A Failure of Style

In meeting the expectations of markets this week, US Treasury Sec. Tim Geithner’s performance could not have been any more lackluster. Markets were expecting a firm, authoritative figure to appear with an overall plan for dealing with the bailout funds. Instead they got a shaky, shifty individual whose lack of eye contact and nervous vocal intonations were in direct contrast to the content of his remarks. This contradiction between message and messenger sent the markets into a dive as feelings of hope dissipated into despair at the current crisis.

In reading the news, I decided to watch the press conference first before turning to the pundits. I was personally struck by the secretary’s seeming lack of gravitas (some say, he was dwarfed by the American flags that were lined up behind him) and his lack of public speaking ability (as former Chief Executive of the NY Fed, he was not used to fronting the press corps, much less reading from a teleprompter). I also thought about the twin fiascos involving his unpaid tax liabilities and pronouncements over China and its exchange rate policy which presumably tarnished his public persona prior to this appearance.

This brings up the question of style over substance in public policy making. In direct contrast to his boss, Barrack Obama, Timothy’s inability to project an image of cool calmness under pressure and intensive public scrutiny may have severely disadvantaged him in directing policy in his area. Certainly, the previous Secretary Henry Paulson would have fared much better, which is to say, it might have been wise for the current administration to have kept him (despite what the critics in his party would say).

Amid all this, the withdrawal of another Cabinet nominee for the Commerce department, a Republican legislator from New Hampshire, after the failed nomination of Gov. Richardson is hampering the economic agenda of the Obama presidency at this crucial time. While it is true the saying that goes, you campaign in poetry, you govern in prose, the administration could do with some poetry right now, which is probably why, the president has returned to the campaign trail in promoting his economic stimulus plan.