Good Riddance

Sorry, this expansion hasn't been driven by keen Treasury policy. Rubin's departure means nothing.
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Big %$!^ deal.

That's this correspondent's reaction to the

Rubin

resignation.

Talk about his steel-trap mind, talk about his trading savvy, talk about the billion dollars he made in the private sector.

The fact is that one of the biggest driving forces behind the terribly impressive economic performance we've seen over the past four years or so is not particularly keen

Treasury

policy, but rather a set of fortuitous circumstances the likes of which we will not again see in our lifetimes. Thank a years-long dragging Japan, thank scores of financial crises around the globe, thank the terribly cool and entrepreneurial people who live in this country. But do not shove credit across the table to the government gambler in the ridiculously expensive shirt. The truth is that it would have taken one big idiot indeed to screw it all up.

Your narrator believes that a ham sandwich with a scepter could have done just as good a job.

As to

Summers

? There is no doubt that he is the right man for the job. In terms of economic brain power, Rubin is to Summers what

Rivlin

is to

Greenspan

.

And the bond market knows it, even if the sissy stock market doesn't.