At Tuesday night's CNN debate, Cain stood by his comments -- to loud cheers from the audience.

"I still stand by my statement," he said.

"They might be frustrated with Wall Street and the bankers, but they're directing their anger at the wrong place," he added. "Wall Street didn't put in failed economic policies. Wall Street didn't spend a trillion dollars that didn't do any good. Wall Street isn't going around the country trying to sell another $450 billion. They ought to be over in front of the White House taking out their frustration."

In response, Rep. Ron Paul (R-Texas) criticized Cain for blaming the people who have been hurt by the financial crisis through no fault of their own.

"I think Mr. Cain has blamed the victims," he said. "There's a lot of people that are victims of this business cycle. We can't blame the victims. But we also have to point -- I'd go to Washington as well as Wall Street, but I'd go over to the Federal Reserve. They create the financial bubbles."