The Bush campaign's new "Wolves" ad is a blatant copy of Ronald Reagan's 1984 "Bear" ad.
The AP says the ad "implies that terrorists would seize on a Kerry presidency and it seeks to make the case that Bush's opponent doesn't understand the threat terrorists pose to the United States."
Update: Kerry responds. Meanwhile, Political Wire has learned that the Kerry campaign is coming out with an ad comparing Bush to an ostrich.
Ad transcript: "The eagle soars high above the earth; the ostrich buries its head in the sand. The eagle knows when it's time to change course; the ostrich just stands in its place. Given these challenging times, shouldn't we be the eagle again?"
Update II: The response ad is actually a DNC sponsored spot which you can now view online.