How Obama Can Fix Wall Street


There’s no shortage of advice out there for Barrack Obama, especially when it comes to ways in which to get the financial system back on track.

As you might imagine, celebrated contrarian investor Bill Fleckenstein has a few thoughts on the matter.

Fleckenstein is among the many investors who are eager to learn just what an Obama economic team is going to look like. However he’s not about to jump the gun.

Other investors, however, spent much of Wednesday reading into a line from his speech on Tuesday night in which Obama said, “Let us remember that if this financial crisis taught us anything its that we cannot have a thriving Wall Street while Main Street suffers.”

What should you make of it?

Nothing, according to Fleckenstein. Essentially it’s too soon to draw any conclusions.

“There’s been some concern that some of Obama’s policies will be too leftist,” says Fleckenstein. But wait until “we see how he populates his economic team. Then, we’ll have a better sense of where he’s going to go.”

“When you start to see a team of 5 – 8 people then you can get a sense of what the ideology will be,” adds Fleckenstein. But not before.

To hear our entire conversation with Fleckenstein please watch the video.

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Trader disclosure: On Nov.5, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (GS), (MSFT), (INTC), (NUE); Macke Owns (WMT), (MSFT), (DIS), (UUP), (SDS); Pete Najarian Owns (CHK) Call Spread; Pete Najarian Owns (YHOO) And Is Short (YHOO) Calls; Finerman's Firm Owns (UFS), (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (WFC), (IYR), (IJR), (IWM), (SPY), (USO), (MDY), (GNK with wires