Rubin and Co.

What The Rubinites Didn't Get About 2008
February 29, 2012

In his new book, The Escape Artists, my TNR colleague Noam Scheiber makes the interesting argument that one problem with President Obama's economic team was that, in struggling to pull the U.S. economy out of recession, the Rubinites (i.e., Tim Geithner and Larry Summers) were fighting the last war. What the financial crises of the late 1990s taught Geithner, Summers, and other members of Treasury Secretary Robert Rubin's economic team, Scheiber argues, was to embrace the Powell doctrine. Just as Colin Powell had argued that the U.S.