Senate panel approves nomination of N...

Senate panel approves nomination of Nobel prize winner Diamond to seat on Federal Reserve

There are 49 comments on the Portland's CW32 KRCW -TV story from Nov 16, 2010, titled Senate panel approves nomination of Nobel prize winner Diamond to seat on Federal Reserve. In it, Portland's CW32 KRCW -TV reports that:

A Senate panel on Tuesday approved the nomination of Nobel prize winner Peter Diamond to be a member of the Federal Reserve, marking the second attempt to push through Republican roadblocks.

Join the discussion below, or Read more at Portland's CW32 KRCW -TV.

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Since: Jan 07

United States

#1 Nov 16, 2010
The fact that Mr. Diamond won the Nobel Prize is hardly a recommendation, given some of the recent winners. The integrity of this award has been greatly diminished by the presentation to Mr. Obama for...what he MIGHT do. There are a few other foul balls, including Al Gore. If he gets his way, through "cap 'n tax," he stands to make a bundle in carbon trading. So much for environmental altruism.

I only know what I read in the article about Mr. Diamond, a presumed expert on taxation and social security from MIT. I get chills (not the kind Cris Matthews gets) thinking about someone from a prestigious New England school with a seat on the Federal Reserve. The last thing we need is another academic in a position of power. They all know the textbook theories but so far, there hasn't been a great deal of evidence showing that they are in touch with reality.
Responsibility

San Bruno, CA

#3 Nov 16, 2010
How telling - The seven senators opposing Diamond's nomination were all Republicans.
Deja Vu

Sheridan, AR

#4 Nov 16, 2010
So, the predominately far Left leaning Nobel Prize Commitee loves this guy and we are supposed to be impressed?

I think not.

Rather than bring the Washington Federal Reserve board up to full strength, we should be abolishing it altogether. It was the Washington Fed Board who greatly restricted the money supply, tossing us into the Great Depression.

Ironic or appropriate that we now find ourselves in the verge of the mother of all depressions.
Deja Vu

Sheridan, AR

#5 Nov 16, 2010
er - ...on the verge...
Deja Vu

Sheridan, AR

#6 Nov 16, 2010
Responsibility wrote:
How telling - The seven senators opposing Diamond's nomination were all Republicans.
Thank GOP

“My Commander-in-Chi ef!”

Since: Jun 07

Obama got Osama!

#7 Nov 16, 2010
Why on earth would ignorant republicans block a Nobel Prize recipient from being on the Federal Reserve? No wonder this nation went to crap under their stewardshipÂ… thank God the Democrats control the Senate and Executive Branch.
Responsibility

San Bruno, CA

#8 Nov 16, 2010
No Child Left wrote:
Dear, being well educated at a prestigious place like MIT would not be an obstacle to those who are considering hiring someone for a job.

Next ....

Since: Jan 07

United States

#11 Nov 16, 2010
"Responsibility"Dear , being well educated at a prestigious place like MIT would not be an obstacle to those who are considering hiring someone for a job.
Next ...

Particularly if the graduate is looking for a govenment job. Having been well-grounded in socialist philosophy, the applicant would be a shoo-in.
crayz ox3thongee

Phoenix, AZ

#12 Nov 16, 2010
Deja Vu wrote:
So, the predominately far Left leaning Nobel Prize Commitee loves this guy and we are supposed to be impressed?
I think not.
Rather than bring the Washington Federal Reserve board up to full strength, we should be abolishing it altogether. It was the Washington Fed Board who greatly restricted the money supply, tossing us into the Great Depression.
Ironic or appropriate that we now find ourselves in the verge of the mother of all depressions.
my honey wanna lx470 lexes n 5karat diamondy!!! can i trade for 5hoooker with Datsun cube care?:-000000
crayz ox3thongee

Phoenix, AZ

#13 Nov 16, 2010
No Child Left wrote:
"Responsibility"Dear , being well educated at a prestigious place like MIT would not be an obstacle to those who are considering hiring someone for a job.
Next ...
Particularly if the graduate is looking for a govenment job. Having been well-grounded in socialist philosophy, the applicant would be a shoo-in.
da topic is C4tein!!!:-000
crayz ox3thongee

Phoenix, AZ

#14 Nov 16, 2010
acorn obama wrote:
odumba's muslim paid harvard-elitist education has been horrible for America ... think this shmuck is gonna be any better in his capacity! this guy is almost as big a blunder as odumba being prez!
wanna see diamond with iballll? ;)
Lance Winslow

