FACTBOX - Obama and McCain comments on financial woes

(Reuters) - Republican John McCain and Democrat Barack Obama sparred over taxes and the economy at their second presidential debate on Tuesday.

Here are some quotes:

ECONOMY

Obama

"I think everybody knows now we are in the worst financial crisis since the Great Depression ... And I believe this is a final verdict on the failed economic policies of the last eight years, strongly promoted by President Bush and supported by Senator McCain, that essentially said that we should strip away regulations, consumer protections, let the market run wild and prosperity would rain down on all of us."

McCain

"As president of the United States, I would order the secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes. Is it expensive? Yes. But we all know, my friends, until we stabilise home values in America, we're never going to start turning around and creating jobs and fixing our economy. And we've got to give some trust and confidence back to America."

NEXT TREASURY SECRETARY

McCain