A Nobel Prize is Apparently Not Enough

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    Jun 06, 2011 11:06 AM GMT
    The rotten stench of partisanship has precluded Peter Diamond, winner of the Nobel Prize in Economics last year for his work on Unemployment, from being confirmed as one of the governers of the Fed:

    http://www.nytimes.com/2011/06/06/opinion/06diamond.html?hp

    There is no excuse for the disgusting behavior of the Republican senators concerned. What expertise is enough for these people?
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    Jun 06, 2011 11:21 AM GMT
    Tim -

    Those who argue that government doesn't work have a vested interest in ensuring that those who can make it effective do not become appointed.
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    Jun 06, 2011 11:46 AM GMT
    Here are some indications what economic expertise we would have had:

    “I want to set up a committee headed by Alan Greenspan, whether he’s alive or dead, it doesn’t matter,” [McCain] said, prompting laughter from the crowd. “If he’s dead, we’ll prop him up and put dark glasses on him, like in ‘Weekend at Bernie’s.’”

    ‘What are those qualities [in a vice president] that you don’t – that you wouldn’t mind complementing?’ asked David Brooks, a columnist for The New York Times. McCain paused. ‘Uh, maybe I shouldn’t say this, but, somebody who’s really well grounded in economics,’ he said.”
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    Jun 06, 2011 12:11 PM GMT
    q1w2e3 said‘What are those qualities [in a vice president] that you don’t – that you wouldn’t mind complementing?’ asked David Brooks, a columnist for The New York Times. McCain paused. ‘Uh, maybe I shouldn’t say this, but, somebody who’s really well grounded in economics,’ he said.”


    I've always admired Mr McCain's brilliant sense of humour. Quite remarkable for an American.
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    Jun 06, 2011 12:12 PM GMT
    DiamondConcern about the (seemingly low) current risk of future inflation should not erase concern about the large costs of continuing high unemployment. Concern about the distant risk of a genuine inability to handle our national debt should not erase concern about the risk to the economy from too much short-run fiscal tightening.


    I think I read this over and over again in the Economist.