10/16/2008 05:12 am ET Updated May 25, 2011

Reid, Pelosi Slam "Bush-McCain Economic Policies"

Of course, Democrats were quick to point out that the current financial crisis on Wall Street occurred on the watch of President Bush, who just happens to be a Republican.

"What we are seeing on Wall Street is the legacy of the Bush-McCain economic policies that have failed this nation," Senate Majority Leader Harry Reid said in a statement.

"Failing to police lenders and neglecting to protect consumers ushered in the subprime crisis that has brought the American economy and Wall Street to their knees. This 'anything goes' approach to governing has resulted in lost jobs and carries an enormous price tag for the American taxpayer."

Reid reiterated his call for a second economic stimulus package, which is sure to meet GOP opposition.

UPDATE: House Speaker Nancy Pelosi also weighs in on who is to blame and not-so-surprisingly, it isn't the Democrats.

"Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health," Pelosi said in a statement.

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