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The new Rubinomics

Democrats appear united on what to do about the nosediving American economy. But underneath, divisions remain

By James Crabtree   December 2008

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At Barack Obama’s press conference to announce his dozen-strong transition economic team, the faces behind him had a distinctly Clintonite look—including former treasury secretaries Robert Rubin and Larry Summers. Dotted among them were a few faces from the party’s left, including Clinton’s Labour secretary Robert Reich. But they looked isolated amid the centrist economists and big-name CEOs. Was this, some liberals asked, the change we voted for?

The appearance of Rubin and Summers at the heart of Obama’s economic team brought to the surface an old split in the Democratic party,…

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