Editorial: Treasury secretary's legacy on economy

When Cabinet secretaries resign it rarely registers a ripple on the political and economic landscape. But after it was announced Wednesday that Treasury Secretary Robert Rubin was leaving, the Dow Jones industrial average dropped more than 200 points. The market quickly rebounded, but it is a testament to Rubin's key role in making the U.S. economy hum that the Dow would dip on the news of his departure, especially since it had been long anticipated that he would leave.

Rubin has played a pivotal role in assuring the stability of the U.S. economy. His ability to convince President Clinton of the need for budget cuts has been credited with not only reinvigorating the U.S. economy but also with setting the course for the nation's first balanced budget in decades. Rubin, a success on Wall Street who made $26 million in the year before he joined the administration in 1993, has wanted to leave for some time. He should be commended for his commitment to public service and for postponing as long as he did what promises to be a lucrative return to the private sector.

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