Decision Points Part 30

One of the questions I'm asked most often is how to avoid another financial crisis. My first answer is that I'm not sure we're out of the woods on this one yet. Financial inst.i.tutions around the world are still unwinding their leverage, and governments are saddled with too much debt. To fully recover, the federal government must improve its long-term fiscal position by reducing spending, addressing the unfunded liabilities in Social Security and Medicare, and creating the conditions for the private sector-especially small businesses-to generate new jobs.

Once the economy is on firm footing, Fannie and Freddie should be converted into private companies that compete in the mortgage market on a level playing field with other firms. Banks should be required to meet sensible capital requirements to prevent overleveraging. The credit-rating agencies need to reevaluate their model for a.n.a.lyzing complex financial a.s.sets. And boards of directors must put an end to compensation packages that create the wrong incentives and reward executives for failure.

At the same time, we must be careful not to overcorrect. Overregulation slows investment, stifles innovation, and discourages entrepreneurship. The government should unwind its involvement in the banking, auto, and insurance sectors. As it addresses financial regulation, Congress should not infringe on the Federal Reserve's independence in conducting monetary policy. And the financial crisis should not become an excuse to raise taxes, which would only undermine the economic growth required to regain our strength.

Above all, our country must maintain our faith in free markets, free enterprise, and free trade. Free markets have made America a land of opportunity and, over time, helped raise the standard of living for successive generations. Abroad, free markets have transformed struggling nations into economic powers and lifted hundreds of millions of people out of poverty. Democratic capitalism, while imperfect and in need of rational oversight, is by far the most successful economic model ever devised.

The nature of the presidency is that sometimes you don't choose which challenges come to your desk. You do decide how to respond. In the final days of my administration, I gathered my economic advisers for a last briefing in the Oval Office. I had a.s.sembled a strong, experienced team that was capable of adapting to the unexpected and making sound recommendations. We had done what we believed was necessary, knowing it would not always be popular. For some in our country, TARP had become a four-letter word. I believe it helped spare the American people from an economic disaster of historic proportions. The government made clear it would not let the economy fail, and the second Great Depression that Ben Bernanke Ben Bernanke warned about did not happen. warned about did not happen.

As I looked into the tired faces of the men and women of my economic team, I thought about all my administration had been through. Every day for eight years, we had done our best. We had given the job our all. And through every trial, we had been honored to serve the nation we love.

*Many small business owners are sole proprietorships, limited partnerships, or Subchapter-S Corporations, meaning they pay their business taxes at the individual income tax rates.

**The top 1 percent of taxpayers went from paying 38.4 percent of overall taxes to 39.1 percent, while the bottom 50 percent saw their share decrease from 3.4 percent to 3.1 percent.

***Debt-to-GDP is the average measured at the end of each calendar year. Average spending, taxes, and deficits are calculated for fiscal years, which end September 30. Thus, the average of four or eight fiscal years excludes the effects of any policies implemented in the last three months and twenty days of a presidential term. If full-year FY '09 numbers were included in my averages, they would be: spending = 20.2%; taxes = 17.5%; deficits = 2.7%. This would incorporate spending for TARP and the initial auto loans as projected by Congressional Budget Office in January 2009. These figures overstate the additional spending, since the vast majority of TARP funding will be paid back.

****The price was later renegotiated to ten dollars per share.

*****The United States, j.a.pan, Germany, Great Britain, France, Italy, and Canada.

******Responsibility for shaping the deal fell to Dan Price Dan Price, a tenacious lawyer on the NSC staff, and Dave McCormick Dave McCormick, the capable undersecretary of the treasury for international affairs.

began Tuesday, January 20, 2009, the same way I had started every day for the past eight years: I read the Bible. One of the pa.s.sages that final day final day was Psalm 18:2-"The Lord is my rock, my fortress and my deliverer; my G.o.d is my rock, in whom I take refuge." Amen. was Psalm 18:2-"The Lord is my rock, my fortress and my deliverer; my G.o.d is my rock, in whom I take refuge." Amen.

A little before 7:00 a.m., I took the elevator to the ground floor of the White House, walked down the Colonnade, and opened the gla.s.s-paneled door to the Oval Office for the last time. Josh Bolten Josh Bolten was waiting inside. He greeted me with the same words he'd used every day as my chief of staff: "Mr. President, thank you for the privilege of serving." was waiting inside. He greeted me with the same words he'd used every day as my chief of staff: "Mr. President, thank you for the privilege of serving."

On a normal morning, the West Wing would be bustling with aides. But that last day, the building was eerily quiet. There were no ringing phones, no television sets tuned to the news, no meetings in the hallways. The only sound I heard was the occasional buzz of a workman's drill, refitting the offices for a new team.

I left a letter on the Resolute desk. Continuing a presidential tradition, I had written to congratulate my successor and wish him well. The note was in a manila envelope addressed to "44."

