McCain, Obama react to Wall Street unrest

UNDATED (AP) -- Barack Obama and John McCain are both expressing concern about the latest events on Wall Street, and each says if he's elected president it won't happen again under his watch.

Obama says the turmoil is a "major threat to our economy" and more evidence that too many people on Wall Street and in Washington haven't been "minding the store."

Obama also argues the economic philosophies that helped create the turmoil are the same ones shared by his rival for president.

But that's not how McCain sees it. He says today that he'd replace what he calls "the outdated and ineffective patchwork quilt of regulatory oversight" that exists in Washington.

McCain praised federal finance officials who refused to bail out Lehman Brothers with taxpayer dollars.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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