Bush: Fed Actions Necessary and Important

President Bush addresses the financial turmoil at the White House.

Endorses government's "extraordinary measures" in response to the market crisis, including the takeover of Fannie and Freddie. Says AIG bailout avoided "a severe disruption in our financial markets" that threatened other areas of the economy.

Read his remarks here.

Ask yourself: which presidential campaign is happy about this -- and which not so much.

Bush canceled his fundraising trips to Alabama and Florida to instead meet with economic advisers.

Obama statement: "The current financial market turmoil is a major threat to our economy...." Read full statement here.