LAKE ORION, Mich. (AP) -- John McCain says the government was forced into bailing out the nation's largest insurer, AIG, by failed regulation, reckless management and a "casino culture" on Wall Street.
The comments, released in a statement, come a day after McCain rejected the idea of a taxpayer bailout for the insurance group.
Earlier today, McCain told ABC today that the government had to take action because people "were going to have their lives destroyed."
But he adds that such a financial collapse shouldn't be allowed to happen again, and he's calling for an investigation to uncover any wrongdoing.
Barack Obama is blaming the current economic mess on Republican efforts to do away with regulatory control. He says the crisis is "a stark reminder of the failures of crony capitalism."
(Copyright 2008 by The Associated Press. All Rights Reserved.)