AFL-CIO Secretary-Treasurer Richard Trumka just cut Bob Rubin a new one:

Blaming unfettered global trade and inadequate government regulation for lost manufacturing jobs and a staggering economy, Trumka’s presentation cautions that “it will do us little good if, when the next Democrat moves into the White House, Wall Street takes command of our country’s economic policy.”

Trumka leaves no doubt that the rebuke is aimed at Rubin, Wall Street’s most prominent Democrat. It’s “hard to tell the difference” between Rubin and Republican Treasury Secretary Henry Paulson, the presentation says. Trumka’s critique reflects the concern among organized-labor officials that Rubin and like- minded Democrats may win the behind-the-scenes battle to shape Obama’s economic thinking.

“I’m hearing Rubin’s name more and more associated with the campaign’s economic policy,” says James Torrey, a top Obama fundraiser and chief executive officer of New York-based Torrey Associates LLC, a hedge-fund investor.

Further down in the article, it notes that Obama is talking up a strong dollar policy, a shibboleth of Bob Rubin.

This is a bad sign, and not just because it indicates a tilt toward Rubin. It’s also no longer sustainable, and tremendously damaging to the economy, at least if you are not a big ticket stock broker like Bob Rubin.

The fact is that much of the Clinton administrations economic policy was driven by Rubin, and it was not Democratic Party economics, it was Eisenhower Republican economics, and the credit crunch is largely a function of these policies now coming home to roost.