The New York Times tugs on the loose threads in the Rubin story to see if it will unravel a little. Ostensibly this is a story about Rubin's acolytes coming to power and how they're going to have to repudiate–or transform–the basic tenets of Rubinomics. But that's a red herring. No one would expect the endlessly pragmatic Rubin to be pushing a 15-year-old playbook:
All three advisers — whom Mr. Obama will officially name on Monday and Tuesday — have been followers of the economic formula that came to be called Rubinomics: balanced budgets, free trade and financial deregulation, a combination that was credited with fueling the prosperity of the 1990s.
But times have changed since then. On Wall Street, Mr. Rubin is facing questions about his role as director of Citigroup given the bank's current woes. And in Washington, he and his acolytes are calling for a new formulation to address the global economic crisis that Mr. Obama will inherit — and rejecting or setting aside, for now, some of their old orthodoxies.
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