coming up on "bloomberg best," the stories that shaped the week in business around the world. the u.s. and china call a trade truce, but it is not as simple as that sounds. >> there is something of a disconnect. >> what are the exact items? >> a lot of volatility and angst in washington dc reverberating in the markets. >> more battling over brexit. opec and its allies gather for a critical meeting. 1.2 million barrels per day is the number. >> some of that is fairly insignificant for us. >> investigators debate over the yield curve. what wee very ahead of

are calling for in the session. >> a fed exclusive. the vice chair speaks his mind on policy. >> central banks need to be just as worried about keeping on target as opposed to -- as much is going on target. relations between the united states and china have affected all emerging markets. >> it is a new type of war, the hybrid war. abigail: the world mourns the loss of former u.s. president george h.w. bush. >> he believed in civility with everyone. he worked across the aisle to get things done. abigail: it is all straight ahead on "bloomberg best." hello and welcome. i'm abigail doolittle.

this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. the week began on a note of optimism for investors amid reports from the g20 summit that the world's two largest economies had called a truce in their trade war. the u.s. and china have agreed to put their trade war on hold, at least into the new year. >> presidents trump and xi reaching a truce after a highly anticipated dinner on the sidelines of the g20 summit. what led us to this agreement? >> neither president trump nor president xi has said since that agreement or that truce was struck on saturday night what motivated them to come to a deal or a would be deal, but we should assume that both delegations and both countries recognize now that an escalated

trade war is good for no one. it is hard to see it as anything is a victory for the u.s. and certainly a concession by the chinese. the american delegation pushed all of the other g20 leaders to back off on issues like energy security, multilateralism, the mention of protectionism was taken out of the communiqué. there were a number of areas, the wto, recognition in the communiqué that the wto needed reform, these are all major issues for the trump administration, and in many ways you could say that they won on them all. >> crude oil has jumped the most since june. canada's largest producing province has ordered unprecedented output curves. this comes as qatar says it will leave opec next month. there is russia and saudi sticking to the deal, then there is canada. >> the politics are a lot more

interesting than the oil side of it. qatar within the realm of oil is not enormously important. it is 10,000 barrels per day. it is one of the smallest members. it is already producing maximum capacity. it is really important to say that they are out of the cartel right now. >> the news got the market on the hop. >> it is more than 300,000 barrels per day, which is more than some of the smallest opec members produced in their entirety. it is likely that because they are using emergency powers to do this that they will have to follow through. all of a sudden, that is quite a lot of oil not in the north american market. >> a section of the u.s. treasury yield curve has inverted for the first time in more than a decade. the spread between three-year and five-year yields turned negative for the first time in -- since 2007. it could be the first time that

the market sees the end of the fed's tightening cycle approaching. the curveslly see invert about 18 months before recession. version has been even before that. i think we are very ahead of the point where we are coming to a recession. equity markets can continue running after that type of inversion. >> markets rallied yesterday on news of an apparent cease-fire on trade between the united states and china, but then pulled back as it seems the two sides might have different views about what exactly was agreed upon. what is the deal? >> i think there is something of a disconnect. china's spin machine is not quite what we have seen from the u.s. side. china made a move on ip protection. we know it essential to the u.s.-china trade war. the u.s. accused the chinese companies of stealing intellectual property. china is targeting those

companies who are found guilty of stealing ip. they will lock them in the bond market and order forms. it is not a game changer in the trade war, it is a micro measure that we have had while we wait for some more formal wording when president xi gets back to beijing. >> there you have the closing bell, the end of a very long trading day if you are long non-us equities. the dow losing more than 800 points at one point. we are not closing at our lowest. we are about the puking of the market. is there an agreed-upon definition? >> very technical term. [laughter] i'm not aware of one, but it is one that you know it when you see it. it is so ugly. >> there is nothing new in terms of the news we got today. out of the steady drip drip, you get a relatively hawkish. get some unfavorable brexit headlines. loose andeck breaks

