GOP blocks Fed Reserve nominee, saying he lacked qualifications, he then wins Nobel Prize in economics.
Keep in mind, he appears to have been blocked by one conservative senator, Alabama’s Richard Shelby (R),who said Diamond, among the most accomplished economists of his generation, lacked the necessary qualifications for the Fed.
Diamond’s Nobel prize in economics makes Shelby look a little more ridiculous this morning.
The Alabaman has argued that Diamond’s background is not in monetary policy, which is true, but it’s hardly a prerequisite — of the five sitting Fed governors at the time of Diamond’s nomination, three are not specialists in monetary economics. One of Bush’s appointees has no advanced degree in economics and has never done any academic research in the field. Shelby never raised questions about his qualifications and didn’t hesitate to support that nomination.
The kicker? Diamond’s area of expertise is unemployment. Which would be kinda handy.