Nobel Laureate Diamond Withdraws Fed Nomination

Nobel laureate Peter Diamond, nominated three times by President Barack Obama to serve on the Federal Reserve’s board of governors, withdrew his nomination in the face of Republican opposition.

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“We are deeply disappointed that this candidate, who had initially seen bipartisan support, fell victim to partisan obstructionism at this important time for our economic recovery,” White House press secretary Jay Carney said today in an e-mailed statement. “The president will nominate an individual for this position as soon as possible.”

http://www.bloomberg.com/news/2011-06-06/nobel-laureate-peter-diamond-to-withdraw-his-nomination-as-a-fed-governor.html

This make sense as the GOP is dedicated to the destruction of the U.S.

Obama should nominate Jerome Corsi or Glenn Beck just to embarrass these jerks.

If they get nothing but competent candidates, no politics, no change in Obama's position, they will eventually have to give in.

One of the very salient objections to Diamond was that he agreed with QE2.

QE2 was great for hedge fund managers. QE2 was great for rich people with a lot of stocks. QE2 was SUPERFANTASTIC for commodity speculators.

If you're the average joe on Main Street, or the average business owner, QE2 has sucked to high heaven.

Personally, I'm GLAD some of the Republicans spoke out against this. Our situation will change only when our thinking changes. The Democratic party will have absolutely no trouble winning the 2012 elections if it goes back to its roots and abandons this trickle-down crap. If it doesn't, it is going to have a very hard time indeed.

I care about Democratic principles, not about the name. If it takes a freaking Republican to say the obvious, we should be ashamed of ourselves and start talking even more loudly about the truth.

And do you know what Diamond's theories on unemployment boil down to? Take a look:
http://nobelprize.org/nobel_prizes/economics/laureates/2010/press.html
http://answers.yahoo.com/question/index?qid=20101013042239AA962EV

Diamond's work amounts to claiming that unemployment benefits cause unemployment. Tell that to the 1.5 million people who tried to get jobs at McDonald's recently.

And a Nobel just ain't worth what it used to be...esp the one for PEACE

LAST October, I won the Nobel Prize in economics for my work on unemployment and the labor market. But I am unqualified to serve on the board of the Federal Reserve — at least according to the Republican senators who have blocked my nomination. How can this be?

http://www.nytimes.com/2011/06/06/opinion/06diamond.html?nl=todaysheadlines&emc=tha212