As we’ve been telling you, speculation is swirling up and down Wall Street about the next Treasury Secretary. New information suggests Main Street really wants to know too.
According to a new CNN/Opinion Research Corp. poll, "41% of Americans believe the Secretary of the Treasury will be the Obama administration member who will matter most to the country's future."
Whoever gets the post inherits a string of problems including the $700 billion dollar TARP (Troubled Asset Relief Program). As you know, there’s controversy about how to best use that money.
Leading candidates include NY Fed Governor Tim Geithner, former Clinton Treasury Secretary Larry Summers, former Fed chief Paul Volcker, and NJ Governor Jon Corzine.
According to the prediction market site InTrade here's where those candidates stand as of Monday November 17th.
Who Will Be Next Treasury Secretary?
From Prediction Market InTrade.com
Tim Geithner Larry Summers Paul Volcker Jon Corzine
52% 32% 10% 9%
For further insights we turn to CNBC’s Larry Kudlow. Here’s a short synopsis of his main points.
“I thought for sure that we’d have Obama’s economic cabinet by last week; Treasury, budget and national economic counsel," muses Kudlow. "And I think the markets are very disappointed that we don't.” Hence Monday's sell-off.
"I think in the long term we’re going to be fine," he adds. "The Fed is pouring money into the system, prices at the pump are diving and credit is getting easier. These are the seeds of recovery. Now we just have to sow them."
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Trader disclosure: On Nov.17, 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), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Pete Najarian Owns (ETFC); Pete Najarian Owns (MOS) And Is Short (MOS) Calls; Pete Najarian Owns (SCHW) And Is Short (SCHW) Calls; Pete Najarian Owns (CVX) Put Spread; Pete Najarian Owns (ADM) Call Spread; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Owns (ROH) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (RTH), (USO), (BBT), (COF), (VNO); Seymour Owns (AAPL), (BAC), (ETFC), (F), (INTC), (MER); Seymour Is Short (TM)
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