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US prosecutors charged a global network with procuring electronic components for Iran, some of which were used in making roadside bombs in Iraq like the improvised explosive device that damaged this Humvee.
Politics & Campaign WASHINGTON -- President George W Bush said Thursday the US government is ready to make more moves to help financial markets deal with the "serious challenges" stemming from the long-running credit crisis. "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence," Mr Bush said in brief remarks on the economy.
"These actions are necessary and they're important, and the markets are adjusting to them," Mr Bush said, including overnight moves by the Securities and Exchange Commission and Federal Reserve. "Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges." Mr Bush, defending the AIG bailout, said a failure of the firm "could have caused a severe disruption in our financial market and threaten other sectors of the economy."
Market News The president's remarks, which lasted two minutes, were his first on the economy since Monday, when he said the government was working to minimize the damage inflicted by the financial crisis. "The American people are concerned about the situation in our financial markets and our economy and I share their concerns," Mr Bush said. The president had scrapped an out-of-town trip to monitor the situation. The cancellation came shortly after 11 pm Wednesday night, a few hours before central banks in the US, Europe and Japan announced new coordinated moves. The banks' overnight announcement was designed to address increasing problems in global financial markets, as weakness on Wall Street appeared to spread. Mr Bush had planned a politically oriented event Thursday to tout his energy program, with a tour of a waste-to-energy plant in Huntsville, Ala. He also had planned political fund-raisers in Alabama and Florida, before returning to Washington later in the day.
Associated Press President George W Bush, outside the Oval Office Thursday, said the government is working to remedy the US financial crisis. "President Bush is canceling his planned travel to Alabama and Florida tomorrow, and will instead remain in Washington to continue to work with his economic advisers on the serious challenges confronting our financial markets," spokesman Tony Fratto said Wednesday night. "The health of our financial markets is critical to the nation's economy, and the president remains focused on taking action to stabilize and strengthen our markets and to restore investor confidence." The president has maintained a relatively low profile on the financial crisis in recent weeks, allowing Mr Paulson and Federal Reserve Chairman Ben Bernanke to take the lead in the government's public response. Aides have said that's in keeping with past financial crises. Veterans of past crises add that it can be risky to have the president comment on financial markets unless absolutely necessary, because his words can be misinterpreted - or ignored. That's what appeared to happen on Monday, when Mr Bush offered reassurances following last weekend's extraordinary events, but US equity markets plunged anyway.
Bush Defends AIG Bailout, Expresses Concern Over Markets WASHINGTON -- President George W Bush said Thursday the US government is ready to make more moves to help financial markets deal with the "serious challenges" stemming from the long-running credit crisis. "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence," Mr Bush said in brief remarks on the economy.
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