President George W. Bush

My Afternoon with President George W. Bush

I recently enjoyed a rare opportunity to hear former President George W. Bush speak to top advisors at our LPL Financial National Convention. Like everyone, I had my own opinion of the former President based on events and performance over the past 8 years. However, I came to this event with an open mind, not knowing what to expect from his first public speech since leaving office. I can readily say that I was taken aback by his presence. He was engaging, sincere, and 100% genuine.

As I listened intently to a man who was President of the most powerful, economic and democratic force in the world; it occurred to me that he struggled with the same human issues we all do. Imagine the pressure of leading a country and dealing with issues like the Anthrax scare, the attack on U.S. soil which led to a war on terrorism, and the economic meltdown created by unaccountable actions. After listening to President Bush share his insights on some of the most tumultuous issues in recent history, I am more convinced than ever before that the mainstream media in the United States is no more accurate than the tabloids in taking the ordinary and twisting it to extremes to boost viewership and sell advertising. In the financial world, we call it financial pornography. Human beings, Presidents included, will never be perfect. However, under extreme scrutiny, any flaws are intensified, often beyond what is reasonable. The liberal press took advantage, frequently creating a negative perception of President Bush, often with no balancing counterpoint.

Clearly, President Bush’s tenure was marked by controversy. This tells me there were serious issues that divided the country which made it that much more difficult to make the tough decisions. It’s not my job to pass judgment on whether President was right or wrong on some of his more controversial decisions, and in many cases, we will not know the answer to that for years to come. However, what I do want to share are my impressions and the feelings I experienced while listening to a man speak for an hour with no script–just plain living room conversation.

From his opening remark “I am enjoying retirement”, to his closing words, I listened intently as the man spoke with utter sincerity and completely from the heart. It was evident in his words how much he loves our country and the tremendous honor he expressed in serving its people.

I believe that his unwillingness to compromise his deep moral, civil, and family values contributed greatly to the controversy surrounding both the man and his Presidency.

When asked who he thought was the best leader in recent history, the Dali Lama answered to the surprise of many: George W. Bush. The President stated at some of his college speaking engagements, “I was a ‘C’ student” who became President of the world’s most powerful nation.” He made it a point to surround himself with “smart” people, but he did not make decisions to gain traction in the polls or to please everyone. True leaders do not lead by consensus and that is why being the leader can be a lonely position.

He discussed his belief that the role of the government was not to create wealth, but to create an environment for people to properly risk capital in a free market so they can be rewarded by earned wealth. To this end, he discussed how small businesses create 70% of new jobs and that the tax, regulatory, and legal communities need to unleash the entrepreneur, not squash him or her. He also discussed how consequences need to be felt by those who made lousy decisions impacting our economic system. Lastly, on the issue of money, he firmly believes that the American public, as individuals, can spend money more wisely than the government.

On democracy, Bush stated that democracy is transformational, but it takes time and effort to get it right. He believes the U.S. stands for this and justice. In the past, we dealt as a nation with nation states. Now we are dealing with ideological factions. These factions hate the U.S., freedom, and all that democracy stands for. They then disguise the killing of innocent people as part of their religious freedom. This is not religion. What “god” would condone this? He also believes that those who harbor our enemies are just as guilty as our enemies.

His biggest concern is a patent enemy in disguise who will again try and attack the U.S. as we continue the push for democracy and freedom throughout the world. He believes we now have better information and defense systems in place, but that the risk is real. Secondly, he is worried about temporary versus permanent economic measures. Legislators tend to be conservative since their terms are short. They want to become reelected so their decisions can be short sighted. We have deficits that will cripple the U.S. growth and our young people are paying into an antiquated system of Social Security and Medicare. He believes one fix is to focus on cost of living increases, not wage increases. Lastly, the time it takes for a startup business to become a successful startup is increasing due to our current tax structure, restrictive regulatory environments, and a legal system which ties up businesses.

On his legacy, President Bush reflected on the Presidency as a sacred office and that it should not be about the President but the sanctity of that office. His most admired president was Abraham Lincoln. Lastly, he expressed his belief that it is most important to be known as a President who was a loving husband, great father, patriot, and a person who deeply loved this country while protecting the people and the American way of life.

Throughout the speech, he joked about the fact that he is writing a book of antidotes, stating that he often surprised people with the knowledge that he could read, let alone talk. All joking aside, he was among the most articulate, relaxed, and engaging speakers I have had the opportunity to hear. Whether we agree with George W. Bush or not, it became crystal clear to me that he believed he had our country’s best interests in mind in all actions and decisions, and that his morality and values would not be compromised.

While historians will debate his Presidency for years to come, I can tell you that he comes across as an honorable man, but more importantly, a human being the same as you and I. His talk gave me much to reflect upon and put into perspective. Among them, the continued need for real accountability within our financial and economic system.

I run a successful financial management firm advising 150 individual clients and 65 corporate clients. Like anyone else, I feel the pressures of my work and know that the decisions I make daily to impact our clients lives while we help them to build, protect, and distribute wealth on their terms. More importantly, that these decisions impact more than money; they impact families, businesses, and lifestyles.

It’s this level of accountability that has been missing to a large degree in recent years within our financial system. And it’s the leading reason I chose to operate my business as an independent advisor many years ago. The ability to remove conflicts of interest handed down by corporate parents and eliminate quotas and proprietary investment requirements gives me and my firm the freedom to do what is best and what is right for you and your family on a daily basis.

I thank you for the opportunity to serve you, and like George Bush, am honored and privileged by your continued trust and confidence in me and my team.