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Rather than 1987. >> a little present for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you, if congress tries to raise taxes when i'm president, and you know they will, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye and i'm going to say to them, read my lips. no new taxes! >> in 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. [ when ronald reagan left the white house in january, he also left george bush holdin...

>> a little present for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you, if congress tries to raise taxes when i'm president, and you know they will, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye and i'm going to say to them, read my lips. no new taxes! >> in 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. [ when ronald reagan left the white house in january, he also left george bush holding the ball, filled...

We always do. it's just a question of when. my guess is it's probably 1989, rather than 1987. >> a little present for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you, if congress tries to raise taxes when i'm president, and you know they will, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye and i'm going to say to them, read my lips. no new taxes! >> in 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. >> when r...

We will have a recession. we always do. it's just a question of when. my guess is it's probably 1989, rather than 1987. >> a little present for the new president. >> presidents always soom to manage to get that as their gift after the inaugurals. >> i promise you, when congress tries to raise taxes when i'm president, and you know they will, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye and i'm going to say to them, read my lips. no new taxes! >> in 1988, george h.w. bush is running to take on the reagan mantle. read my l...

Holding the bag. >> when the president calls, some come running. all agree the savings and loan crisis an urgent problem. >> could they be bailed out without a tax increase? >> i don't think there is, and that's the conclusion of most people. >> bush had to fill this smoking hole and the only way to do that is pass new legislation. because now we had to start dipping into taxpayer money. >> the only bailout is for depositors, not bad bankers. >> no one needs to worry about one nickel in those institutions. >> this legislation says to tens of millions of s&l depositors, you will not be the vict...