President Bush Says He Shares Economical Concerns

WASHINGTON (AP) - President Bush says he shares the American people's concern about the situation in U.S. financial markets and the economy.

Bush says the markets are adjusting to "extraordinary measures" the government has taken to stabilize the economy.

The president delivered a statement to the America people from just outside the Oval Office. He said that he and his advisers are working to promote stability in the markets. But Bush did not announce any new policy moves.

The president scrapped an out-of-town trip to monitor the situation and will meet later Thursday with Treasury Secretary Henry Paulson.

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WASHINGTON (AP) - President Bush had planned to be in Florida and Alabama today, opting instead to stay in Washington to talk about an economy in turmoil with some of his top advisers.

Bush had two fundraisers and a tour of an Alabama waste facility on his agenda today.

However the last few weeks have seen a blitz of federal intervention into the financial sector, something that might seem at odds with Bush's conservative, free-market economic philosophy.

But Bush and his advisers argue it's kept taxpayers from facing the potential of even worse problems.

The government's loan and takeover of AIG is the most far-reaching intervention into the private sector ever for the Federal Reserve. The government gets almost an 80 percent stake in the insurance giant.