GOP Senators Block Nobel Prize Winner in Economics from Joining Federal Reserve

[marmar]

Washington Monthly, via AlterNet:




GOP Senators Block Nobel Prize Winner in Economics from Joining Federal Reserve


Last year, the Senate Banking Committee twice approved Peter Diamond’s nomination to the Federal Reserve. And twice, the Senate wasn’t allowed to vote on Diamond because Sen. Richard Shelby (R-Ala.) and a handful of his far-right colleagues threw tantrums for unknown reasons.

So, this year, President Obama resubmitted the Diamond nomination. And once again, the petulant Republican from Alabama led a small contingent that decided they’re entitled to veto power over the process.

After more than a year of waiting for a simple vote, Diamond has given up. In a New York Times op-ed, the respected Nobel laureate explained why he’s withdrawing.

Instead of going to the Fed, however, I will go about my congenial professional existence as a professor at M.I.T., where I have taught and researched since 1966, and I will take advantage of some of the many opportunities that come to a Nobel laureate. So don’t worry about me.

But we should all worry about how distorted the confirmation process has become, and how little understanding of monetary policy there is among some of those responsible for its Congressional oversight. We need to preserve the independence of the Fed from efforts to politicize monetary policy and to limit the Fed’s ability to regulate financial firms.

It’s important to understand the significance of these developments. Diamond’s withdrawal offers a jarring reminder of the ways in which our political process, with increasing frequency, simply doesn’t work. ...............(more)

The complete piece is at: http://www.alternet.org/newsandviews/article/607190/gop_senators_block_nobel_prize_winner_in_economics_from_joining_federal_reserve/

[Botany]

1. Some people should just be taken out and horse whipped

Like a Nobel Laureate with 40 years work in economics @ MIT might know something?




Richard Shelby not only does he look like a dick but he really is a dick.

[PoliticAverse]

2. BTW, there isn't actually a "Nobel Prize in Economics". n/t

[Botany]

3. ????????

NOBEL PRIZE LAUREATES IN ECONOMICS

http://nobelprizes.com/nobel/economics/alpha.html

[sharp_stick]

4. Really?

I'm sure all those Nobel Prize winners would be surprised to hear that.

[KamaAina]

7. It's officially the "Nobel Memorial Prize in Economics"

at the time the original Nobel Prizes were endowed, economics really wasn't established enough to merit one. It was added decades later.

[PoliticAverse]

9. Actually it's "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel"

In Swedish:
Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne

See:
http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

[JoePhilly]

5. The GOP's only goal is to damage the economy and

then blame Obama. This is just the latest example.

[Fleshdancer]

6. OMFG. Shelby insisted that Diamond lacked the qualifications. Wow.

From the article linked in the OP:

Diamond is among the most accomplished economists of his generation, and last year, was awarded a Nobel Prize in economics. And yet, there was Richard Shelby & Co., insisting that Diamond lacked the qualifications to join the board of governors of the Federal Reserve.

:wow:

[mfcorey1]

8. Damn shame!!!!

[kenny blankenship]

10. That there book learnin' may be very impressive to some folks...

Yeah, I see where you got some fancy college degrees and a Nobel Prize...

but what this Committee wants to know is what kind of private sector experience do you have to bring to this job? Have you ever slashed a payroll? Have you ever busted a union? No? Well, can you say you have any relevant skills at all?

[Ikonoklast]

11. Shelby and the Hick Squad don't want another Joooooo on the Fed.

They'll never come out and say it, but simple bigotry explains it.

Them good 'ol boys don't lahk feelin' dumb whenever them smarty-pants East Coast Jooooos talk down to them.