06
Jun
11

‘letting a diamond slip away’

Steve Benen: 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.

… 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 ……The result of this fiasco isn’t just the loss of a qualified nominee to an important post; it’s also a lost opportunity to have the Fed take actions to bolster the economy. We can only hope that this wasn’t part of a larger campaign by Republicans to hurt the economy on purpose.

Full post here


17 Responses to “‘letting a diamond slip away’”


  1. 1 Betsy
    June 6, 2011 at 9:58 am

    Good morning everyone. This is so frustrating. Another good candidate bites the dust. I hope lots of recess appts are coming this way during the summer! This kind of thing makes me so upset!!!

    • 2 Dorothy Rissman
      June 6, 2011 at 10:27 am

      Unfortunately, the repugs are going to use a plan that will keep Obama from making recess appointments. It is a procedure the dems have used before. They will use this procedure which in essence says they are still working even when they are not present.

      It just gets sicker and sicker.

      • 3 theo67
        June 6, 2011 at 11:50 am

        They should make them work. If they’re going to use a cover, then we should call their bluff. These people aren’t patriots – no matter what they want to call themselves. What kind of patriot lets a Nobel Laureate slip out of their grasp simply for ideological reasons, and in the process, deprives the country of a qualified person on one of the most important Boards in this country’s economic future? Isn’t this treason yet?

        • 4 Dorothy Rissman
          June 6, 2011 at 4:33 pm

          Theo, Why is it that Harry Reed is doing nothing? I feel very strongly that this is because of the 2012 elections. They are going to fritter away an entire year in order to protect their seats. I am nauseated by these fools.

  2. 5 lisalovesobama
    June 6, 2011 at 10:01 am

    What the hell are these tools doing in congress? This is why we need to win back all of congress come 2012! The repugs should be beaten so soundly that they don’t have filibuster power or any power at all. Something is deeply, deeply wrong with the repugs. The fact that they could and have done the things that they have is truly, mind-boggling. sometimes I have to pinch myself, hoping that I’m having a nightmare and will soon wake up. Unfortunately, it’s real. They have to go before they completely destroy the country. :x

  3. 7 StR
    June 6, 2011 at 10:11 am

    I blame that worm Harry Reid. The Senate has nothing else to do – why not force floor votes on the ridiculous backlog of Obama nominees. I could understand last congress that they didn’t want to grind the Senate to a halt when the House was pumping out bills, but with a Republican House passing teabagger red meat bills, the Senate has all the time in the world and yet Harry Reid is too busy getting screwed over by McConnell to get anything done.

    Senator Sharon Angle would be great right about now.

    • 8 theo67
      June 6, 2011 at 11:52 am

      I don’t know if I would ever go that far, StR! “Senator Angle” is something that should never even be whispered in dark alleys… that woman is crazy! :)

  4. 9 SUE DUVALL SMITH
    June 6, 2011 at 10:20 am

    PLAIN AND SIMPLE…THE BAD BOYS DON’T WANT INTELLIGENCE ON THE FEDERAL RESERVE…THEY DON’T WANT ANYONE SNOOPING INTO THEIR AFFAIRS! THEY WANT SECRETIVE CONTROL OF THE FINANCIAL STRINGS FOLKS!

  5. 10 SUE DUVALL SMITH
    June 6, 2011 at 10:31 am

    HEY YOU ALL…CNN SAYS BOEHNER AND THE PREZZZZZZZZZZZZZZZ…ARE GOLFING ON JUNE 18TH….IS THIS ‘TEE’D-OFF GATE?’…I WOULD LOVE TO BE A LADYBUG ON A SET OF GOLF CLUBS THAT DAY!!!!!!!…:)))))))

  6. 17 LOL
    June 6, 2011 at 11:35 am

    It’s like a mix between the Anchorman Movie news team and an 8th grade T.V Production Studio… Bunch of morons

    “Fox News uses Tina Fey Graphic is Sarah Palin Story”

    http://tpmlivewire.talkingpointsmemo.com/2011/06/oops-fox-news-uses-tina-fey-graphic-in-sarah-palin-story.php?ref=fpb


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