Robert Rubin was President Clinton's Secretary of the Treasury. In that position he was instrumental in passing the bill that helped unleash the investment bank insanity that ruined the economy. After Clinton left office he went to Citibank, where for a paltry $20 million a year, he had sure the economy would crash.
In President Obama's worst move, he let Rubin and his cohorts continue the cozy Wall Street/Treasury/Econ Policy cabal after Bush. You would think with that sort of resume he would have the decency to quietly disappear to a cabin in the woods to write his memoirs. You would be wrong.
He's still pontificating and still talking shit. Today, both he and former Bush Treasury Secretary, Paul O'Neil both said that a second stimulus might create uncertainty and undermine confidence.
All evidence points to a slowing of the tepid growth the economy has experienced over the past six months. Job growth has stalled and any hiring in the private sector is being more than offset by layoffs in the public sector.
O'Neill said that companies are concerned about demand and won't expand facilities or hire employees until sales have improved. Rubin added that things are bumpy bot not terrible. It's easy to say that when screwing the economy earned him something north of $100 million.
So according to these two clowns, businesses are not expanding because they don't have confidence that sales will grow but if we spend more money to stimulate demand that will undermine confidence.
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