Bush Acknowledges Weakness in Economy, Warns Against Too Much Action

NEW YORK (AP) _ President Bush is cautioning against too much government intervention in efforts to boost the economy.

He's opposed several measures to address the housing market crisis, saying laws and regulations have "far-reaching and unintended consequences'' and could make it harder for markets to recover.

Speaking Friday to The Economic Club of New York, Bush said the U.S. economy is obviously "going through a tough time'' but urged the country to be optimistic about the future.

Bush said this isn't the first time the economy has been rattled and added that he's certain it will remain resilient and bounce back.

While he acknowledged that gas and food prices are up and housing values are down, he noted that unemployment is low - at 4.8 percent - and that productivity is strong.

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