Backstage With Tim Geithner
Noam Scheiber directs us to an interesting Politico assessment of how changes in the handling of Treasury Secretary Tim Geithner have boosted his
Jul 31, 2020530 Shares530.4K Views
Noam Scheiber directsus to an interesting Politico assessmentof how changes in the handling of Treasury Secretary Tim Geithner have boosted his reputation:
“„They [Geithner's advisers] decided to “let Tim be Tim” and accepted the fact that his strength wasn’t giving a speech in front of a bunch of flags. Rather, they let reporters see him in off-camera, pen-and-pad settings, where he fielded questions with the confidence that his staff saw behind the scenes. He aced an interview with PBS’s Charlie Rose, thriving in a relaxed setting where he could explain issues at length.
“„Perhaps most important, the staff realized the importance of making sure other parts of the government knew all the nuances of what was being decided. Treasury officials now meet with White House chief of staff Rahm Emanuel three or four times a week, so top officials can coordinate and trade notes about views on Capitol Hill.
“„Although Obama never lost confidence in one of his earliest Cabinet picks, a turning point for Geithner came during a seven-hour marathon meeting at the White House on March 15. The president’s top aides could see that he had thought through all the options and had thoughtful, authoritative answers to all their questions.
Management of the secretary has no doubt improved, to positive effect. He’s gotten used to the job, he has more help at Treasury, and the initial bungles and miscommunications that characterized his disastrous first weeks have faded as the White House has understood the need for better Treasury PR. If I had to guess, I’d say that these factors account for maybe 15 percent of the recovery in Geithner’s reputation.
The balance? Economic conditions mostly outside of his control. In the first month of his tenure, as crucial policy decisions were being rolled out one after another, the economy was getting worse at an increasing rate. Worst of all, it was doing it in a very visible fashion; no public appearance went without the inclusion of a stock ticker in a bottom corner of the television screen, and in those weeks stocks were always down (usually by a lot). No longer. Certainly, administration actions — including management of Geithner — have contributed to confidence. But with stimulus only beginning to trickle out and the secretary’s toxic asset program still on the drawing board, one has to attribute most of the appearance of green shoots to aggressive monetary policy and the natural progression of the recession. Both of which have redounded considerably, to Geithner’s benefit.
Should markets once more take a nosedive, attention will once again focus on the failures, real and perceived, of the Treasury secretary. Better communication strategies won’t keep the knives from coming out.
Hajra Shannon
Reviewer
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