Stalled Obama nominee wins share of Nobel Prize in economics

[cal04]

Source: The Hill

One of President Obama's stalled nominees to join the Federal Reserve's Board of Governors won a share of the Nobel Prize in economics on Monday.

Peter Diamond, a professor at the Massachusetts Institute of Technology (MIT), received the award along with Dale Mortensen of Northwestern University and Christopher Pissarides of the London School of Economics "for their analysis of markets with search frictions," according to the Nobel committee's citation.

Obama announced his intention to nominate Diamond as a governor of the Federal Reserve Board in late April. The Senate Banking Committee approved his nomination, along with several other nominees, in late July, but Diamond's nomination stalled before moving to a vote for full confirmation.

The ranking member of the Banking Committee, Sen. Richard Shelby (R-Ala.), exercised a procedural maneuver to send Diamond's nomination back to the White House, forcing President Obama to renominate the MIT professor, according to an account by The New York Times.

Read more: http://thehill.com/blogs/blog-briefing-room/news/123587-stalled-obama-nominee-win-share-of-nobel-prize-in-economics

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3 win economics Nobel for job market analysis
http://news.yahoo.com/s/ap/20101011/ap_on_bi_ge/nobel_economics

[w4rma]

1. Republicans are working hard to scam us all out of our money. (nt)

[Beavker]

2. Par for the Course

The guy isn't good enough for the GOP, but wins a friggin' Nobel Prize!

The GOP doesn't want edumicated folk in there running things...they want High School dropouts, used car salesman, NRA Members, pre-existing Millionaires or Trust Fund Teat Baggers. Or sheep...for any number of purposes I suppose.

[activa8tr]

3. Nothing surprising about the anti-intellectualism of the Republican

members of Congress. Republicans sing the praises of Sarah Palin, and denigrate those who are recognized by the Nobel Prize committee.

Geez!

[TomCADem]

9. Exactly, A Nobel Prize Winner With Relevant Research On Market Failure...

...Yet, the Republicans stall his nomination. Typical.

[nyy1998]

4. From TRB: Why You Should Care About Peter Diamond

by Jonathan Cohn

If you're a liberal who follows politics closely but not that closely, then you probably know a lot about Elizabeth Warren but not much, if anything, about Peter Diamond. That's too bad. Like Warren, Diamond could end up with a pretty important position--one from which he could do a lot of good. But, like Warren, Diamond has provoked the ire of some conservatives who want to keep him from that post.

Diamond is one of President Obama's three nominees to the Federal Reserve Board of Governors. The Fed has seven governors total, so each one has considerable influence over Fed policy, which spans everything from financial regulation to the country's money supply. Particularly at a time when conservatives have effectively shut down attempts to stimulate growth through more spending, the Fed's ability to put more money into circulation is probably the most effective means available for strengthening the economy and making sure more people have jobs. Although pushing down short-term interest rates, the usual strategy for easing the money supply, won't work any more, the Fed has other options.

But so far the Fed hasn't acted. Although directed by law to promote both full employment and low inflation, it has focused more on the latter and seems reluctant to change its ways, even with inflation at historic lows.......


http://www.tnr.com/blog/jonathan-cohn/76853/why-you-should-care-about-peter-diamond

[groundloop]

5. Can't have no MIT librul runnin things !!!

Shelby's a piece of work.

It was a horrible mistake by Harry Reid to cave in on republicon demands that they keep the Senate "in session" during the break to prevent recess appointments by President Obama. Does he think for a minute that the republicons would do the same for him if the tables were turned?

[happygoluckytoyou]

6. 'nother one of them edjewcated no-it-alls... f'ing liberal skoolboy

[Odin2005]

7. It pisses me off that this is called a "Nobel Prize", it is not.

It is a prize given by the Swedish central bank "in honor of Alfred Nobel" that started in the 60s, and most of the people that have gotten the prize are propagandists of Corporatism.

[Judi Lynn]

8. Nobel winner Diamond says U.S. needs second stimulus

Nobel winner Diamond says U.S. needs second stimulus
1 hour 51 mins ago

Peter Diamond, a 2010 Nobel economics prize winner who has been nominated to the U.S. Federal Reserve board, said on Monday a second stimulus bill would help stem the deepening problem of local government worker job losses.

Diamond's nomination by U.S. President Barack Obama to the Fed has been held up amid questions from top Republicans about his qualifications. He will be subject to another Senate committee hearing.

In a statement on Monday, Obama said he hoped Senate confirmation would come quickly to "help bring (Diamond's) extraordinary expertise to our economic recovery."

Diamond, 70, a Massachusetts Institute of Technology professor, won the Nobel award with fellow American Dale Mortensen and British-Cypriot Christopher Pissarides for their work helping explain elements of unemployment and job markets.

More:
http://uk.news.yahoo.com/22/20101011/twl-uk-nobel-economics-diamond-d932f09.html