we flow to the downside on pretty high volumes. i think that theory works fairly well. china's minister of commerce says it will push forward with trade negotiations over the next 90 days after what it calls a very successful meeting with president trump, but investors are skeptical about the prospects of a meaningful breakthrough. not surprising that investors are little bit skeptical. they say that they will implement specific items agreed upon at the meeting, but really they don't outline what they were. >> that is exactly it, that is the key question. what are these items? there are lines dropped from the ministry of commerce in the last few minutes in beijing painting a pretty optimistic picture of what happened during those talks and saying they're going to implement some of these items asap, but as you rightly pointed to, what are these exact items? we don't have any details yet. two key areas we are looking for. auto tariffs.

we want to get confirmation if indeed that is the case. the other is the agricultural products, particularly given that trump tweeted that china would be immediately ubying significant amounts of u.s. agriculture. looking to the chinese side to confirm or deny that. still more details needed, but we have had the first comments out of china's ministry of commerce in relation to the g20 meeting. >> president george riverwalk are bush, 41st -- george herbert walker bush, 41st president of the united states, was laid to rest. >> this is being described as a funeral service that has all of the staples of classic george h.w. bush. former president bush becoming only the 12th president to lay in state at the u.s. capitol. >> does it say anything about our times to you that so many people on different sides of the political aisle are remembering him so fondly this week? >> it does.

listen, he believed in civility with everyone, he worked across the aisle to get things done. he was always focused on getting things done. what is right for the country. if it was going to hurt him politically, so be it. some things he did did hurt him politically, but he was always trying to do what was right. 's cfo has been arrested in canada over potential violations of sanctions on iran. the move appears to heighten tensions between washington and beijing days after a trade truce was agreed. this feels like a very big deal. what we know so far? >> this is a huge deal. i want to point out that she is not just the cfo of hauwei, she is also the vice chairwoman, she has been at the company more than 20 years. she is also the daughter of the founder. she is royalty. she is very important in china's corporate scene and politically connected, being at the top of

such a large company. the u.s. is alleging that hauwei , similar to the allegations against zte, sold equipment to iran, busting sanctions against iran that the u.s. has had in place for a while, basically accusing hauwei of being sanction-busters. being a key executive as part of that process. >> reports from japan say the government plans to ban the use of equipment from chinese telco companies hauwei and cte following the arrest of hauwei cfo meng wanzhou in canada. the white house says the trump administration knew about the arrest before trade talks with china, but that the president was not aware of her detention. how significant is it that the president did not know? >> if he knew and went ahead with the trade talks, that would have been significant. what is really significant now is what this means, what this arrest means, how it complicates this relationship, and there is

concern that china could retaliate, not only in terms of further trade repercussions, but also other repercussions. two days ofrly talks in vienna, we have a deal and a larger one than expected in terms of the cut delivered. opec has agreed with its allies to cut production by 1.2 million barrels per day. a deal effectively done by saudi and the russians. we will go through the mechanics of how it happened and the reaction to it amongst some of the other delegates. >> it came down to saudi, russia, and iran. 1.2 million barrels per day is the number. the market took that as a welcome surprise. everyone was talking about 1,000,000 barrels per day. opec will shoulder the brunt of this. they could not act without rush on board. politically, iran was the winner. able to go back to tehran saying they are exempt from the cuts. who contributes all of that

or some of that is fairly significant for us, with her saudi arabia will contribute more, there is a bit of flexibility. >> jobs day in america, payrolls coming in below forecast. wage gains missing estimates. highlights. >> you know the number, 155,000 jobs, weaker than expected. you will need about 110,000 to absorb new entrants to the labor force. with average annual earnings of 3.1%, the fed is on track for december. what happens next year? the fed may want to take a pause. >> today's jobs report suggests a solid u.s. economy, somewhat softer than it acted, but a 3.1% wage growth, 120,000 job creation over a three-month average, that is a pretty good report. it means the fed will hike in december, but i agree with mike, the fed is going to reconsider next year and it may well move

