Thursday, May 13, 1999 Published at 09:31 GMT 10:31 UK
Business: The Economy
Robert Rubin, a hard act to follow
Robert Rubin is seen to have come up with the right answers
Wall Street makes no secret of its regard for the work of Robert Rubin as Treasury Secretary. There is widespread respect for his successor Larry Summers, but doubts remain whether he will have the necessary diplomatic skills. The BBC's Richard Quest reports from New York.
It was 1995. The Dow Jones index of America's leading shares stood at 4,000. Robert Rubin was sworn in as US Treasury Secretary.
As Mr Rubin leaves office the Dow Jones stands at 11,000.
The United States is entering its ninth year of growth.
He was one of them.
He came from Goldman Sachs, the blue blooded investment bank - which incidentally has itself just gone public, taking advantage of the booming stock market.
In government, Mr Rubin was able to balance the demands of public service and the mantra of the market - keep the economy sweet so money can be made.
Mr Rubin not only balanced the US budget, he gave it its first surplus in 30 years.
He brought unemployment down to its lowest level in decades and inflation is non-existant.
Life after Rubin will not be so easy for the Clinton administration.
Larry Summers, the current deputy and nominee for top job, is a man highly regarded.
His brain power is without question. But his diplomatic skills are few.
He has spent the past two years travelling the world intimidating Asian economies into submitting to IMF policies. He is a Harvard professor who does not have the common touch.
Now he will have to charm the US Congress, mollify the markets and do the President's work.
Meanwhile Robert Rubin will be enjoying his millions back in New York.
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