Ramsey, let start with Greenspan. He turned on a dime after the 1987 crash pumping liquidity into the market, IMO, averting a major financial catastrophe. He is continually "jaw boning" the markets to "moderate" their rush to new highs, when the markets were somewhat "exuberant", yet he read the economy pretty well and let it move smoothly ahead. Under Greenspan, the FED actually did not go into prior "manipulation" of interest rates up, interest rates down on every squiggle in the economic data streaming in, and that is, partially, responsible for a relatively long period of economic expansion.
As for Rubin, he wisely increased the portion of short term debt (treasuries) when the interest curve allowed him to decrease our interest load. He orchestrated the rescue of Mexico, and I hear we even made money on the deal. He was instrumental in reducing trade barriers and increasing international "free trade".
As for Clinton, like any CEO he selected good lieutenants like the two above (well, in Greenspan's case he extended his tenure). Furthermore, he executed an economic agenda (which is more akin to the Republican agenda, Thank you, Mr. President) that resulted in the gradual elimination of the deficit and apparently is getting us into budget surpluses (and Mr. President, do not be "overzealous" in that respect, big surpluses are known to precipitate recessions due to their negative impact on aggregate demand).
These are just a "short" sampling, I have many additional "what has he done" but this space is too short.
Zeev |
