Bush: 'Reason for optimism' on economy

WASHINGTON, Oct. 25 (UPI) -- U.S. President George W. Bush Saturday said "the American people have reason for optimism" about the country's economic outlook.

In his weekly radio address, the president told listeners the U.S. government has "taken bold action to stabilize our economy" and other nations have taken action to address financial volatility.

"This crisis is global in reach," Bush said, "and addressing it will require further international cooperation."

The president said a summit of international leaders in Washington Nov. 15 will be the first in a series of such meetings.

"The summit will bring together leaders of the G20 nations -- countries that represent both the developed and the developing world," he said.

"During this summit, we will discuss the causes of the problems in our financial systems, review the progress being made to address the current crisis, and begin developing principles of reform for regulatory bodies and institutions related to our financial sectors," Bush said.

The president said the international community must "recommit to the fundamentals of long-term economic growth -- free markets, free enterprise, and free trade."

"Despite the ups and downs that our markets have experienced in recent months, the American people have reason for optimism in our Nation's economic future," he said.