down to where the market is. >> what i'm looking at, i think they are signaling that maybe they will do something later this month may be, but that will be all for quite some time and i would just add to that that my boss, president trump, that is very much in line with his thinking. the fed is independent and he has never crashed that wall, but he has been suggesting for a while that the fed should not be too tight. it looks like the fed is on its own making its own decisions based on their data read, it looks like they're coming to the same conclusion. as wel: still ahead review the week on "bloomberg best," an exclusive interview with the fed's richard clarida. views onkrugman shares the path of monetary policy. plus, confusion in the auto industry over what president trump may plan to do with tariffs. topext, more of the week's

business headlines. protesters in yellow vests force french officials to waive the right flag on gas taxes. >> the initial interviews with members of the yellow vests said that they were not impressed. abigail: this is bloomberg. ♪

abigail: this is "bloomberg best." let's continue our global tour of the week's top business stories. in europe, where political and economic volatility was the dominant theme of the week. >> prime minister theresa may versus parliament in a battle that will determine how brexit turns out.

position wasof her highlighted by losing three votes in the house of commons over her agreement with the european union. parliament has to decide on a plan b if it rejects may's plan. >> it is all very confusing. what we saw yesterday was parliament asserting itself into this process far more firmly and really just showing up mrs. may and her minority government. she was not able to win any of these three votes that came through yesterday. that does not bode well for obviously the big vote, which is still on track to happen next tuesday night. the other thing to note that happened yesterday which was perhaps more significant, the european top court gave an opinion that actually britain is allowed unilaterally to stop the article 6 and that is a bit of a game changer. it means parliament could potentially instruct the

government to cancel article 50. >> the yellow vest protests have continued to rock france this weekend. saturday you saw protests in paris and around the country and they resulted in over 100 injured and more than 400 arrests. president macron is refusing to back down from his plans to raise the gasoline tax. does the government know which way to take this in order to diffuse the situation? >> it really doesn't. it does not know exactly what they could do to do views the situation -- diffuse the situation. the demands of expanded way beyond the original protests about higher gasoline taxes. it is now just a general protest against the high cost of living. one thing they could probably do is delay or postpone a tax increase on gasoline and diesel that is due to take effect in january. two problems with that, it is very much part of mccrone's --

president macron's tax policy and ecological projects, and he is not the type to back down. >> emmanuel macron's government is backing off its plan to hike gasoline and diesel taxes. the prime minister announced in a televised address that the government will suspend the plan hikes for six months and will start a three-month debate on how to fight climate change. will this stop the protests? >> i don't think so. the initial interviews with members of the yellow vests said that they were not impressed. and also this movement is much more about just a few .0 there on taxes, it is a general unhappiness on so many issues, many of which emmanuel macron cannot do much about. the might be some moderates who are satisfied and won't protest anymore, but for the book of the movement, i see it continuing. >> the euro area showing no

signs of a meaningful economic rebound with italy on the verge of recession after the populist government fought with the european commissioner for spending plans. two things stood out to me over the data released. one with the situation with the italian numbers, but also the poor situation with the german numbers. you italian numbers are bad because the manufacturing. is the situation in italy similar to the one in germany? can we draw a line between these poor numbers and the fight that has been picked between rome and brussels? >> i think we can draw a line between the two. the italians have their own problems. let's remember that when things go bad in germany, that also has a big effect on italy. that is what people are worrying about. is the slowdown meddling in germany, but also other parts of the euro area, and the italians are worried the whole thing could have a bad impact on them. >> in germany, angela merkel exit from her party leadership

is currently underway. tore is a party meeting determine whether to select another candidate or a point her chosen successor. elected to ben the new leader of the cdu party in germany. >> she said in her acceptance speech just now that she wants to maintain the cdu as a large people's party in the middle, so that has been merkel's strategy, how she has won the last 13 years, keeping the center occupied in germany and than collecting some votes from the that theye cdu previously have not gotten. they had lost a lot of votes to the right and the alternative deutsche land is present in every one of the 16 state governments, as well as the national government. this is something that friedrich merits was hoping to change. now it is up to akk and her team

