Robert Rubin

* Of all the comments on Robert Rubin stepping down as secretary of the Treasury (May 13), none has mentioned what I think was his finest moment. When the Republican-led majority decided it would make sense to shut the government down, there was a real threat of a default on the federal debt.

If the U.S. defaulted on its debt, it is hard to overestimate the devastating effect it would have had not only on our economy but the economy of every country in the world. U.S. securities are the backbone of the world economy and with over $5 trillion in outstanding debt, a collapse in its value from a default could have brought the economy of the world to a standstill.

By using some very creative accounting techniques, Rubin managed to keep making the interest payments, although there were numerous reports at the time that the Republicans were doing all they could to stop him.

More than the crisis in Mexico or Asia, his handling of the stupidity of Republicans in the House showed Rubin’s talent for dealing with problems.

JOHN PATRICK ORMSBEE

Newport Beach

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Thanks, Robert Rubin. You have proved to Democrats and Republicans alike that “it was the economy, stupid!”

TONI STEIN

Los Angeles