Bush says economy strong enough to handle turmoil

WASHINGTON (AP) -- While expressing sympathy for those caught in the Lehman Brothers-Merrill Lynch fallout, President Bush says federal policymakers will focus on "the health of the financial system as a whole."

Speaking at a Rose Garden ceremony for the visiting president of Ghana, Bush said the goal is to "reduce disruptions and minimize the impact of these financial market developments on the broader economy."

The president also says he's confident that capital markets are "flexible and resilient and can deal with these adjustments."

The comments followed news that Lehman Brothers filed for bankruptcy, Merrill Lynch sold itself to Bank of America, and AIG -- the world's largest insurance company -- plans to announce a major restructuring.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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