This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Obama's Economists Need to Be Near Perfect

Summers' Return

Larry Summers is no stranger to Washington, having served as Treasury secretary during the Clinton administration and chief economist of the World Bank before that. Summer became president of Harvard University after serving under President Clinton, but resigned from the post in 2006 after several controversial statements, including one that males perform better in science and engineering than women.

Before being selected to director of the National Economic Council, Summers had been rumored to be a candidate for the Treasury secretary spot. But while Obama has based his entire presidential campaign on the idea of change, some observers are befuddled by his decision to hire Summers into a top economic position.

"Unfortunately, Summers has been much-maligned as the president of Harvard," Williams said. "But he knows Washington pretty well. He's a bit long in the tooth, and I'm not sure he's the most creative thinker to use new approaches, but that's where Geithner comes in."

Volcker Is No Nonsense

Many Wall Street observers cheered Obama's pick of Paul Volcker for chairman of the Economic Recovery Advisory Board. The former Fed chairman made the very difficult decision to raise interest rates in the early 1980s, which received considerable criticism despite the fact that it ultimately helped tame inflation in the U.S. It's no surprise that with the country facing significant decisions, Obama wants Volcker's expertise.

"Volcker brings a lot of experience and credibility to Obama's team and financial markets," said LaVorgna. "He brings an incredible amount of experience, knowledge and credibility. Perhaps his role will be selling whatever the administration chooses to do with helping the financial sector."

4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs