Word: rubins
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...private, Greenspan is full of insights like this. He is as much an observer of people as of markets. Rubin, among others, says the joy of working with Greenspan lies in both the power of his intellect and the sweetness of his soul. Though the world has come to know him through his opaque congressional testimony, friends know him as the Juilliard-trained saxophone player who spent two years touring with a swing band before taking up economics. The quiet romance of the man has always been present if you looked hard enough. Ayn Rand told friends, "What I like...
...Rubin has had his star turns as well. In late 1997 he probably single-handedly stopped a panic about Korean debt from avalanching into a U.S. market crash by working the phones, convincing international bankers that they should cut Korea a break. It was not a welcome pitch. "This is a hell of a Christmas present," one banker moaned to Rubin on Christmas Eve. But Rubin's scheme saved the banks billions because if Korea had crashed, the banks could have lost everything. "It was Bob who actually got the banks to see how it worked to their benefit," Greenspan...
...help resolve the riddle of imperfect markets, the committee has spent six years working on an experiment. It's called the U.S. economy. The current boom is as much a part of the committee's legacy as is its battle to stem global turmoil. It was Rubin--via the 1993 deficit-reduction plan--who navigated the Clinton Administration into budgetary agreements that helped create the first surplus in 29 years. This fiscal responsibility helped lower interest rates, which kicked off a surge in business spending. Greenspan, who dovetailed his own monetary policy with those goals, let the economy build...
Their success has turned them into a kind of free-market Politburo on economic matters. Clinton relies on the men to a level that drives other Cabinet members nuts. One weekend this summer, when both Summers and Rubin were on vacation, Clinton began to panic about Russia's weakness. "Where's Bob?" the President kept asking nervously in a morning meeting. Turning to White House staff members, he told them to pull together a plan. The team spent a weekend crashing a strategy, only to be shut out again when Rubin arrived back in town. An aide to Secretary...
Clinton doesn't bestow his trust blindly. He has immersed himself in economic details over the past six years. Rubin recalls a fishing vacation he took last summer as the President was trying to formulate his response to the Russian crisis. As Rubin stood streamside near Homer, Alaska, his Secret Service agent's phone rang with call after call from the White House. Rod in hand, Rubin helped Clinton develop a clear understanding of the options. "He doesn't just sit by and sign off on policy," Rubin explains. And, Rubin says, Clinton has been willing to make politically tough...