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Rubin actually spent his years in the Clinton Administration as the Deputy Secretary (#2) and then as the Secretary of the Treasury Department.  In that role, he was the executive's interface with the Central Bank.

IMHO, the reason why Rubin was effective is that he came from Wall Street and could explain U.S. policy to the financial and trading communities.  Since that's the community that the Federal Reserve tries to send its messages to with its rate changes, there was good balance.

It's been bizarre watching the tail wag the dog in the Bush Administration.  Greenspan has been twisting himself into a pretzel to justify the executive's irresponsible macroeconomic policies (huge tax cuts with huge deficits), while Bush's Treasury people have no understanding of how to talk traderspeak.
by Hoya90 (hoya90jmk-at-yahoo-dot-com) on Tue Jun 21st, 2005 at 03:09:27 PM EST
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