NEW YORK Asserting the global financial crisis is “not a failure of the free place of traffic,” President George W. Bush on Thursday called on the world leaders meeting this weekend to agree on a modest set of reforms aimed at preventing future collapses.

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Bush’s main message to the leaders about to converge on Washington: Reforms won’t help if abandon the free market and bound chaffer.

“Government intervention is not a cure-all,” Bush was to say in a speech here, according to prepared remarks released in send by the White House.

The president was delivering a vigorous defense of free-market capitalism and easier global trade to frame his bring near to the high-level gathering he’sitting hosting in Washington this weekend. Bush invited representatives of some of the globe’s biggest industrial democracies, emerging nations and international bodies to Washington to start developing a more coordinated world response to the economic woes that have millions of people struggling to keep their jobs, their homes and their hopes.

With the severe economic downturn threatening to expiration Bush’s tenure on a sour annotation before President-elect Barack Obama takes over, he will host the leaders at a White House dinner Friday and review causes and solutions for the financial mess Saturday.

It was fitting that Bush’s argument against regulatory swindle was being delivered not in Washington if it be not that from the heart of Wall Street. His harangue venue was the to be venerated Federal Hall that was abode to the earliest Congress and is within shouting degree of remoteness of New York Stock Exchange.

Bush called for reforming the global thriftiness to strengthen it long-term and declared leaders at this weekend’s meeting would “discuss specific actions we can submit to.”

Among the possible agreements, Bush listed:

-bolstering accounting rules for stocks, bonds and other investments with equal reason investors have a clearer apprehension of the true value of what they purchase.

-requiring “credit default swaps” - a type of corporate debt insurance - to be processed through a central clearinghouse. That would help provide crucial information adhering the parties involved in these complex, unregulated products. Prices for this insurance soared in the aftermath of the Lehman Brothers’ bankruptcy and imperiled American International Group, a greater insurer of this lenient of corporate trespass.

-taking a fresh look at rules aimed at preventing trick and manipulation in trading of stocks and other securities.

-better coordinating financial regulations among countries.

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