MALVEAUX: A rare and exclusive interview with Laura Bush -- the former first lady talked one-on-one with CNN's Zain Verjee about life after the White House, criticism of President Obama and about the woman who succeeded her as first lady.

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ZAIN VERJEE, CNN CORRESPONDENT: How do you think Michelle Obama is doing?

BUSH: I think she's doing great. I think she's doing very well.

VERJEE: What strikes you when... BUSH: Well, I saw her...

VERJEE: You've been there...

BUSH: I saw her at the funeral -- Teddy Kennedy's funeral last week -- and I asked her about the girls and how they're doing. And I know what she's doing. You know, it's what every woman who moves there does and that's try to make it a home, both for her husband, who's the president, and for her children.

VERJEE: President Obama is giving a back to school speech and there's so much controversy over that.

Do you think it's a good idea?

BUSH: I think that there is a place for the president of the United States to talk to schoolchildren and encourage schoolchildren. And I think there are a lot of people that should do the same and that is, encourage their own children to stay in school and to study hard and to try to achieve the dreams that they have.

I also am happy that it seems like they have not -- the Obama administration has not backed off the accountability part of the No Child Left Behind act that President Bush worked with Ted Kennedy on to pass. And I think that's really important.

We want every American child to have the very best education possible. And I think that's what those -- that legislation really demands.

VERJEE: The -- the issue that's been raised is, by many conservatives, they've been critical of this. They say that this is a dangerous socialist plot, it's indoctrinating school children. Some parents say, no, our kids are staying home. They're not going to listen to the president talk about education in schools...

BUSH: Well, that's their right.

VERJEE: And what do you...

BUSH: You know, that's -- that certainly is the right of parents, to choose what they want their children to hear in school. But I think, really, what people were unhappy about were the guidelines that went out with the -- with the -- before the speech went out. And I think those have been changed. And I think it's also really important for everyone to respect the president of the United States.

VERJEE: Do you think that it's fair that Obama is criticized as a socialist?

BUSH: I have no idea whether it's fair.

Do you think I thought it was fair when President Bush was criticized?

VERJEE: Not really.

BUSH: So I guess not. VERJEE: Well, what President Bush was criticized -- he was called by many on the left a fascist.

What kind of advice would you give the president...

BUSH: Well, I think...

VERJEE: ...President Obama in how to handle the situation?

BUSH: Well, I wouldn't give him, you know, any advice. I don't think I need to give him any advice. But I think it's just going to happen and people know it. And our country is, you know, because of our very really safe Congressional districts everywhere in our country, we're -- we're polarized, in the sense that people are -- a lot of people are on the right, a lot of people are on the left. And we've seen that for the last eight years certainly. And we're still seeing it. And that's just a fact.

And I think it's important for everybody who's elected -- Republicans and Democrats and Independents -- to do what they can to really be bipartisan and to come together. And it's difficult. You know, I know that was one of the real disappointments for my husband when he moved to Washington, because in Texas, when he had worked with the Democrat speaker of the House and the Democrat lieutenant governor, they had been able to really come together for what was best for our state.

And he was disappointed that that was not the way it worked out in Washington. And we're still seeing that, I think. And, you know, that's -- that's just a fact of life in American politics. And I think people -- I'm sure President Obama didn't expect it to be that way, but you know, it is that way. And I think all of us need to do what we can to try to come together on issues.

VERJEE: Do you think he's doing a good job, President Obama?

BUSH: I think he is. I think he's got -- you know, he's got a lot on his plate. And, you know, he's tackled a lot to start with. And that's probably made it more difficult.

VERJEE: Has it been difficult that Vice President Cheney has been so outspoken about so many issues where President Bush deliberately decided to -- to not speak out?

BUSH: I think that Vice President Cheney has every right to speak out. And I appreciate that he's defending the Bush administration and his administration. I think that's important. And I think there's place for that.

But George, as a former president, chose not to speak out. He doesn't think that -- he thinks he -- that the president deserves the respect and the no second-guessing on the part of the former president. He didn't like it when he was criticized by former presidents and he -- he's just -- that's what he's chosen to do.

But it's certainly Vice President Cheney's right to say whatever he wants to say. That's one of the really great things about the United States, you know, is...

VERJEE: It doesn't bother the president...

BUSH: ...people can have a role (INAUDIBLE)...

VERJEE: ...that he's out there being critical?

BUSH: No, not at all. No of course not.

VERJEE: And is he still in touch with vice -- former Vice President Dick Cheney?

BUSH: Sure.

VERJEE: And they talk often?

BUSH: Occasionally.

(END VIDEO TAPE)

MALVEAUX: The former first lady also told Zain Verjee that she and her husband are both spending time working on his presidential library, writing their memoirs and furnishing their new Dallas home.