Word: rubins
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...Robert Rubin's been a lame duck for only one day -- could the economy be overheating already? Well, Thursday's round of economic reports from Washington certainly raised a few red flags. The Labor Department's Producer Price Index (PPI) rose 0.5 percent in April, up from March's rise of just 0.2 percent. And though retail sales for April rose only 0.1 percent, inflation hawks would have much preferred a drop -- considering that April was the ninth straight month that America's drunken-sailor consumers spent more than the month before. TIME senior economics reporter Bernard Baumohl says...
...Rubin make the boom, or did the boom make Bob Rubin? Rubin himself relentlessly defers the credit to his boss, President Clinton, to Fed chairman Alan Greenspan, to his staff and colleagues at the Treasury Department, to luck, and to a natural, cyclical economic high tide that he merely tried to keep as high as he could for as long as he could -- with considerable success. Wherever credit is due, the Clinton administration has presided over the greatest economic expansion in U.S. history; a 200 percent rise in the stock market; record lows in both unemployment and inflation...
...Michael Dukakis's old running mate had Rubin's job from 1992 to 1995 while Rubin headed President Clinton's newly created National Economic Council in the White House. The expansion, and the unstoppa-bull that went with it, started on Bentsen's watch. But in 1993, it was Goldman Sachs veteran Rubin (with an assist from Greenspan) who persuaded President Clinton that his dreams of a prosperous American middle class had to be kick-started by balancing the federal government's then blood-red budget books. A credible deficit reduction plan would please the bond market, the former arbitrageur...
...white shirts, always. Who has been living in the same suite at the Jefferson Hotel in Washington for the past six years, and almost always dines downstairs (and whose wife wouldn't move down to boring old Washington with him). But -- and here's where the line between what Rubin actually did and what merely happened while he was minding the store gets even blurrier -- Rubin's footprints go deeper. By a strange confluence of historical eras, cultural shifts, personality and yes, good fortune, Robert Rubin, the 71st man to hold the traditionally unglamorous post of secretary of the United...
...With the helium-filled stock market shoving politics aside this decade as Americans' ticket to life, liberty and early retirement, it was Rubin and Greenspan who emerged as the wonks voters couldn't live without. Americans looked to Wall Street, Wall Street looked to Rubin. Clinton, who has proved repeatedly that he knows the electorate better than any of us, knew Rubin's value when he begged his weary cabineteer to ride out impeachment -- a sour stock market was always more dangerous than Ken Starr. And with the Cold War over and the biggest threat to American freedom no longer...