I think no one (including me) wanted to understimate or insult Lasker. I'll say it one more time: he was a brilliant player! One of the greatest.
Kubas1010 used an analogy. An analogy is not the same situation. It contains mutual parts, that's all.
Nobody said Rubinstein had been better than the 2nd WC. He was one of top3 maybe top5 players at that time. If they both had fought in direct match Rubinstein could have been the 3rd one.
Imagine the situation that in 2013 Fide stopped to exist and then Anand make a requirment to anyone who want to play a match against him: prize fund must be at least 20 million dollars. Carlsen is winning all tournaments in a year, but don't have so much cash so he can't play a match. That's more or less how it was between Lasker and Rubinstein in 1912.
Lasker can not be judged as being afraid of compention when his contemporaries all did the same thing. It was considered acceptable at that time. They knew of nothing esle.
Your metaphor with Anand is something completely different. It is not considered the same as it was back them. Chess has evolved since than.
Also Akiba Rubinstein never finished above Lasker. Lasker was always ahead of him or tied with him. Check the below links
http://en.wikipedia.org/wiki/Emanuel_Lasker
http://en.wikipedia.org/wiki/Akiba_Rubinstein
1909 St. Petersburg. They both tied for 1st place. Every other competition Rubinstein won in 1st was tournments which did not include either Lasker or Capablanca. Which is why he got first.