Two days ago, Peter Diamond, a Nobel Laureate in economics, appointed by President Obama to a vacant seat on the Federal Reserve Board, withdrew his nomination. His statement explained why. In a nutshell, Republicans don't want someone on the FED who is expert in the economics of employment.
Why does the president want an expert in employment economics on the FED? Because one of the statutory responsibilities of the FED is to take measures promoting full employment. No economist is better qualified to figure out how best to do that than Peter Diamond.
Senator Shelby of Alabama has been Diamond's main obstacle. Senator Shelby is not unintelligent. He is, it seems, intelligent enough to know which side of his bread the butter is on and who is buttering it. And it isn't unemployed citizens of Alabama or anywhere else in America.
Time Magazine's Michael Grunwald has a pertinent observation here.
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