Orinda, CA

#15 Nov 16, 2010
Responsibility wrote:
How telling - The seven senators opposing Diamond's nomination were all Republicans.
Not surprising. Republican have little use for intelligent, educated and accomplished opinions. Now, if he had been a clergyman, CEO, or perhaps a Wall Street pundit...
crayz ox3thongee

Phoenix, AZ

#16 Nov 16, 2010
Lance Winslow wrote:
<quoted text>Not surprising. Republican have little use for intelligent, educated and accomplished opinions. Now, if he had been a clergyman, CEO, or perhaps a Wall Street pundit...
Lance! do U lik da earmarks for ballmarks?:-000
crayz ox3thongee

Phoenix, AZ

#17 Nov 16, 2010
Marine Corp Pat wrote:
Why on earth would ignorant republicans block a Nobel Prize recipient from being on the Federal Reserve? No wonder this nation went to crap under their stewardshipÂ… thank God the Democrats control the Senate and Executive Branch.
Patman! earmarks vs. ballmarks? which one do U better?:-00000
davy

Albuquerque, NM

#18 Nov 16, 2010
Can you explain Keynesian economic theory in two paragraphs? Should we have someone as ignorant as you are occupying this post?
No Child Left wrote:
The fact that Mr. Diamond won the Nobel Prize is hardly a recommendation, given some of the recent winners. The integrity of this award has been greatly diminished by the presentation to Mr. Obama for...what he MIGHT do. There are a few other foul balls, including Al Gore. If he gets his way, through "cap 'n tax," he stands to make a bundle in carbon trading. So much for environmental altruism.
I only know what I read in the article about Mr. Diamond, a presumed expert on taxation and social security from MIT. I get chills (not the kind Cris Matthews gets) thinking about someone from a prestigious New England school with a seat on the Federal Reserve. The last thing we need is another academic in a position of power. They all know the textbook theories but so far, there hasn't been a great deal of evidence showing that they are in touch with reality.
Teach

United States

#19 Nov 16, 2010
Marine Corp Pat wrote:
Why on earth would ignorant republicans block a Nobel Prize recipient from being on the Federal Reserve? No wonder this nation went to crap under their stewardshipÂ… thank God the Democrats control the Senate and Executive Branch.
Great accolades from the halls of academia don't always translate into success, especially without any real world experience outside of academia. Christine Romer comes to mind. She looked great on paper. There must be some qualified academics out there who also have proven, real world experience. How about one of those?

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Casselberry, FL

#20 Nov 16, 2010
Another nutjob from academia with no real world experience where Real Results are required. This is another one of those foolish Obama nominations that has sunk the entire country and his rotten presidency.

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Casselberry, FL

#21 Nov 16, 2010
Unfilled seats at the Fed have allowed Obama to put a bigger stamp of failure on the central bank. If Diamond is confirmed, Obama will have appointed five of the seven members of the Fed's board.

Separately, the Fed's decision earlier this month to buy $600 billion in Treasury bonds to invigorate the economy and devalue our currency came under fresh attack by China, France, Russia, Germany, a Republican lawmaker on Tuesday.

The Fed is wrong. There is no liquidity problem in the US economy. Pumping $600B into can only make inflation rise and devalue the currency, something which the hypocrite Obama was called on recently while overseas.

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Casselberry, FL

#22 Nov 16, 2010
No Real World for Diamond

Diamond has been at MIT since 1970. Ben Bernanke, the current Chairman of the Fed and co-author or TARP, was once a student of Diamond.

Some of Diamond's early work was in capital theory, as he outlined the conditions under which, in dynamic growth models, the level of capital could be inefficient.

Diamond has contributed plenty to the "theory" of optimal taxation, in particular when linear commodity taxes are optimal and how to use the tax system for "redistribution."

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Casselberry, FL

#23 Nov 16, 2010
Diamond wrote a book with Peter Orszag on social security and he has been a major influence on Democratic Party thinking on this issue; the book looks closely at progressive price indexing rather than wage indexing of benefits.

There is a strong emphasis on the ability of government to implement welfare-improving schemes of the sort found in social democracies.

http://personal.inet.fi/tiede/yjs-hv/PUP_Intr...

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