George W. Bush has used his last press conference as president today to air his views on the economy.

The outgoing 43rd president, who leaves office next Tuesday when Barack Obama is sworn in, said a protectionist stance on trade would be a huge mistake for America and the world, and that global trade was the way to end countries' isolation.

Asked what mistakes he made in office, he said he regrets working people's money finding its way into Wall Street bankers' pockets in the wake of the multibillion dollar economic cash injection last year.

In a long press conference, during which the President seemed relaxed and jovial, he took the time to poke fun at himself, repeating the 'misunderestimated' gaffe that, for many, characterised his time at the White House.

On a more serious note, he said that he inherited a recession and was leaving office in a recession – which he said he had been warned could be as serious as the Great Depression that followed the Wall Street Crash in 1929. Thanks for that note of optimism, George.

Next Wednesday he is getting off the stage and out of the spotlight, he said, and said he wished President Elect Obama “the best of luck”.