to try to do that while carrying on angela merkel's policies. ♪

you are watching "bloomberg best," i'm abigail doolittle. federal reserve chairman jerome testimony before congress was canceled as washington paused to honor the late president george h.w. bush. fed watchers were able to get exclusive insight from vice chair richard clarida who joined tom keene for a conversation on bloomberg surveillance. tom asked how policymakers are factoring trade tensions into their economic projections. tom: if we diminish trade, what is the price? >> in terms of the outlook for

the u.s. economy, trade is an important part. i don't think we are going there. trade is a very important part of the global economy right now. i think the u.s. economy is in good shape and we can talk about risky scenarios, but i think it is very solid. is thethin the trade idea of exports and imports of america, how does fed policy link into these debates or do you feel it will be more removed in the future, more sterile to monetary policy? >> i'm not going to get into the politics. i think fed policy is important in terms of making sure u.s. economy achieves maximum employment and stable inflation and that is really a dual mandate given to the fed by congress. we are focusing on what we need to do with our tools to achieve that mandate. focused inan powell his speech on financial stability. should that be a mandate of your fed? >> the way that i think about

financial stability is obviously very important, the fed has an important role in supervision and regulation, and also if we achieve price stability and full employment, that will contribute to financial stability. i think that is the appropriate balance. tom: let's move to the current dialogue. on friday, john williams of san francisco and also of the new york fed, with i thought a really sharp speech -- we have some john williams -- the problem we need to solve these days is the risk of inflation that is persistently too low rather than too high, price level targeting and its various offshoots, such as nominal gdp targeting promises to overshoot the target inflation rate in good times to make up for inflation under-shoot when policy is constrained. do we need a new regime at the fed that looks at the combination of real economic growth and price change?

>> tom, i think the fed has a framework that has been in place since 2012 and i think it is serving the fed well. that said, a lot has changed since 2012. as my colleague and friend john williams emphasized, we are in a world of low equilibrium risk rates. in a future downturn, there is less room for conventional monetary policy. what that means is that central banks need to be just as worried as keeping inflation at target is going above the target. abigail: we've got more discussion of the fed straight ahead from nobel prize-winning economist paul krugman. plus the presidents of argentina and ukraine talk about the very urgent issues facing their countries in a pair of exclusive interviews. and the brexit deal may be facing long often parliament for theresa may. up next, the royal bank of scotland ceo explains why he is backing the plan. >> the negotiated hard over a

long period of time, you are not going to get everything you want. abigail: this is bloomberg. ♪

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♪ "bloombergback to best." paul krugman brought economic insight to bloomberg television this week, joining "what are you miss" for a wide-ranging conversation. among the topics, whether the federal reserve should continue its policy of gradual hikes in 2019. ♪ chair, i would be pausing until we had a clear sequence of inflation numbers above 2% at the minimum. i think 2% is too low of a target. >> what number do you look at for inflation? >> certainly 3%.

our estimate of the real neutral rate has been interesting down by various estimates since that target became orthodoxy. you should reduce the inflation rate. >> isn't pce you are looking at? >> core pce or something like that. it shouldn't matter too much. you are overly sensitive to the data if it depends on that. >> do you think the economy is rolling over? we see the yield curve flattening, housing data has been pretty mediocre. how robust -- forget the fed. how robust is the economy? >> i'm not especially good at that but we had a tax cut gave some fiscal stimulus and if anything it tends to fade out, there is the crowning aspect from higher interest rates.

