Bush: Market is correcting itself

Bloomberg

President George W. Bush said he won't be stampeded into ``bad policy decisions'' to bail out the home-mortgage industry because they might further harm the U.S. economy. ``A root cause of the economic slowdown has been the downturn in the housing market,'' the president said today in his weekly radio address. ``I believe the government can take sensible, focused action to help responsible homeowners weather this rough patch.'' Bush said he won't overreact to the subprime mortgage crisis because excessive government intrusion may have unintended consequences.