Robert Rubin, Who Made a Fortune on the Housing Bubble, Argues for Preserving Wall Street's Power Over the Fed

The Federal Reserve Board has more direct control over the economy than any other institution in the country. When it decides to raise interest rates to slow the economy, it can ensure that millions of workers don't get jobs and prevent tens of millions more from getting the bargaining power they need to gain wage increases. For this reason, it is very important who is making the calls on interest rates and who they are listening to.

Robert Rubin, who served as Treasury secretary in the Clint...