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Bush says banking system basically sound

WASHINGTON
Tue Jul 15, 2008 10:57am EDT

WASHINGTON (Reuters) - President George W. Bush said on Tuesday the banking system "basically is sound" and said depositors should not be concerned because their deposits are insured.

"I think the system basically is sound. I truly do. I understand there's a lot of nervousness," he said in a news conference. "The economy's growing, productivity is high, trade is up. People are working."

Bush also said the government should not bail out private enterprises.

(Reporting by Deborah Charles; Editing by Theodore d'Afflisio)


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