WASHINGTON -- The meltdown on Wall Street is throwing the economy into sharp focus on the campaign trail. Both candidates are now calling for tougher regulations in the financial sector.

Candidates disagree on who's to blame for the current financial mess, but they both said more government oversight is in order.

As financial markets teeter, Sen. John McCain blamed executive excess.

"We're going to put an end to the reckless conduct, corruption and unbridled greed that have caused a crisis on Wall Street,” McCain said.

He's still taking heat for saying on Monday that economic fundamentals were strong, including a critical ad from Sen. Barack Obama.

Tuesday, McCain revised saying its U.S. workers who are strong and prescribing tighter corporate regulation in contrast to the GOP reputation for deregulation.

"There will be constant access to the books and accounts of our banks and other financial institutions,” McCain said.

He pledged to streamline the quote "alphabet soup" of agencies with financial oversight and he called for a 9/11-style commission to study the problem.

Obama fired back.

"The oldest Washington stunt in the book -- you pass the buck to a commission,” Obama said.

He pointed a finger at the current Republican administration, calling McCain more of the same.

"What we've seen over the last few days is nothing less than the final verdict on an economic philosophy that has completely failed,” Obama said. "We must reform requirements on all regulated financial institutions. We must strengthen capital requirements particularly for complex financial instruments."

Obama also repeated his call for a new multibillion-dollar stimulus program.

As for which candidate voters trust to fix the economy, polls have generally given Obama that edge. McCain is trying to erode that traditional Democratic advantage by casting himself as the reform candidate, linking that message to reform on Wall Street.

McCain’s post-convention bounce has mostly evaporated. National polls show the race is now a dead heat with McCain leading by an average of just over a point.

While they flesh out their economic messages, both candidates now said they were sounding economic alarms some time ago. McCain said he was warning two years ago that Fannie Mae and Freddie Mac were in trouble. Obama said he warned the Treasury Secretary back in 2006 of the coming mortgage meltdown.