Bush defends capitalism

President George Bush has just given a speech in New York on the global financial crisis and how America will deal in future with financial matters.

His speech, broadcast on Bloomberg, comes ahead of a summit next week, where developed and developing countries will meet to discuss ways of pulling the world out of a fatally potential global recession.

He said America had taken bold measures to boost financial liquidity, as well as recapitalise the nation's banks - something championed by British prime minister Gordon Brown.

Bush has been talking about what countries have been doing around the world to ease the blow on potential financial meltdown.

"This crisis did not start overnight. And will not be solved overnight," he said.

The United States had taken the steps to alleviate the crisis, Bush said.

He added: "This is a decisive moment for the global economy."

"It (capitalism) was not a failure of the free market system." He said they should continue with capitalism. It is not perfect, but it gives people the freedom to choose, he said.

"It has transformed America," he said.

He said America had the ability to rebound from setback.

Bush hands the baton ofcourse over to Barack Obama, president elect, who takes over in January next year.

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