you would expect the economy to slow down. i don't see it rolling over. ♪ >> now let's turn to global politics in the wake of the g20 summit in buenos aires. the g7 nation issued a statement condemning russia's use of force in ukraine. following the summit petro poroshenko spoke exclusively with bloomberg, and we will revisit that interview in a few moments. but first, here's erik schatzker's exclusive conversation with argentina's president, who still has to reassure investors that his reforms can stabilize the economy and control inflation. ♪ workinge committed to inflation,uce because we know that if export people first. >> do you think it can be lower than 20% by the end of the year? >> no. [laughter] >> let me ask you this question.

you have articulated an economic strategy to financial markets very clearly with the help of the imf, but foreign investors aren't buying it. your bonds are still treating more than 10%. why is that? >> long-term bonds are short-term bonds? >> 10-year. >> let me tell you, they understand what is going on between the united states and china. >> you think that's affecting your bond yields? >> absolutely, all emerging bond yields. the next election is coming. >> so the investors who i have spoken with tell me that they need to know your political strategy. what is it? why?

because if you lose the election, your economic strategy will die a quick death in 12 months. if the opposition wins, your economic strategy isn't enforceable. so what is the strategy for winning the election? >> telling the truth, keep working together with my citizens, showing them that this is the only way, and this g20 is helped a lot, because every leader that has visited us for , they all agree that we are doing the right reforms. ♪ war.is is the new type of cyberattack of western democracy, the tryingrmation campaign, to attack the different

countries during very elections, and embargo on buying goods, stop supplying natural gas, and using military force against sovereign, independent countries, including ukraine. >> you mentioned the election. does the fact that the port of opened mean that you might be able to end martial law earlier? what is the status? --the current state definitely ukrainians are the object of unprovoked aggression from the russian federation. they are not covering any smokescreen to protect the sovereignty.

we have an intelligence information and we share it with western partners, about the concentration of the russian ground forces alongside the ukraine and russian border. they increased it three times, the number of tanks, rocket launch systems, warfare systems, number of artillery. id with this situation definitely include martial law and i think parliament support reactiono make a quick if clinton makes the decision to attack my country. noti the same time, we do leave the rights of freedom, democracy, because if we

postpone the presidential election and the name of this winner is mr. putin, we don't give them this chance. ♪ >> and now for one more x was of interview from this past week. lacqua said down with royal bank of scotland ceo ross mcewan in london. he says uncertainty over brexit is doing real damage to the british economy, which is why he supports theresa may's deal with the eu. ♪ deal.ave seen the at the moment i don't see another deal. from a business perspective, we need certainty. we negotiated hard over a long. love time. -- for a long period of time. it is how do we get certainty into the marketplace? what is starting to happen is investments are not being made.

companies not investing for the long term in order to see certainty. that is what i think is really important for the u.k. economy. i think it is now in the hands of our mps. get the deal on the table and make up your mind. >> do you think sme's, worst-case scenarios with a hard brexit, are they ready for it? >> i don't think they are. the conversation is with many customs numbers -- we have the largest lender into the business. the bank might be ready, but there are many customers that are not ready for a hard brexit, that don't understand it. we have been out talking to customers over the last three to six months, what are your contingency plans? there are very few with certain contingency plans? many have thought about it. if you are in the construction

industry and you are importing things from europe, you are saying, where do i store them? ifre are the storage areas, i do need a three-month supply chain extension? these are the issues that many businesses have looked at. >> do you see a recession coming? >> i think if we don't to get a certain proposition and there's a hard brexit, the economy will go into recession. -- i think theys reality is that uncertainty will push this economy into a much slower graph and we have had in the last 12 months. that's just reality. ♪

♪ this is "bloomberg best."

