Decision Points

of the global economy. I decided to make the summit a gathering of the G-20, a group that included China, Russia,Brazil, Mexico, India, Australia, South Korea, Saudi Arabia, and other dynamic economies.

    With Nicolas Sarkozy.
White House/Eric Draper
    I knew it wouldn’t be easy to forge an agreement among the twenty leaders. But with hard work and some gentle arm-twisting, we got it done. ****** On November 15, every leader at the summit signed on to a joint statement that read, “Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, and entrepreneurship that are essential for economic growth, employment, and poverty reduction.”
    It sent a powerful signal to have countries representing nearly 90 percent of the world economy agree on principles to solve the crisis. Unlike during the Depression, the nations of the world would not turn inward. The framework we established at the Washington summit continues to guide global economic cooperation.

    The economic summit was not the biggest event of November. That came on Tuesday, November 4, when Senator Barack Obama was elected president of the United States.
    My preference had been John McCain. I believed he was better prepared to assume the Oval Office amid a global war and financial crisis. I didn’t campaign for him, in part because I was busy with the economic situation, but mostly because he didn’t ask. I understood he had to establish his independence. I also suspected he was worried about the polls. I thought it looked defensive for John to distance himself from me. I was confident I could have helped him make his case. But the decision was his. I was disappointed I couldn’t do more to help him.

    With John McCain.
White House/Eric Draper
    The economy wasn’t the only factor working against the Republican candidate. Like Dad in 1992 and Bob Dole in 1996, John McCain was on the wrong side of generational politics. At seventy-two, he was a decade older than I was and one of the oldest presidential nominees ever. Electing him would have meant skipping back a generation. Bycontrast, forty-seven-year-old Barack Obama represented a generational step forward. He had tremendous appeal to voters under fifty and ran a smart, disciplined, high-tech campaign to get his young supporters to the polls.
    As an Obama win looked increasingly likely, I started to think more about what it would mean for an African American to win the presidency. I got an unexpected glimpse a few days before the election. An African American member of the White House residence staff brought his twin sons, age six, to the Oval Office for a farewell photo. One glanced up around the room and blurted out, “Where’s Barack Obama?”
    “He’s not here yet,” I deadpanned.
    On election night, I was moved by images of black men and women crying on TV. More than one said, “I never thought I would live to see this day.”
    I called the president-elect to congratulate him. I also called John McCain to say he was a good man who’d given the race his best shot. Both were gracious. I told the president-elect I looked forward to welcoming him to the White House.
    When I hung up the phone, I said a prayer that all would be well during my successor’s time. I thought about one of my favorite presidential quotes, from a letter John Adams wrote to his wife, Abigail: “I pray Heaven to bestow the best blessings on this house and all that shall hereafter inhabit it. May none but honest and wise men ever rule under this roof.” His words are carved into the mantel above the fireplace of the State Dining Room.

    Months before the 2008 election, I had decided to make it a priority to conduct a thorough, organized transition. The first change of power since 9/11 would be a period of vulnerability, and I felt a responsibility to give my successor the courtesy of a smooth entry into the White House. The transition was overseen by Josh Bolten and one of his deputies, my talented former personal aide Blake Gottesman . They made sure the president-elect and his team received briefings, access to senior members of the administration, and office space in their new departments.
    Part of the transition involved economic policy. The financial crisis brought one final decision point: What to do about the reeling American auto industry? The Big Three firms of Ford, Chrysler, and General Motors