Word: rubins
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...stimulus-package debate Wednesday for the first time with a bid of "$60-$75 billion," topped Tom Daschle?s whispered $50 billion earlier offer. That?s on top of the $55 billion already dashed off to rebuilders and the airline bailout. So what's to worry about? Greenspan and Rubin say any more than $100 billion total (roughly 1 percent of GDP), and you?re begging for rising interest rates now and rampant inflation later...
...doesn?t have a ton of credibility when it comes to the economy and Social Security and the national debt, and nobody?s in the mood right now to take a flyer on the rich people letting it trickle down. When it comes to the economy, do what Bob Rubin would do, and spread it around. Let businesses come around when they?re ready...
...Which may leave him with a long-term interest rate problem. Keeping mortgage-type rates down to stimulate refinancing was Rubin-Clinton?s greatest achievement, and it?s what Rubin is worried about throwing away right now, and getting inflation instead...
...good to see Rubin around, a meticulous man who made his career carefully assessing risks and making intelligent bets. These are not days for the loose of lip or itchy of trigger finger. But it?s going to be a long hard winter for the economy - the recession that was inevitable before Sept. 11 will be even deeper now. And as the Bush administration tries to pick its way back to more prosperous ground, the markets will occasionally look to the Treasury for guidance and reassurance, but not empty pep talks...
...some point Bob Rubin?s going to have to go back to work...