"What an honor it has been to come to work in this office every day," I told Josh. Then I put my coat on, walked out the door, and took one last lap around the jogging track on the South Lawn, where Spot and I had walked the morning I gave the order to liberate Iraq.

Leaving the Oval Office for the last time. White House/Eric Draper White House/Eric Draper My next stop was the East Room, where the White House residence staff had gathered. The packed room was a stark contrast with the emptiness of the West Wing. Nearly every member of the residence staff was there: the florists who put fresh bouquets in the Oval Office every morning, the butlers and valets who made our life so comfortable, the carpenters and engineers who keep the White House in working condition, the chefs who cooked us such fabulous meals, and, of course, the pastry chef who fed my sweet tooth.

Many on the residence staff had served not only for the past eight years, but during Mother and Dad's time in the White House as well. "You've been like family to us," I told the gathering, with Laura, Barbara, and Jenna at my side. "There are some things I'm not going to miss about Washington, but I'm going to miss you a lot. Thank you from the bottom of our hearts."

Barack and Mich.e.l.le Obama arrived on the North Portico just before 10:00 a.m. Laura and I had invited them for a cup of coffee in the Blue Room, just as Bill and Hillary Clinton had done for us eight years earlier. The Obamas were in good spirits and excited about the journey ahead. Meanwhile, in the Situation Room, homeland security aides from both our teams monitored intelligence on a terrorist threat to the Inauguration. It was a stark reminder that evil men still want to harm our country, no matter who is serving as president.

With Barack Obama and his wife, Mich.e.l.le, in the Blue Room on Inauguration Day. White House/Eric Draper White House/Eric Draper After our visit, we climbed into the motorcade for the trip up Pennsylvania Avenue. I thought back to the drive I'd made with Bill Clinton Bill Clinton eight years earlier. That January day in 2001, I could never have imagined what would unfold over my time in office. I knew some of the decisions I had made were not popular with many of my fellow citizens. But I felt satisfied that I had been willing to make the hard decisions, and I had always done what I believed was right. eight years earlier. That January day in 2001, I could never have imagined what would unfold over my time in office. I knew some of the decisions I had made were not popular with many of my fellow citizens. But I felt satisfied that I had been willing to make the hard decisions, and I had always done what I believed was right.

At the Capitol, Laura and I took our seats for the Inauguration. I marveled at the peaceful transfer of power, one of the defining features of our democracy. The audience was riveted with antic.i.p.ation for the swearing-in. Barack Obama Barack Obama had campaigned on hope, and that was what he had given many Americans. had campaigned on hope, and that was what he had given many Americans.

For our new president, the Inauguration was a thrilling beginning. For Laura and me, it was an end. It was another president's turn, and I was ready to go home. After a heartwarming farewell ceremony at Andrews Air Force Base, Laura and I boarded Air Force One-now designated Special Air Mission 28000. We landed in Midland in the late afternoon of a beautiful West Texas winter day. We drove to a rally in Centennial Plaza, where we'd attended a sendoff ceremony eight years earlier. Many of the faces in the crowd were the same, a reminder of true friends who were with us before politics, during politics, and after politics.

At the welcome home rally in Midland. Eric Draper Eric Draper "It is good to be home," I said. "Laura and I may have left Texas, but Texas never left us....When I walked out of the White House this morning, I left with the same values I brought eight years ago. And when I look in the mirror at home tonight, I will have no regrets about what I see-except maybe the gray hair."

We flew to Crawford that night and were up at dawn the next morning for the first day of what Laura had termed "the afterlife." I was struck by the calm. There was no CIA briefing to attend and no blue sheet from the Situation Room. I felt like I had gone from a hundred miles an hour to about ten. I had to force myself to relax. I would read the news and instinctively think about how we would have to respond. Then I remembered that decision was on someone else's desk.

I had plenty to occupy my time. I went to work building the Bush Presidential Center Bush Presidential Center on the campus of Southern Methodist University, which will include an official government archive, a museum, and a policy inst.i.tute dedicated to promoting education reform, global health, economic growth, and human freedom, with a special emphasis on creating new opportunities for women around the world. I am blessed to be the only president to leave office with both parents alive, and I'm grateful for the chance to spend more time with them. In June 2009, Laura and I joined our extended family in Kennebunkport to mark Dad's eighty-fifth birthday, which he celebrated with another parachute jump. Mother quipped that his choice of a landing zone, St. Ann's Episcopal, was strategic. If the jump didn't turn out well, at least he'd be near a cemetery. on the campus of Southern Methodist University, which will include an official government archive, a museum, and a policy inst.i.tute dedicated to promoting education reform, global health, economic growth, and human freedom, with a special emphasis on creating new opportunities for women around the world. I am blessed to be the only president to leave office with both parents alive, and I'm grateful for the chance to spend more time with them. In June 2009, Laura and I joined our extended family in Kennebunkport to mark Dad's eighty-fifth birthday, which he celebrated with another parachute jump. Mother quipped that his choice of a landing zone, St. Ann's Episcopal, was strategic. If the jump didn't turn out well, at least he'd be near a cemetery.

