CEDAR RAPIDS -- Republican presidential hopeful John McCain blamed the financial crisis rocking Wall Street on failures at two mortgage giants and accused Democratic rival Barack Obama of taking thousands of dollars in donations from them.

The criticism is the latest turn in the political fight over the rapidly unfolding turmoil that has sent longtime financial institutions into bankruptcy or put them at the mercy of the government.

Earlier this week, the government approved an $85 billion loan for insurance giant AIG.

McCain, at a rally at an airport hanger here, said the turmoil stems from "corruption and manipulation" in the housing markets and lax regulation.

He said if he were president he would fire the chairman of the Securities and Exchange Commission.

McCain was widely ridiculed by Democrats earlier this week for saying that despite the market turmoil the fundamentals of the economy are strong.

He turned the tables on Obama here, complaining his Democratic opponent is the second largest recipient of campaign donations from employees at Fannie Mae and Freddie Mac, the large mortgage institutions the government took over less than two weeks ago.

He also said Obama failed to work to reform them and wouldn't take a position on the AIG bailout.

"That's not change. That's what's broken in Washington today," McCain said.

"John McCain's attacks are curious considering just yesterday he completely reversed his position on whether or not to bail out AIG, and his campaign is being run by a lobbyist who actually led the fight against regulations for Fannie Mae and Freddie Mac," Jenni Lee, an Obama spokesperson, responded.

The campaign said Obama would not second guess the government's decision to bail out AIG.

Thursday's rally was the first in Iowa since McCain and his running mate, Alaska Gov. Sarah Palin, were officially nominated.

A McCain aide said the crowd numbered about 6,000 people.

Palin got huge cheers from the audience, even as she referred to the area as "Grand Rapids."

She'd campaigned in Michigan on Wednesday.

Palin claimed Obama would raise taxes. She also blamed Congress for not doing enough to help this city with its flood woes and promised, if elected, she and McCain would not forget its needs. She said three months was too long to wait for help.

The pair also toured a flood-damaged neighborhood, a visit that wasn't on the schedule originally sent to reporters.

Some residents here expressed regret about that on Wednesday.

A McCain official said Thursday the stop was planned all along and it was "ludicrous" to suggest the complaints prompted it.

At the hangar, McCain's and Palin's speeches were interrupted several times by protesters.

Four women were ushered out while trying to disrupt Palin's remarks. They shouted "my body, my choice" several times, drawing boos and cries of "USA," and "go back to Iowa City."

Also, a handful of anti-war protesters interrupted McCain's remarks and were escorted out by authorities.

Palin didn't respond to the disturbances, but McCain did. He said people ought not yell at him but at Obama for not taking part in a series of town hall meetings.

Harry Meek, a 52-year-old business owner who'd driven an hour from Montezuma to be here, said he felt energy among Republicans. "The last time the Republican base was this fired up was 1994," he said. Republicans took control of the U.S. House of Representatives that year.

Before McCain and Palin arrived, a Quad-Citian who grew up in Wasilla, Alaska, Palin's hometown, spoke to the audience.

Tiffany Horvath, of Bettendorf, said Palin is more concerned with getting things done for families than having a title.

"'Call me Sarah,' she'd say over and over. I would rather call her vice president," Horvath said to cheers from the crowd.

Ed Tibbetts can be contacted at (563) 383-2327 or etibbetts@qctimes.com. Comment on this article at qctimes.com.