Word: rubins
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While there are important differences in the two economies' slumps, the parallels are instructive. The strong-yen policy of the 1985 Plaza accord sucked money into the Japanese stock market, which soared 300% from 1985 to 1990. Treasury Secretary Robert Rubin's strong-dollar stewardship did much the same for the U.S. stock market in the 1990s. The boom was characterized in Japan by inflated land prices, in the U.S. by the NASDAQ. Japan in its heyday, and the U.S. in its later boom, both experienced huge boosts in worker productivity, high growth and low inflation. Japan's manufacturing...
...After departed Treasury hero Robert Rubin set the recent standard for departmental conflict-of-interest-avoidance when he cut his financial ties to his former firm Goldman Sachs, and Dick Cheney - after a bit of hedging - did the same with his Halliburton holdings, the already iconoclastic O'Neill was starting to give his boss headaches. (Perhaps the final straw was when the Democratic National Committee's web site kicked off a "O'Neill/Alcoa Stock Tracker" last week...
...Right. Greenspan is taking the longer-term view, which is ordinarily the right thing to do. But the markets are in the middle of a crisis. The "Committee to Save the World" (Greenspan, Bob Rubin and Larry Summers, on the cover of TIME during the Asian crisis) is down to one. The markets need some leadership, and Greenspan's the only one who can provide...
...friends from the University and elsewhere--including former Treasury Secretary Robert E. Rubin '70--also met with the committee many times during the nine-month search. But whatever influence they possessed collectively, they are modest about the individual sway they had over the secretive body...
...many, I'm sure, who spoke with the search committee about Larry," Rubin said. "I would tell them what I said all along, that he was extremely well qualified...