let's resume our roundup of the week off top business stories with the more activity around trade in tariffs. the auto industry found itself at the center of the storm that started with a presidential tweet. ♪ this mornings rising after president trump tweeted "china has agreed to reduce and removes tariffs on cars coming into china from the ministryna's foreign declined to comment. there's a tariff for america and a tariff that was cut for the rest of the world and i'm trying whether we -- do we go to the rest of the world? >> it's confusing. i think the market -- a clear takeaway is that there is a pullback from using this threat of escalating love use, one escalation after another. cars built ing

the u.s. and shipped to china are german suvs. for the u.s. automakers, tesla is an all-important brand in china. same goes for lincoln. gm has a lot of local production in china, so this doesn't have an immediate effect, but it is ,lso a signal of this threat being used case-by-case in the trump administration, going after what they see as bad actors, like china and the eu. >> if you look at shares of u.s. automakers, they are higher after they topped november sales estimates. the trump administration says china would reduce and remove vehicles, which came through a tweet. how much of the rise in gm today is due to that tweet versus the november sales numbers? >> that's where most of it is. the shares in both companies were trading up in premarket action will before sales numbers were out.

they didn't get a pop off the sales numbers as well. the market likes everything going on with the companies today. one of the things that has held shares down his uncertainty over trade. this looks like there might be peace, which is good news for any industrial. the threecutives at biggest german automakers went to the white house today to does us tariffs. volkswagen, bmw, and daimler have the most use. the question is if trump will go ahead with his tariffs. >> they said they had a constructive meeting, and they tried to make the case to the president about the investments that their companies are willing to make in the u.s., and how that would impact domestic jobs. volkswagen really eyeing chattanooga, tennessee in particular, about opening a plant. on the flipside, they don't want that 25% tariffs, which is something they tried to make case to trump in the

other economic advisers. they said they were not able to get a concrete deal. a lot of volatility and angst in washington, d.c. reverberating in the market heading into january and february of next year. ♪ rolls outm has rolle any chance to return to a bid for semiconductors, this after china opened the door following the g20 talks to looking at qualcomm and xp. why would that leave it at this $44 billion deal? >> i think this is really a case that it has already failed. qualcomm has connected a buyback program and is using cash that had previously been earmarked for the deal, the dynamics of the semiconductor industry have changed. previously when qualcomm made this bid two years ago, the semiconductor cycle was on the upswing. that.u are not seeing

there's a lot of concerns about slowing growth across the spectrum of semiconductor component. this that doesn't make sense for qualcomm. ♪ >> apple is trying to boost sales of the iphone, even offering promotion for the blockbuster product. this is a shift in strategy. >> it's obviously a saturated market, it has been increasingly competitive, and apples phone sales have slowed. they have stopped reporting unit sales. we are going into the christmas and holiday season and i inc. they recognized they may need to be more promotional. it might just be a short-term push the drive sales. but the concern from investors will be, is this promotional or more aggressive pricing going to be something that's more long-term, and if so, that goes into the pricing story, which

had really been a bull case for apple investors. even though unit sales were slowing, the product still has a lot of pricing power, which may be getting challenged. ♪ >> the u.k. parliamentary committee published internal facebook documents wednesday, revealing deals that may have given third-party developers access to personal data. the documents include emails for mark zuckerberg, indicating that facebook shut off access to data required by competing apps, while also sharing it with those that encouraged more time on the platform. they are not selling data, but they are certainly leveraging it. >> what is in these internal documents is astounding. they basically show that they spoke -- that facebook give special treatment to apps encouraging more time on facebook, or spend more money advertising on facebook, but shut out those that gave other apps more limited access if they would compete with facebook. view intoy unusual

the inner workings of this company and how they were making decisions. ♪ >> the federal reserve published a book that reported economic anecdotes from across the nation. most districts reported modest or moderate economic growth, although growth had slowed or was slight. optimism seems to be waning. >> optimism was the key point, and it was driven by three things. one is tariffs, higher interest rates, in market constraints. if two of those factors go away -- we know fed hikes are already discounted. we do get a melting of tensions and actual action between the u.s. and china, which i would contend we are actually seeing.

