echoing a criticism that he voiced in the candidates' first debate, Mr. Obama called the credit turmoil "the final verdict on the failed economic policies of the last eight years, strongly promoted by President Bush and supported by Sen. McCain that essentially said we should strip away regulations, consumer protections, let the market run wild.''

Mr. McCain contended that he had been an early voice warning against the dangers of easy credit in the housing market. He argued that congressional Democrats, "with the encouragement of Sen. Obama and his friends and cronies," had ignored such warnings.

Mr. Obama scoffed at the Republican's claims of prescience, while noting that one of Mr. McCain's senior campaign officials had been a lobbyist for the mortgage institutions.

The Arizona Republican introduced one new policy proposal as he discussed the federal response to the crisis. He said that he would order his Treasury secretary to buy up distressed mortgages directly and renegotiate their terms to allow owners to remain in their homes. His campaign said the program would cost some $300 billion.

Both candidates tried to show that they understood voters' reactions to the hard-to-comprehend paralysis of world credit markets.

"A lot of you are worried," Mr. Obama said as he answered the first question.

The Illinois Democrat pointed several times to the fact that his opponent's proposals would reduce taxes for large corporations and the wealthy.

Mr. McCain contended that Sen. Obama's tax increases for those making more than $250,000 would be ill-advised in the face of the looming economic slowdown.

"[A] secret that you don't know is that his tax increases will increase taxes on 50 percent of small business revenue," he added

Responding, the Democrat said, "The Straight Talk Express lost a wheel on that one." He argued that the vast majority of small businesses make too little money to see their tax bill rise under his plan.

Neither candidate offered specifics when asked how they would reform entitlements, such as Medicare and Social Security. They also joined in ducking a provocative foreign policy question when asked what they would do if Iran attacked Israel. Both stressed the U.S. commitment to Israel and the importance of keeping nuclear weapons out of the hands of Iran, but neither ever got around to actually answering the question.

Resuming their running argument on Iraq, Mr. McCain contended that his opponent had been wrong in opposing the surge of troops there.

"There are some things that Obama just doesn't understand," he said.

In response, the Democrat said, "I don't understand how we ended up invading the country that had nothing to do with 9/11."

In the opening moments of the debate, Mr. McCain was more animated and showed more ease in engaging the questioners. Mr. Obama was more reserved initially but appeared more relaxed as the 90-minute session went on.

The last time these candidates debated, Congress was in the midst of negotiations on the $700 billion Wall Street rescue package. The temporary failure of that measure set the stage for a stock market slide of nearly 800 points.

Last night, the rivals walked onto the red carpet of Belmont University hours after the Dow Jones industrial average had yielded another 500 points.

The reeling market was an unavoidable reminder of the dominant issue of a race that was once focused on the Iraq War and health care. Polls have given Mr. Obama a consistent lead when voters are asked which candidate would better handle the economy.

Last night and through the recent days of the campaign, Mr. McCain has tried to shift the focus to one of leadership in a crisis. Part of that strategy is to portray his opponent as an unknown, untested quantity at a time the nation requires a steady, experienced hand.

The urgency for Mr. McCain to regain command of the campaign dialogue was evident in the movement of state polls suggesting a possible breakout victory for the Democrat.

Still, the constantly repeated lesson of this long campaign is surprise. Just a month ago, as the Republicans left their convention in St. Paul, it was Mr. McCain who had surged to a lead. But since then the Democrats have moved up as the Dow has gone down.

Mr. McCain has emphasized his independence from the Bush administration, and his approval ratings are far better than the president of his party. But at some level he is inevitably linked to the policies of a Republican White House.

A new Gallup Poll found that the number of Americans who feel that the nation is headed in the right direction is at a record low of 9 percent.

In their last debate, both candidates, now veterans of dozens of such encounters, turned in what were generally viewed as strong performances.

Media analysts were divided on who won, but voters, according to post-debate polls, gave the edge to the Democrat by a wide margin.

Since then Mr. Obama's polling margins have increased but to what extent that was due to his performance or to the unfolding economic crisis is tough to separate.

With just a month to go in the campaign, both sides planned to spend more time in Pennsylvania. Mr. McCain and his running mate Gov. Sarah Palin were to be in Bethlehem today for a rally at Lehigh University.

Ms. Palin planned to return on her own to visit Johnstown Saturday.

Mr. Obama was to be in the Philadelphia region Saturday while his running mate, Sen. Joseph R. Biden Jr., was to return to the city of his birth -- Have you heard he's from Scranton? -- on Sunday along with Sen. Hillary Rodham Clinton and former President Bill Clinton.

The presidential candidates will meet again for their final debate next Wednesday at Hofstra University in New York.