Lehrer just stepped all over Obama's criticism of McCain for saying the fundamentals of the economy are strong -- he basically interrupted Obama mid-sentance.
Lehrer always says debates are about the candidates, not the moderator -- but he just injected himself into it in a completely useless way, derailing what could have been an actual sharp exchange between the candidates.
UPDATE: Time's James Poniewozik describes Lehrer's interjection as an attempt to “stage-direct drama into a debate.”