John McCain called Wall Street's risky ventures as "casino culture" and Barack Obama blamed Republicans, including McCain for the financial upheaval at Wall Street that has led to the government's bail out of the nation's largest insurer, American International Group.

McCain, said in a statement about the Federal Reserve's loan to AIG, "The government was forced to commit $85 billion, these actions stem from failed regulation, reckless management and a casino culture on Wall Street that has crippled one of the most important companies in America."

He went on to add that the economy is fundamentally sound and blamed Wall Street's woes on "unbridled corruption and greed" and proposes the formation of a commission, whereas an ad by Democrat Obama sneered, "How can John McCain fix our economy if he doesn't understand it's broken?"

Republican McCain retorted, "Sen. Obama saw an economic crisis, and he's found a political opportunity. My friends, this is not a time for political opportunism; this is a time for leadership."

Obama, called McCain's opinions "an eleventh-hour conversion to the language of reform." The Fed's bail out of AIG "is the final verdict on the failed economic philosophy of the last eight years to which McCain's has long championed deregulation.''

Obama added, "This crisis serves as a stark reminder of the failures of crony capitalism and an economic philosophy that sees any regulation at all as unwise and unnecessary . . . Senator McCain has subscribed to this philosophy for 26 years in Washington."

However both of them voiced the same opinion that the Fed primary aim is to protect taxpayers, not financiers.

"The focus of any government action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG," McCain said. "We must not bail out the management and speculators who created this mess."

McCain had earlier opposed any government relief and had praised the government's decision not to bail out Lehman Brothers although it had intervened to help investment bank Bear Stearns and mortgage giants Fannie Mae and Freddie Mac.

Obama said, "The Fed must ensure that the plan protects the families that count on insurance. . . . It must not bail out the shareholders or management of AIG."

Both of them shied away from offering any solutions as to how he'd overhaul the regulatory system. They just kept firing away.

In a new commercial to air on national cable, Obama, speaks directly to voters saying "In the past few weeks, Wall Street's been rocked as banks closed and markets tumbled. But for many of you, the people I've met in town halls, backyards and diners across America, our troubled economy isn't news. Paychecks are flat and home values are falling. It's hard to pay for gas and groceries and if you put it on a credit card, they've probably raised your rates."

Obama, has, in the last few weeks, spelled out more than McCain has, regarding the economic turmoil. He's talked about strengthening capital requirements on mortgage securities and derivatives, rigorously managing liquidity risk, and investigating ratings agencies and their potential conflicts of interest with companies they rate.

Whatever Obama's ideas on the economy is actually old ideas being spun again with a twist but although his plans are weak, it is far better than McCain's whose idea is to form a 9/11-style commission to find out what went wrong in the economy and recommend changes which includes a safety-and-sound regulator for every financial institution.

For both, Obama and McCain are finding it difficult to keep pace with one bad news after another at Wall Street and a struggling economy normally benefits the Democrats since voters generally punish the ruling party – the Republicans, who have been in power for eight years.

One thing is sure that all issues will be put aside for now and the collapse of the American financial industry will be the prime issue of debate for both the candidates.

Campain managers of Republican John McCain and Democrat Barack Obama now believe that the one who will be able to extort maximum control on issues related to the financial meltdown on Wall Street will be the next President of the United States.