The Nobel Committee may think a lot about MIT economist Peter Diamond, but he is currently blocked as a nominee for the Board of Governors of the Federal Reserve. Sen. Richard Shelby has objected that Diamond is not qualified for the Board because his specialty is not in monetary policy.
The 2010 Nobel Memorial Prize in Economic Science was awarded on Monday to Peter A. Diamond, Dale T. Mortensen and Christopher A Pissarides for their work on labor markets and other markets where buyers and sellers have difficulty finding each other.
What is curious about the hold on Diamond’s nomination is that three of the five board members are not specialists in monetary economics and one of the Bush appointees did not even have an advanced economics degree.
Source: Washington Monthly
Blouise,
Do you remember Bethany Hamilton, the girl who lost her arm to a Tiger Shark. Find the link on the right side bar to her site and look at the amazing shots of her big wave surfing with one arm.
It’s not my site I just do the forecast and yes anytime you deal with the ocean and a beautiful sunrise it’s always cheerful.
Makes me think of Oklahoma
This has got to be the most self-evidently idiotic meme in the entire history of self-evident idiotic memes. I refuse to listen to it anymore without responding.
It is patently obvious that the Democrats don’t have control over Congress, the Republicans do; that because of Blue Dog conservative Democrats (in name only) they never had the votes to “control Congress” and it is conservatives who control Congress now and for most of the past thirty years.
Even if they HAD a true working majority they wouldn’t know what to do with it.
AY,
Good morning my dear …
Bdaman,
This time I remembered to bookmark the URL.
I really like the way the site is laid out. It’s easy to read and, for want of a better word, cheerful.
Byron,
Yep … I could nit pick on this or that point but overall we are in agreement.
Blouise:
I can beat you about the head and shoulders with videos of democrats frustrating republican attempts to reign in Freddie and Fannie. The democrats have controlled both houses since 2006 almost 4 years now and they have had all of government for 2 years. Both parties are full of it, if there were viable third party candidates they would have my vote this time around. But sadly in my district the choice is between Tweedle Dumb and Tweedle Dee.
The bubble started busting is the latter half of 2005. We have been in a downturn since then.
By the way I agree with you, we have not had a free market since the beginning of the Federal Reserve. They were also most of the reason for the Great Depression. As was this Federal Reserve a good part of the cause of the housing bubble by artificially keeping interests rates low and making money cheap.
The republicans are almost as bad as the democrats when it comes to economics. And I am sure you believe the converse. So we can say they both suck.
Blouise how are you.
My latest updates are out.
911surfreport.com bottom of page.
Da-Buh Report
Surprised…Not at all….Do you really think that they want to do anything about the problems that the average citizen faces? Not at all…However, and but for elections we’d never hear about this would we now…..
I know some people with third grade educations that are capable of making better decisions that folks with degrees from the elite universities…
“Well Blouise it’s definitely no surprise that his objections are also with a man who has been awarded the Nobel Peace Prize.” (Bdaman)
More than likely the only thing Shelby and I could agree on.
“Good on Senator Shelby for blocking his nomination, we just experienced what government can do through Federal Reserve regulation of interests rates-create and collapse a housing bubble in about 7 years.” (Byron’s quote)
Wrong … what we experienced was 10 (starting in ’99 with Gramm–Leach–Bliley Act) years of conservative phony free market voodoo that resulted in near destruction of the world’s economy … every agency played its role but the conservative mind set and the reliance on “the market will adjust itself” thinking led the way.
As I told you on another thread … I would support your views on the free market and regulatory agencies if we actually had a free market.
“It should be no surprise to anyone that Shelby’s objections are directed towards a man who has been awarded the Nobel Memorial Prize in Economic Science for his work on labor markets.”
Well Blouise it’s definitely no surprise that his objections are also with a man who has been awarded the Nobel Peace Prize.
Of course there is also the fact that Mr. Diamond doesn’t have a teabag hanging out of his breast pocket or isn’t a female bimbo and thus not a recognizable republican …
“The Social Security deficit can be eliminated only through different combinations of politically painful choices: tax increases and benefit reductions.”
From a Brookings Institute paper co-authored by Dr. Diamond.
I would say he is qualified by virtue of his education but he seems to think that all answers lie with government. We have had enough government to last us all 5 lifetimes and we have gone backward and not forward. Time to start looking for alternatives to government control. Now there is a novel idea.
Good on Senator Shelby for blocking his nomination, we just experienced what government can do through Federal Reserve regulation of interests rates-create and collapse a housing bubble in about 7 years.
Shelby did his best to destroy the American Auto industry and the country’s manufacturing base simply to serve foreign interests. It should be no surprise to anyone that Shelby’s objections are directed towards a man who has been awarded the Nobel Memorial Prize in Economic Science for his work on labor markets.
There is only one way to get Shelby’s vote and we all know what that is.
Some tuna has good taste and some tastes good. The neoCons do not want people in there who can figure out who did what, otherwise the neoCons look bad.
They are obviously encouraged by the unpopularity of economic policy, forgetting that they caused the bulk of it with the stupid endless wars that are making the war industry filthy rich and the rest of us filthy poor.
PS: Some of the Senate rules suck.
http://blogdredd.blogspot.com/2010/08/graphs-of-wrath.html
eniobob
The last couple of words of your post should read “GOP obstruction”.
Shelby is a stain on our country and his holds are only to try to get pork or to stop the Dems legislative agenda. This Nobel prize winner is more than qualified for the position. Until the Senate rules are changed, the Senate will continue to be a wasteland.
Just to add to this:
Senate sitting on 420 bills passed by House
The new numbers are in, and the upper chamber has reached heroic levels of inaction
http://www.salon.com/news/politics/war_room/2010/10/06/senate_inaction
“What is curious about the hold on Diamond’s nomination is that three of the five board members are not specialists in monetary economics and one of the Bush appointees did not even have an advanced economics degree.”
Amazing and disgusting at the same time.