Page last updated at 15:44 GMT, Monday, 15 September 2008 16:44 UK

US rivals react to economic woes

John McCain and Barack Obama
Both candidates have called for regulatory reform in the banking sector

US presidential hopefuls John McCain and Barack Obama have both called for reform of banking regulation following the collapse of Lehman Brothers.

Mr Obama blamed the wider economic crisis on "the economic philosophy" that "Senator McCain subscribes to".

Mr McCain blamed the problems at Lehman Brothers on "ineffective regulation and management".

He said he was "glad to see" that no taxpayer money was being used "to bail out Lehman Brothers".

'Serious crisis'

He called for "major reform" that would "replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street".

Mr Obama implicitly attacked President Bush for the economic situation.

He blamed "the most serious financial crisis since the Great Depression" on "eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans".

"Too many folks in Washington and on Wall Street weren't minding the store," he said.

American voters have consistently told pollsters that the economy is their most important consideration when deciding their vote.

The BBC's Rachel Harvey said it was therefore no surprise that the two men vying for the presidency have been quick to pronounce on the latest financial convulsions.

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