them i think the optimism can certainly bounce back. i'm not overly concerned. ♪ >> let's return to the gaps. the ride-hailing service competing with uber delivered early stage documents for its ipo, which is working with jpmorgan, credit suisse, and jeffries to make the offering next year. the basic pitch is that the company went from $18 million to $30 billion. the filing is confidential, but what do we know? >> very little at this point. companies have been able to do these confidential filings, they gave all the data to the sec, those financials and risk factors, it can go back with suggestions or feedback. that -- itells us is didn't have to put out a statement saying it had filed confidentially, but it's almost like firing the starting gun on this process, kicking off the

regulatory process for the real numbers everyone will take a look at. ♪ >> personnel announcements and the trump administration, x bush attorney who could succeed sessions, and heather and ours is moving to the u.n. >> it looks like the president is getting people into the position that the doj and u.n. who he likes, who are close to him, who will replace jeff sessions. favorably, from trump's perspective, on a number of significant issues, he looks like a guy who was in line with trump thinking. he will be tested in the senate. they want to know he will protect special counsel robert mueller. ♪

♪ best." is "bloomberg

this week, america mourned the passing of one of its leaders. president george herbert walker bush was a man whose life reflected in shaped the second half of the 20th century. family, friends, and political figures from around the world gathered to celebrate his legacy at a state funeral wednesday. david westin takes a look back at the life of george h.w. bush. ♪ >> i, george herbert walker bush, do solemnly swear -- >> that i will faithfully execute the office of the united they. >> that i will faithfully execute the office of president of the united states. >> and with that, george herbert walker bush became the nation's 41st president on friday, january 20, 1989. he was born in new england in 1924, and his father was a banker and politician. the family lived in greenwich, connecticut, where the younger bush attended private schools

before being accepted to yale. but he didn't go to yale right away, instead listing in the u.s. navy on his 18th birthday. a naval aviator, he flew 58 combat missions in the south pacific, including when his aircraft was hit. with his plane on fire, he dropped his bombs on the target, flew out to see, and floated on a raft for hours before being plucked to safety by a u.s. submarine. while still in the navy, lieutenant bush married barbara pierce.shortly thereafter , they started the family while he attended yale university. he was captain of his fraternity and baseball team. after graduation, they moved to west texas, where he started his own oil company, moved to houston, and begin a work and politics. by the mid-1960's, he was serving as a congressman, the first of public and to represent houston. what president nixon wha appoint him to the ambassador to the u.n., feiss president, and eventually president. some, like his friend and

secretary of state james baker, caused the most successful one term president in history. >> if you look at what happened in the world and the way he managed that, the way he managed the end of the cold war, it ended with a whimper and not with a bang, it was really incredible. and look at the other things along the way, the unification of germany as a member of nato, the coalition he put together to reverse iraq's aggression in kuwait, ending the wars in central america, which had been the holy grail of both the left and right. >> although he excelled at foreign relations, the national economy served his achilles heel. after pledging not to raise taxes, he reached across the aisle to reduce the deficit through accommodation of spending cuts and increased revenue. when the economy turned down, he lost the presidency to baby boomer and arkansas governor bill clinton in the three-way race with fellow texan, ross

perot. >> it's not easy. you are out there trying your hardest, a great feel of letting down a lot of people that works for me, for our administration. we had this ghastly feeling that we let them down, and then you get over it and go on with your life. >> moving on included more time devoted to his family, as well as to the service of others. in 2005, he and former president bill clinton partnered to raise funds for victims of the indian ocean tsunami, then victims in haiti and along the gulf coast. >> we have been given a lot of material things, when you look around compared to others. you must feel responsibility to others. you must believe in serving others. that's the fundamental tenant in my life. >> his wife is 73 years, barbara bush, died earlier this year. after her funeral, he largely kept out of the public eye,

spending time with friends and family, five children, 14 grandchildren, and even more great-grandchildren. when asked in 2012 how he viewed his life and what was to calm, he simply said, he was not afraid. >> not a fear something, not a worrying incentive. i'm feeling -- i am where i have been, i am blessed that i have got grandkids in family. ♪ >> you can find much more on his life and legacy at bloomberg.com, including analysis of his economic and foreign-policy record and his long career in public service, along with all the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching. doolittle.bigail

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