Every now and then, there are reminders of how much life has changed. Shortly after we moved to Dallas, I took Barney for an early-morning walk around our neighborhood. I hadn't done anything like that in more than a decade. Barney never had-he'd spent his entire life at the White House, Camp David, and Crawford. Barney spotted our neighbor's lawn, where he promptly took care of his business. There I was, the former president of the United States, with a plastic bag on my hand, picking up that which I had been dodging for the past eight years.

The day after I left office, I started writing this book. Working on it has been a great opportunity for reflection, and I hope you've enjoyed reading these thoughts as much as I've enjoyed writing them.

When I chose to structure this book around major decision points, I knew it would mean leaving out some aspects of my presidency. I don't fully cover foreign policy accomplishments such as the historic civil nuclear agreement with India or the Merida Initiative to fight drugs with Mexico. I devote just a few words to my record on energy and the environment, and I do not describe my decision to create the largest marine conservation areas in the world. I also omit an account of our successful efforts to improve services for veterans and reduce teen drug use and chronic homelessness. All these accomplishments are sources of pride, and I am grateful to those who helped make them possible.

Instead of covering every issue, I've tried to give the reader a sense of the most consequential decisions that reached my desk. As I hope I've made clear, I believe I got some of those decisions right, and I got some wrong. But on every one, I did what I believed was in the best interests of our country.

It's too early to say how most of my decisions will turn out. As president, I had the honor of eulogizing Gerald Ford Gerald Ford and and Ronald Reagan Ronald Reagan. President Ford's pardon of Richard Nixon Richard Nixon, once regarded as one of the worst mistakes in presidential history, is now viewed as a selfless act of leadership. And it was quite something to hear the commentators who once denounced President Reagan as a dunce and a warmonger talk about how the Great Communicator had won the Cold War.

Decades from now, I hope people will view me as a president who recognized the central challenge of our time and kept my vow to keep the country safe; who pursued my convictions without wavering but changed course when necessary; who trusted individuals to make choices in their lives; and who used America's influence to advance freedom. And I hope they will conclude that I upheld the honor and dignity of the office I was so privileged to hold.

Whatever the verdict on my presidency, I'm comfortable with the fact that I won't be around to hear it. That's a decision point only history will reach.

I am fortunate to come from a family of bestselling authors. My mother and father wrote fine books, as did my sister Doro. Closer to home, Laura wrote a bestseller, Jenna wrote a bestseller, and they collaborated on another. Even my parents' dogs, C. Fred and Millie, auth.o.r.ed their own works.

I was inspired by my family members' success and, more important, sustained by their love. I thank Laura for her constant love and for sharing in the experiences that made this book possible. I thank our daughters, Barbara and Jenna, for their hugs and laughter. I am glad to have Henry Hager as my son-in-law. I appreciate the unwavering support of Mother and Dad. And I thank Jeb, Neil, Marvin, and Doro for comforting their brother.

When I considered writing this book I knew the task would be a challenge. I did not realize how enjoyable it would be. The main reason is that I worked with Chris Michel. At the end of the administration Chris was my chief speechwriter. He knew how I talked and saw much of the history we made. His broad range of talents, from research to editing, has made the book project move smoothly. His upbeat personality was a constant joy. I will miss him as he heads off to Yale Law School.

This book took its first step toward publication when I hired Bob Barnett. Bob is a talented lawyer with sound judgment, unmatched experience, and great patience-which he showed by tolerating my frequent ribbing about his hourly rate. The truth is that Bob is the best in the business, and he was worth every penny.

I cannot imagine a better editor than Sean Desmond, a Harvard-educated son of Dallas, Texas. Sean knew where to add detail, when to cut words, and how to bring my decisions to life for the reader. He did it all with patience, professionalism, and a good sense of humor.

I am grateful to the superb team at Crown Publishing. Steve Rubin and Jenny Frost showed confidence in this project from the beginning. Maya Mavjee and Tina Constable capably saw it through to conclusion. I appreciate managing editor Amy Boorstein, copyeditor Jenna Dolan, creative director Whitney Cookman, editorial a.s.sistant Stephanie Chan, publicity director David Drake, production director Linnea Knollmueller, interior design director Elizabeth Rendfleisch, and the many others at Crown and Random House who helped make this book a reality.

