I believe that running the Social Security idea right after the '04 elections was a mistake. I should have argued for immigration reform. And the reason why is, is that -- you know, one of the lessons I learned as governor of Texas, by the way, is legislative branches tend to be risk-adverse. In other words, sometimes legislatures have the tendency to ask, why should I take on a hard task when a crisis is not imminent? And the crisis was not imminent for Social Security as far as many members of Congress was concerned.

As an aside, one thing I proved is that you can actually campaign on the issue and get elected. In other words, I don't believe talking about Social Security is the third rail of American politics. I, matter of fact, think that in the future, not talking about how you intend to fix Social Security is going to be the third rail of American politics.

One thing about the presidency is that you can make -- only make decisions, you know, on the information at hand. You don't get to have information after you've made the decision. That's not the way it works. And you stand by your decisions, and you do your best to explain why you made the decisions you made.

There have been disappointments. Abu Ghraib obviously was a huge disappointment during the presidency. Not having weapons of mass destruction was a significant disappointment. I don't know if you want to call those mistakes or not, but they were -- things didn't go according to plan, let's put it that way.

Anyway, I think historians will look back and they'll be able to have a better look at mistakes after some time has passed. Along Jake's question, there is no such thing as short-term history. I don't think you can possibly get the full breadth of an administration until time has passed: Where does a President's -- did a President's decisions have the impact that he thought they would, or he thought they would, over time? Or how did this President compare to future Presidents, given a set of circumstances that may be similar or not similar? I mean, there's -- it's just impossible to do. And I'm comfortable with that.

Yes, Mike.

Q One of the major objectives that the incoming administration has talked frequently about is restoring America's moral standing in the world. And many of the allies of the new President -- I believe that the President-elect himself has talked about the damage that Gitmo, that harsh interrogation tactics that they consider torture, how going to war in Iraq without a U.N. mandate have damaged America's moral standing in the world. I'm wondering basically what is your reaction to that? Do you think that is that something that the next President needs to worry about?

THE PRESIDENT: I strongly disagree with the assessment that our moral standing has been damaged. It may be damaged amongst some of the elite, but people still understand America stands for freedom, that America is a country that provides such great hope.

You go to Africa, you ask Africans about America's generosity and compassion; go to India, and ask about, you know, America's -- their view of America. Go to China and ask. Now, no question parts of Europe have said that we shouldn't have gone to war in Iraq without a mandate, but those are a few countries. Most countries in Europe listened to what 1441 said, which is disclose, disarm or face serious consequences.

Most people take those words seriously. Now, some countries didn't -- even though they might have voted for the resolution. I disagree with this assessment that, you know, people view America in a dim light. I just don't agree with that. And I understand that Gitmo has created controversies. But when it came time for those countries that were criticizing America to take some of those -- some of those detainees, they weren't willing to help out. And so, you know, I just disagree with the assessment, Mike.

I'll remind -- listen, I tell people, yes, you can try to be popular. In certain quarters in Europe, you can be popular by blaming every Middle Eastern problem on Israel. Or you can be popular by joining the International Criminal Court. I guess I could have been popular by accepting Kyoto, which I felt was a flawed treaty, and proposed something different and more constructive.

And in terms of the decisions that I had made to protect the homeland, I wouldn't worry about popularity. What I would worry about is the Constitution of the United States, and putting plans in place that makes it easier to find out what the enemy is thinking, because all these debates will matter not if there's another attack on the homeland. The question won't be, you know, were you critical of this plan or not; the question is going to be, why didn't you do something?

Do you remember what it was like right after September the 11th around here? In press conferences and opinion pieces and in stories -- that sometimes were news stories and sometimes opinion pieces -- people were saying, how come they didn't see it, how come they didn't connect the dots? Do you remember what the environment was like in Washington? I do. When people were hauled up in front of Congress and members of Congress were asking questions about, how come you didn't know this, that, or the other? And then we start putting policy in place -- legal policy in place to connect the dots, and all of a sudden people were saying, how come you're connecting the dots?

