McCain: Wall Street woes point to regulation need

JACKSONVILLE, Fla. (AP) -- Despite Monday's stock market plunge in reaction to the uncertain fate of two of Wall Street's oldest institutions, John McCain says he still believes the nation's economic fundamentals "are strong."

The Arizona Republican told a rally in Florida that as president he will clean up Wall Street and "never put America in this position again."

McCain's comments came in the wake of news that investment banking giant Lehman Brothers has filed for bankruptcy and that Merrill Lynch is selling itself to Bank of America for less than half of its recent value.

The GOP presidential nominee pledged to replace what he called "an outdated, patchwork quilt of regulatory oversight," and that he will bring "transparency and accountability to Wall Street."

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

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