Much of the research for this book was conducted by the brilliant and tireless Peter Rough. Peter spent the past eighteen months digging through archives, searching the Internet, and sifting through reams of paper. His insights and resourcefulness improved this book in countless ways. He also fact-checked every word of it, with a.s.sistance from four former members of my speechwriting staff: Staci Wheeler, Mike Robins, Mike Ha.s.son, and Matt Larkin. Gabriel Gillett, Paul Langdale, Chris Papagianis, Sarah Catherine Perot, Kerrie Rushton, Sara Sendek, Josh Silverstein, and others added valuable research.

I am indebted to the professionals at the National Archives and Records Administration for their a.s.sistance on this book. I am grateful to Alan Lowe, director of the George W. Bush Presidential Library, and Supervisory Archivist Shannon Jarrett for making this project a top priority. Archivists Brooke Clement, Matthew Law, and Jodie Steck tracked down thousands of doc.u.ments and photographs that helped refresh my memory and confirm details in my account. Sarah Barca, Tally Fugate, Peter Haligas, Neelie Holm, Bobby Holt, Elizabeth Lanier, David Sabo, and Ketina Taylor helped as well. I also thank the Presidential Materials staff of the National Archives in Washington-especially Nancy Smith, John Laster, and Stephannie Oriabure-who made many important, highly cla.s.sified doc.u.ments available for my use.

Many trusted friends contributed to this book. I am particularly grateful to those who reviewed the full ma.n.u.script: Steve Hadley, Josh Bolten, Andy Card, Blake Gottesman, Karen Hughes, Condi Rice, and Dana Perino, who also provided invaluable advice on publicity. Pete Wehner read much of the book in its early stages and made insightful comments. Brent McIntosh and Raul Yanes carefully reviewed the final draft. Many others made suggestions on key chapters, including Dan Bartlett, Ryan Crocker, Mark Dybul, Gary Edson, Peter Feaver, Joe Hagin, Mike Hayden, Keith Hennessey, Joel Kaplan, Eddie Lazear, Jay Lefkowitz, Brett McGurk, and Hank Paulson. They are responsible for many of the book's strengths and none of its flaws.

Part of publishing a book as a former president is undergoing a decla.s.sification review. I was fortunate to have three capable lawyers help me navigate the process: Bill Burck, Mike Scudder, and Tobi Young. I am grateful to Bill Leary and his professional staff at the National Security Council, which helped expedite the review process. I also thank the dedicated men and women at the Central Intelligence Agency who helped check key facts.

Those who enjoyed the photo section can thank Emily Kropp Michel, who-along with the NARA team-sorted through many of the four million photographs digitally archived at the Bush Presidential Library. They received valuable guidance from Eric Draper, my chief photographer for all eight years, and former White House photographer Paul Morse.

The decisions I describe in this book would not have been possible without the service and support of many dedicated people over my fifteen years of public service. I thank d.i.c.k and Lynne Cheney for eight years of friendship. I appreciate the outstanding, selfless men and women who served in my Cabinet and on my White House staff, as well as on my campaigns and in the Texas governor's office. Laura and I will always be grateful to the fine agents of the Secret Service, the military aides who were always at my side, the incredibly generous White House residence staff, the doctors and nurses of the White House Medical Unit, the crews of Air Force One and Marine One, and the great team at Camp David. On behalf of Barney, Spot, and Miss Beazley, I extend special thanks to Dale Haney, Sam Sutton, Robert Favela, Cindy Wright, Robert Blossman, and Maria Galvan.

I am fortunate to be surrounded by a great team in Dallas, led by my talented and capable chief of staff, Mike Meece. I am grateful to Blake Gottesman and Jared Weinstein, two former personal aides who took months out of their lives to help me set up my office. Everyone in the Office of George W. Bush contributed to this book: Mike Meece, Brian Cossiboom, Logan Dryden, Freddy Ford, Ashley Hickey, Caroline Hickey, Caroline Nugent, David Sherzer, and Justine Sterling. I also thank Charity Wallace, Molly Soper, and Katie Harper for taking good care of Laura.

Aside from writing this book, I have spent the past eighteen months working to build my presidential center at Southern Methodist University in Dallas. I thank Mark Langdale for overseeing the endeavor, SMU President Gerald Turner for his close partnership, and Jim Gla.s.sman and Stacy Cinatl for their leadership at the George W. Bush Inst.i.tute. I am particularly grateful to Don Evans, Ray Hunt, and Jeanne Johnson Phillips for all they have done to make the project a success.

I often tell people that I don't miss the politics of Washington, but I do miss the people. I am grateful to my many friends in Congress, fellow world leaders, and even members of the press corps.

Finally, I thank the men and women of the United States military. While I dedicated this book to Laura, Barbara, and Jenna, n.o.body did more to inspire me than those who wear the uniform of this country and their families. Their achievements will rank alongside those of the greatest generations in history, and the highest honor of my life was to serve as their commander in chief.