And so, Mike, I've heard all that. I've heard all that. My view is, is that most people around the world, they respect America. And some of them doesn't like me, I understand that -- some of the writers and the, you know, opiners and all that. That's fine, that's part of the deal. But I'm more concerned about the country and our -- how people view the United States. They view us as strong, compassionate people who care deeply about the universality of freedom.

Roger.

Q Thank you. Mr. President, you spoke a moment ago about using taxpayers' money for the TARP program.

THE PRESIDENT: Yes, I did.

Q The first $350 billion is out the door, it's been spent. Are you satisfied that it's been spent wisely? And for the second $350 billion that's under consideration, do you think -- are you supportive of Congress putting some restrictions on it?

THE PRESIDENT: I'm supportive of the President-elect working out a plan with Congress that best suits him -- and Congress. That's what he's going to have to do. He's going to have to go up there and he's going to have to make his case as to why the $350 [billion] is necessary. And he knows that. This is nothing new.

And in terms of the first $350 [billion,] I am pleased with this aspect of the expenditure, and that is that the financial markets are beginning to thaw. In the fall, I was concerned that the credit freeze would cause us to be headed toward a depression greater than the Great Depression. That's what I was told, if we didn't move. And so, therefore, we have moved aggressively.

And by the way, it just wasn't with the TARP. If you think about AIG, Fannie and Freddie -- a lot of the decisions that were made in this administration are very aggressive decisions, all aiming at preventing the financial system from cratering.

Q Mr. President, you spoke of the moment that the responsibility of the office would hit Barack Obama. The world is a far different place than it was when it hit you. When do you think he's going to feel the full impact? And what, if anything, have you and the other Presidents shared with him about the effects of the sometimes isolation, the so-called bubble of the office?

THE PRESIDENT: Yes, that's a great question. He'll -- he will feel the effects the minute he walks in the Oval Office. At least, that's when I felt. I don't know when he's going -- he may feel it the minute he's -- gets sworn in. And the minute I got sworn in, I started thinking about the speech. (Laughter.) And so -- but he's a better speech-maker than me, so he'll be able to -- he'll be able to -- I don't know how he's going to feel. All I know is he's going to feel it. There will be a moment when he feels it.

I have never felt isolated and I don't think he will. One reason he won't feel isolated is because he's got a fabulous family and he cares a lot about his family. That's evident from my discussions with him. He'll be -- he's a 45-second commute away from a great wife and two little girls that love him dearly.

I believe this -- the phrase "burdens of the office" is overstated. You know, it's kind of like, why me? Oh, the burdens, you know. Why did the financial collapse have to happen on my watch? It's just -- it's pathetic, isn't it, self-pity. And I don't believe that President-Elect Obama will be full of self-pity. He will find -- you know, your -- the people that don't like you, the critics, they're pretty predictable. Sometimes the biggest disappointments will come from your so-called friends. And there will be disappointments, I promise you. He'll be disappointed. On the other hand, the job is so exciting and so profound that the disappointments will be clearly, you know, a minor irritant compared to the --

Q It was never the "loneliest office in the world" for you?

THE PRESIDENT: No, not for me. We had a -- people -- we -- I had a fabulous team around me of highly dedicated, smart, capable people, and we had fun. I tell people that, you know, some days happy, some days not so happy, every day has been joyous. And people, they say, I just don't believe it to be the case. Well, it is the case. Even in the darkest moments of Iraq, you know, there was -- and every day when I was reading the reports about soldiers losing their lives, no question there was a lot of emotion, but also there was times where we could be light-hearted and support each other.

And I built a team of really capable people who were there not to serve me, or there to serve the Republicans, they were there to serve the country. And President-Elect Obama will find, as he makes these tough calls and tough decisions, that he'll be supported by a lot of really good people that care -- care about the country, as well.

John.

Q You've talked a lot about your concerns over the rise of protectionism in the current --

THE PRESIDENT: Yes.

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