The failure of investment bank Lehman Brothers has sent shockwaves through an already toey Wall Street. Both Barack Obama and John McCain have issued statements overnight.

Barack Obama said: “The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.

“I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to.”

John McCain‘s statement drew a distinction between the economic management of the George W. Bush administration and his own policies, saying: “The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street.”

Read the statements in full at RealClearPolitics here.