NEW YORK ( TheStreet) -- How will the markets react to further intervention from the Federal Reserve when current Chairman Ben Bernanke isn't the one giving the orders? Breaking down the possible effects is TheStreet's Jim Cramer and Joe Deaux.

For a while it almost seemed as though it went without question that Janet Yellen would be the next chairman of the Fed. But in recent weeks, the easy-win consensus seems to be shifting, with Larry Summers entering the discussion.

Although people have said Summers will be good for the markets, Cramer wants to know which one -- bonds or stocks?

He said that Summers would be good for the U.S. dollar and bond markets, while Yellen would be better for the stock market.

The rationale is simple, because Summers favors tapering more, which in turn is bad for stocks and good for the dollar. Yellen is the opposite, and is more prone to maintain or slowly taper quantitative easing, which is good for the stock market.

Cramer concluded that either way, the back-and-forth debate would affect the stock market and that Yellen will likely win because that's the consensus now. However, he did say that Summers is "brilliant" and a very smart man.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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