Robert Rubin

"Internalizing the core tenet of Professor Demos’s teaching — weighing risk and analyzing odds and trade-offs — was central to everything I did professionally in the decades ahead in finance and government."

"Some people I’ve encountered in various phases of my career seem more certain about everything than I am about anything."

"The only place people find fulfillment is within themselves. And too often, that's the last place they look."

"Moments after being sworn in as Treasury Secretary in 1995, I stood in the Oval Office to advise the president on how to address the threat posed to us by the unfolding economic crisis in Mexico, an experience repeated two years later during the Asian financial crisis. I know what it's like to recommend complex responses with no certainty of success."

"We have an imperative need to address our unsustainable longer-term fiscal trajectory with sound economic policies. Few elected officials want to face this fact, but, at the very least, they should not make matters worse."

"Unconventional monetary policy and stimulus can be part of a successful economic programme for a period of time. But they are no substitute for fiscal discipline, public investment and structural reform."

"In the United States, refusal to confront a longer-term fiscal threat is not new."

"If you look at the numbers over the last few years and you look at the growth we've had, which has been very good growth, some fair portion of that is because of immigration and the increase in the labor force."

"I think they [tariffs] create a very serious risk of inflation, not only because prices of imported goods will be higher, but domestic producers will be able to raise prices because their competitors' prices will be higher. But also, I think it's a substantial threat to growth because it can adversely affect productivity since you can no longer have access to whatever is the most efficient producer of goods and services. And… there's a very serious risk of retaliation."

"The challenges of opposing authoritarianism can be great. But the ever greater consequences, if authoritarianism is left to continue, can be many times more severe."

"When the business community and our leaders cease to speak out on matters of public concern, they turn their backs on the foundations of our country's success."

"Free markets can't be separated from other freedoms Americans have cherished and sometimes taken for granted. Due process, the rule of law, free speech, a free press and honest elections have been among our most powerful advantages in the global economy."

"Over the past year, President Trump has taken unprecedented actions to assert federal control over our economy and undermine the constitutional system on which that economy depends. In response, many leaders in the private sector—as well as in philanthropy, media, law and academia—have responded not with criticism, but with acquiescence and accommodation."

"In my experience, many leaders harbor deep concerns about Mr. Trump's lawlessness, weaponization of the government, and interference in markets. They refrain from public criticism not because they find nothing to criticize but because they're intimidated."

"Markets go up, markets go down."

"We’ve spoken to many leaders in business and finance who, when it comes to economic policy, are open to the premise that Mr. Trump is a normal presidential candidate. We strongly disagree. The two of us have been involved in business, government and policy for many years, with more than a century of experience between us. We’ve worked with elected officials and business leaders across the ideological spectrum... When it comes to economic policy, Mr. Trump is not a remotely normal candidate. A second Trump term would pose enormous risks to our economy."

"Some argue that many dire predictions raised at the start of Mr. Trump’s term did not come to pass. But he has expressed regret that his term was less radical than he would have liked — and has promised that his second term would be nothing like the first. From 2017 to 2021, Mr. Trump, while extreme in many respects, was constrained by key appointees who came from the traditional conservative establishment and by the need to appeal to the business community as he sought re-election. If he wins this November, he’s made clear that he’ll choose appointees who will be submissive to him, and he will have no looming re-election campaign providing an incentive to curb his most extreme impulses."

"Mr. Trump would also take unprecedented action to diminish the independence of the Federal Reserve, pressuring it to set interest rates for his short-term political gain rather than the long-term health of the economy... Such actions could do great damage to our markets and to our economy by politicizing Federal Reserve Board interest rate decisions and undermining the broader credibility of the Fed."

"Nearly every element of Mr. Trump’s second-term agenda would create great risk of economic harm. In aggregate, there is a high likelihood that his agenda would lead to chaos and unpredictability, including global instability, in that way reducing investment and business activity. Meanwhile, inflation would be increased by tariffs, immigration restrictions and larger fiscal deficits. Some may feel that we made it through one Trump term and are thus likely to make it through another. But a more apt analogy is that after we survived one round of economic Russian roulette, Donald Trump is asking us to take another spin — only this time with many more bullets in the chamber. That would be a very dangerous game."

"For our country to succeed economically, our market-based system must function alongside strong, effective government. Strong, effective government, in turn, requires a functioning democratic process."

"What's so sad to me… is we [the United States] have such tremendous strengths and so many advantages. And I think the damage we're doing is very substantial. Attacking our research, attacking science and basic research, attacking our universities, immigration policy that makes no sense whatsoever."

"Our political system is in terrible shape. And that's not a partisan comment, though I do think Trump is doing just immense damage to our country, in his economic policies and his actions. But in neither party are we talking about a lot of what we need to talk about."

