Dodd's Committee did it. Bernake's mentor, Orzag's pal, chosen to sit on Fed. Reserve Board.

[dixiegrrrrl]

Senate panel OKs Diamond as Fed member

(AP) – 22 hours ago

WASHINGTON (AP) — A Senate panel has approved the nomination of Nobel prize winner Peter Diamond to be a member of the Federal Reserve.

The Senate Banking Committee, in a 16-7 vote, sent the nomination to the full Senate.

The seven senators opposing Diamond's nomination on Tuesday were all Republicans. They included Sen. Richard Shelby of Alabama, the top-ranking Republican on the panel.

http://www.google.com/hostednews/ap/article/ALeqM5hEPIxv1uEjnWFsIBXFetM9k50ldg?docId=19dc7a34150f452592f72d23f25a3d27
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I posted yesterday the history of this guy, info from Wiki:

Ben Bernanke, the current Chairman of the Fed, was once a student of Diamond.

Diamond wrote a book on Social Security with Peter R. Orszag, President Obama's former director of the Office of Management and Budget, titled Saving Social security: a balanced approach (2004,-5, Brookings Institution Press). An earlier paper from Brookings Institution introduced their ideas.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9566913&mesg_id=9567130

President Obama nominated Diamond, keep in mind.

[RUMMYisFROSTED]

1. Finally! An outsider in the Fed!

:woohoo:

[laughingliberal]

2. *sigh* nt

[dixiegrrrrl]

3. So, Orsag supports cutting Soc. Sec. and now Diamond lands on Fed. Gov. Board.

Makes me very very alert.

[blindpig]

4. In military terms....

they are massing for the attack.

[laughingliberal]

5. Yep. We're screwed. nt

[BzaDem]

6. Diamond is actually a great pick for progressives, which is why Republicans have blocked his

nomination for months. He believes the Fed should be focusing much more on employment right now than worrying about non-existent inflation in a depressed economy. Republicans dislike him more than any of Obama's other picks for the Fed (calling him unqualified, etc etc) and he just won the Nobel prize in economics. He also is an expert on behavioral economics, which drives Republicans nuts. (Republicans prefer a theory of economics where everyone is eminently rational, so that we shouldn't regulate).

[Subdivisions]

7. It is not the Fed's responsibility to focus on employment. n/t

[BzaDem]

8. Are you kidding me? Have you ever heard of the dual mandate? n/t