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McCain calls for major reform in Washington and on Wall Street
WASHINGTON - Democrat Barack Obama laid into the economic policies of the Republican opposition on Monday and Republican rival John McCain called for a regulatory overhaul of the battered financial sector as Americans awoke to the disappearance of two Wall Street giants.
Obama called the fall of both Lehman Brothers and Merrill Lynch & Co. "the most serious financial crisis since the Great Depression" of the 1930s.
The Democrat is battling to overcome a significant boost in the polls for his opponent, who stunned Americans and solidified wavering support among his party's Christian conservative base with the choice of Alaska Gov. Sarah Palin as running mate. After trailing Obama throughout the run-up to both party conventions, McCain has pulled even or edged slightly ahead in national polling — primarily riding the wave of Palin's initial popularity
Deepening turmoil in the U.S. economy, the No. 1 issue among voters despite the ongoing wars in Iraq and Afghanistan, could resonate in Obama's favor as he tries mightily to link McCain to President George W. Bush, whose stewardship of the United States has left him with near-record disapproval ratings.
McCain and Obama responded Monday to the news overnight that the investment banking firm Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it was filing for bankruptcy protection after attempts to rescue the 158-year-old institution failed. Its businesses in Britain were already placed in administration, said the administrator, accounting firm PricewaterhouseCoopers.
Also, Bank of America Corp. said it was buying Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.
Bipartisan agreement: No bailout
Over the weekend, advisers both to McCain and Obama said they did not favor a government bailout like that previously provided to mortgage giants Fannie Mae and Freddie Mac. The government also help engineer the recent sale of Bear Stearns Cos. to J.P. Morgan & Co.
In a fiery campaign speech in Grand Junction, Colorado, Obama said he did not blame McCain, but "I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years — one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
The address to an outdoor rally closely mirrored a statement Obama had issued shortly after dawn on Monday as Americans were awaking to the fearsome news from Wall Street.
"It's a philosophy that says even commonsense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
McCain said in a statement issued in advance of market openings that he agreed there should be no taxpayer-financed bailout of Lehman Brothers even as the investment banking giant faced the specter of liquidation.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my administration. In order to do this, major reform must be made in Washington and on Wall Street," McCain said.
Financial turmoil was overshadowing a campaign that has grown increasingly nasty.
McCain calls for major reform in Washington and on Wall Street
WASHINGTON - Democrat Barack Obama laid into the economic policies of the Republican opposition on Monday and Republican rival John McCain called for a regulatory overhaul of the battered financial sector as Americans awoke to the disappearance of two Wall Street giants.
Obama called the fall of both Lehman Brothers and Merrill Lynch & Co. "the most serious financial crisis since the Great Depression" of the 1930s.
The Democrat is battling to overcome a significant boost in the polls for his opponent, who stunned Americans and solidified wavering support among his party's Christian conservative base with the choice of Alaska Gov. Sarah Palin as running mate. After trailing Obama throughout the run-up to both party conventions, McCain has pulled even or edged slightly ahead in national polling — primarily riding the wave of Palin's initial popularity
Deepening turmoil in the U.S. economy, the No. 1 issue among voters despite the ongoing wars in Iraq and Afghanistan, could resonate in Obama's favor as he tries mightily to link McCain to President George W. Bush, whose stewardship of the United States has left him with near-record disapproval ratings.
McCain and Obama responded Monday to the news overnight that the investment banking firm Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it was filing for bankruptcy protection after attempts to rescue the 158-year-old institution failed. Its businesses in Britain were already placed in administration, said the administrator, accounting firm PricewaterhouseCoopers.
Also, Bank of America Corp. said it was buying Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.
Bipartisan agreement: No bailout
Over the weekend, advisers both to McCain and Obama said they did not favor a government bailout like that previously provided to mortgage giants Fannie Mae and Freddie Mac. The government also help engineer the recent sale of Bear Stearns Cos. to J.P. Morgan & Co.
In a fiery campaign speech in Grand Junction, Colorado, Obama said he did not blame McCain, but "I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years — one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
The address to an outdoor rally closely mirrored a statement Obama had issued shortly after dawn on Monday as Americans were awaking to the fearsome news from Wall Street.
"It's a philosophy that says even commonsense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
McCain said in a statement issued in advance of market openings that he agreed there should be no taxpayer-financed bailout of Lehman Brothers even as the investment banking giant faced the specter of liquidation.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my administration. In order to do this, major reform must be made in Washington and on Wall Street," McCain said.
Financial turmoil was overshadowing a campaign that has grown increasingly nasty.
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