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WASHINGTON : Both US presidential candidates have promised to reform America's financial system following the collapse of a major Wall Street bank.
Stock markets around the world plunged following the demise of Lehman Brothers.
President Bush is offering reassurance over the long-term strength of the US economy. But both Republican John McCain and Democrat Barack Obama have promised to reform the financial system.
Mr Bush said he understands people's concerns over the largest ever bankruptcy in American financial history.
He said: "In the short run, adjustments in the financial markets can be painful - both for the people concerned about their investments, and for the employees of the affected firms. In the long run, I am confident that our capital markets are flexible and resilient, and can deal with these adjustments."
The Republican presidential campaign team quickly released a campaign ad to paint McCain as the reassuring economic reformer.
It said: "Our economy in crisis. Only proven reformers, John McCain and Sarah Palin can fix it."
And in a campaign rally, he pointed the finger of blame at Wall Street and the current administration.
He said: "I promise you, we will never put America in this position again, we will clean up Wall Street, we will reform (the) government..."
Democrat Obama responded to the news by arguing that McCain's economic approach will mirror that of the Bush administration.
Obama said: "The result is the most serious financial crisis since the Great Depression, and I certainly do not fault Senator John McCain for these problems, but I do fault the economic philosophy he subscribes to."
The decline in home values, stock market investments and job markets has hit American voters hard.
In polls, the economy has been the top issue for months. And the collapse of Lehman Brothers will ensure that it stays at the heart of the debate ahead of the presidential election to be held in less than two months' time. - CNA/ms
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