Good Enough For A Nobel; Not Good Enough For Richard Shelby
The Royal Swedish Academy announced today that Peter Diamond and two others had won the Nobel Prize in Economics. Diamond has been nominated by President Obama to the Board of Governors of the Federal Reserve. Nominated but not confirmed (h/t Susan Gardner).
But under an arcane procedural rule, the Senate sent Mr. Diamond’s nomination back to the White House on Thursday night before starting its summer recess. A leading Republican senator, Richard C. Shelby of Alabama, said that Mr. Diamond did not have sufficiently broad macroeconomic experience to help run the central bank.
How much more evidence do we need that the confirmation process is deeply flawed and that the Republicans have no policy beyond frustrating the president? Shelby is saying that Diamond does not have macroeconomic experience. Diamond revolutionized our understanding of unemployment. It doesn’t get much more macroeconomic than that.Click here for reuse options!
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