WASHINGTON — The first time Treasury Secretary Timothy F. Geithner was sent out as point man to sell the Obama administration's financial rescue plan, the Dow Jones industrial average plunged 382 points. And Geithner's subsequent efforts as a center-stage spokesman were less than resounding successes.
On Monday, the administration took a different approach. Geithner largely confined himself to conducting a pen-and-pad-only news conference that excluded TV and effectively reduced the secretary from point man to staff briefer. The Dow soared nearly 500 points.
Wall Street clearly liked the meaty details he laid out. But beyond the substance of the rescue plan, the administration's shift to a lower profile for Geithner reflected a worrisome fact: Aside from President Obama, the administration has yet to find a commanding figure who can carry economic policy messages and inspire confidence in White House prescriptions.
In assembling his economic team, the president gave first priority to technical skill and intellectual achievement. So far, none of his senior advisors has shown the extra ability to inspire as well -- both on Wall Street and Main Street.
Because the programs are complex, costly and politically unpopular, the dearth of administration officials who can dominate the stage is becoming a serious handicap.
"They're not good. They can't talk to normal people," said Ross Eisenbrey of the liberal Economic Policy Institute. "They're not reassuring the public. And the psychology of consumer confidence is very important."
Chief White House economic advisor Lawrence H. Summers, a Harvard economist and former Treasury secretary, is widely admired for his grasp of global economics. Former UC Berkeley economist Christina Romer is a top expert on the Great Depression.
And Geithner headed the Federal Reserve Bank of New York after holding high-level government jobs involving the economy and finance.
Yet all have stumbled in recent public appearances on the economy.
"The ability to communicate with average people was not what these people were chosen for," said Alice M. Rivlin, budget director under President Clinton. "They were chosen for their understanding of the problem and their ability to think creatively about it and to work out solutions to what is admittedly a very complex issue."
Selling the president's economic plans "clearly has not been their forte," she said.
