The nomination of a Nobel Prize winner to a seat on the board of the Federal Reserve will likely be blocked because a key senator says the economist is not qualified for the job.
Sen. Richard Shelby, the highest-ranking Republican on the Senate Banking Committee, says he plans to oppose the nomination of Peter Diamond, a Massachusetts Institute of Technology professor, for a third time.
The opposition, which he stated at the panel's hearing on the nomination, raises the likelihood that President Barack Obama's choice for the Fed will be blocked again.
The Senate Banking Committee twice approved Diamond's nomination last year along partisan lines. He was never confirmed by the full Senate because Democrats lacked Republican support.
Do I really need to say any more than this? The guy has a NOBEL PRIZE. That means he's really smart -- as in groundbreaking smart. As in smarter than the average Congressman (which I understand isn't saying much at this point).
And -- he won his Nobel Prize for work on LONG TERM UNEMPLOYMENT. God knows we shouldn't be listening to him, or asking his advice on anything. After all, he's obviously not qualified to do anything regarding the economy, is he?