No, not Jeb Bush. I'm talking about George H.W. Bush, who lost re-election in 1992 but is still eligible for a second term. Bush recently headlines by skydiving again on his 85th birthday, and is now back in the news by criticizing Nancy Pelosi and defending the CIA:
http://washingtontimes.com/news/2009/jun/15/bush-rejects-pelosi-charges-of-cia-lies/?feat=home_headlines&Key quote: "I think people are alarmed now. There's too much government intervention into everything - putting people on the boards of directors. Too much. And too much spending," Mr. Bush said. "I think people are, you know, understandably concerned about some of the things that are going on now."
Regardless of your opinion of the man, it is clear that he is certainly acting like a presidential candidate. What would a Bush Sr. run in 2012 look like? Perceived as a 'moderate' Republican, he could help out the party by reaching out to displaced moderates who are disenchanted with conservative rhetoric. As a World War II veteran, he would appeal to this demographic as well. And in terms of foreign policy experience, there's no one out there with a more impressive resume.
Downsides to a Bush candidacy in '12 include his age (88 years old on inauguration day) and the toxic Bush name. Should he run, there is no doubt that he will have many concerns about his age - even more than John McCain faced. His recent skydiving trip may have been a way to assuage fears about his health. And while his son is still unfavorably regarded, Bush Sr.'s reputation since leaving office has soared, with many liberal Democrats pointing to him as an acceptable moderate Republican. In fact, his son's failures in office may be the biggest reason why Bush opts for another bid - he may want to restore the family name to its past dignity. As for electability, he's a no-brainer: Bush won in a landslide in 1988. Bush took many states that have not been won by a Republican since. They voted for him in '88, and they will vote for him again if Bush runs an aggressive campaign, attacking Obama on foreign policy, huge deficits, and the economy. This time, "it's the economy, stupid" may work to Bush's benefit.
For all this speculation, however, a Bush candidacy is far from certain. He clearly enjoys retirement, relaxing, fishing, and spending time with his grandchildren. But some days he just might feel the Oval Office beckoning for him to return. And, if given the opportunity, he just might. One thing is for certain, however: the Republicans could do a lot worse than George H.W. Bush.