"ECB [European Central Bank] President Mario Draghi’s famous promise to do ‘whatever it takes’ to preserve the eurozone was a masterly move to buy time. But monetary policy cannot solve the currency union’s problems."

"To close great and growing wealth and income gaps, and to raise badly needed revenue for public investment, it’s not enough to lift the bottom up; we need to ask more of those at the top, too."

"When millions of people remain mired in poverty, no matter how hard they work, our whole economy suffers. Consigning millions of people to the economic margins has a serious adverse effect on the economy for all of us."

"The refundable child tax credit is not inflationary if paid for; is not a disincentive to work; and ought to be viewed as a public investment with a high rate of return."

"A refundable child tax credit can decrease infant mortality; improve the health and life expectancy of poor children and their parents; reduce exposure to abuse and neglect; reduce long-term health-care costs; and increase the future productivity, earnings and tax payments of child beneficiaries."

"While the FMLA Family and Medical Leave Act] was a landmark achievement, it doesn’t go far enough. American workers and businesses need a universal paid leave program."

"We do not face a choice between protecting our environment or protecting our economy. We face a choice between protecting our economy by protecting our environment — or allowing environmental havoc to create economic havoc."

"Criminal justice reform is not just about being fair to the individuals who will be most directly affected, but it’s also about doing what’s right for our nation’s well-being."

"People in prison are part of America, as are those who have been released. They are part of our society. And we have a powerful stake in their success."

"Looking back, what most prepared me for the life I’ve led was the open exchange of ideas that I experienced in college and law school... I have seen firsthand the way America’s higher-education system strengthens our nation."

"With its underlying principles of free expression and academic freedom, the university system is one of the nation’s great strengths. It is not to be taken for granted. Undermining higher education would harm all Americans, weakening our country and making us less able to confront the many challenges we face."

"We invest in higher education because there’s a broad public purpose. Our colleges and universities are seen, rightly, as centers of learning, but they are also engines of economic growth... Institutions of higher education spur early-stage research of all kinds, create environments for commercializing that research, provide a base for start-up and technology hubs, and serve as a mentoring incubator for new generations of entrepreneurs and business leaders."

"Higher education helps create the kind of citizenry that is central to a democracy’s ability to function and perhaps even to survive."

"One does not have to agree with the sentiments being expressed by a speaker in order to be troubled by the idea that they would be suppressed because of their content."

"[May] twelfth was a day I had hoped would never come; Bob Rubin was returning to private life. I believed he had been the best and most important Treasury secretary since Alexander Hamilton in the early days of our Republic. Bob had also been the first head of the National Economic Council. In both positions he had played a decisive role in our efforts to restore economic growth and spread its benefits to more Americans, to prevent and contain financial crisis abroad, and to modernize the international financial system to deal with a global economy in which more than one trillion dollars crossed national borders every day."

"Bill Clinton and his two treasury secretary enablers, Robert Rubin and Larry Summers, instituted a system of unregulated capitalism that has resulted in financial anarchy. This anarchic form of capitalism, where everything, including human beings and the natural world, is a commodity to exploit until exhaustion or collapse, is justified by identity politics. It is sold as “enlightened liberalism” as opposed to the old pro-union class politics that saw the Democrats heed the voices of the working class. Financial anarchy and short-term plunder have destroyed long-term financial and political stability. It has also pushed the human species, along with most other species, closer and closer towards extinction."

"Robert Rubin stands out as the poster child for the revolving door that exists between Wall Street and Washington. Rubin started his career by making a fortune at Goldman Sachs, where he worked for twenty-six years, including two years as its co-chairman. In 1993, President Clinton appointed him head of the National Economic Council, and in 1995 he became treasury secretary. While in government he spearheaded financial deregulation, including the repeal of Glass-Steagall. He also prevented the regulation of derivatives. In 1999, Rubin returned to Wall Street, and after brokering a deal with Republicans to legalize the $70 billion merger between Citicorp and Travelers Group, he was hired by the newly formed Citigroup and received about $15 million a year for his services. Less than a decade later-a decade in which Rubin earned more than $126 million at Citigroup-taxpayers bailed out his megabank because of the enormous risks Rubin and others encouraged it to take. In 2010, the bipartisan Financial Crisis Inquiry Commission (FCIC) voted unanimously to refer Rubin to the Justice Department for "potential fraud" for misleading investors about Citigroup's exposure to subprime mortgages. When DOJ declined to act, Phil Angelides, chair of the FCIC, said, "It's been a disappointment to me and others that the Justice Department has not pursued the potential wrongdoing by individuals identified in the matters we referred to them. At the very least, they owe the American people the reassurance that they conducted a thorough investigation of individuals who engaged in misconduct." I couldn't agree more."