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For all his defense of markets, Bush this year extended the reach of government by backing bailouts of American International Group Inc., Bear Stearns Cos., Fannie Mae and Freddie Mac. His administration is also implementing a $700 billion financial rescue program which U.S. Treasury Secretary Henry Paulson yesterday shifted toward relieving pressure on consumer credit, scrapping an effort to buy devalued mortgage assets.

Still, Bush argued today that government intervention isn't a ``cure-all'' and that the crisis was caused by failures among investors, regulators and governments rather than the free-market model. He said steps taken so far by governments and central banks were thawing credit markets and stabilizing financial conditions, although he acknowledged ``more difficult days ahead.''

Officials overseas have heaped blame on the U.S. and the notion of unfettered markets promoted by Bush for sparking the turbulence. ...