WH: Obama Will Re-Nominate Failed Federal Reserve Appointee
- Posted on December 23, 2010 at 5:53pm by
Meredith Jessup
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The Obama administration saw a number of its agenda items pass through Congress in 2010, including the Democrats’ landmark health care overhaul, repeal of Don’t Ask, Don’t Tell, despite some opposition from the right side of the ideological aisle. But among the measures President Obama failed to deliver on was the nomination of economist Peter Diamond to the Federal Reserve Board.
Led in part by ranking member Sen. Richard Shelby, R-Ala., Republicans successfully blocked Diamond’s nomination this year, claiming the recently awarded Nobel prize winner lacks experience. The GOP demanded time for a full debate over Diamond’s credentials, but Senate Majority Leader Harry Reid balked at dedicating limited floor time to a single executive nomination.
Diamond has been a vocal advocate for more federal stimulus initiatives to ignite a stalled economy. “We need to throw things that we find useful at this problem, the ones that seem worthwhile, and I would like to see more done,” Diamond said in October as he accepted his Nobel prize. “More on the fiscal side. My favorite one is what was done before – the Federal government aiding the states – because the ability of the states to borrow is not … there.”
Diamond has also condemned the Obama administration’s compromise to extend Bush-era tax cuts for the wealthiest Americans. “I think including the highest earners in this makes no sense whatsoever for anyone concerned about the long-term debt, because when you look at the ratio of the amount of stimulus you get relative to the additional amount of debt it is a very poor trade-off,” Diamond recently said.
The Hill reports:
Diamond has advocated for the executive and legislative branches to put off worrying about long-term deficits and spend “vigorously” toward recovery, which could serve as a primary reason for Republicans who’ve become sensitive to deficits issues to oppose his nomination.
“We need a vast amount of infrastructure improvement, and this is a terrific time to be doing it because part of the resources that would be used would otherwise be idle,” he said.
In addition, the economist from the Massachusetts Institute of Technology (MIT) also claims to be an authority on unemployment, Social Security, pensions and tax policies. Earlier this month, Diamond told Reuters that the “recipe” for America’s struggling economy is “activism.”
Fears that more fiscal and monetary stimulus could trigger runaway inflation are overblown in the face of a jobless rate that has been 9.5 percent or higher for 16 months, he said.
“My reading is that right now I don’t see any signs that we should be worrying about inflation as a reason to limit our reaction to high unemployment,” said Diamond.
“Right now, I worry about doing too little.”
Despite opposition in 2010, the White House is now signaling that President Barack Obama intends to resubmit Diamond’s nomination in 2011, even though the Nobel laureate’s nomination will likely face even greater opposition from an expanded and emboldened GOP minority:
President Barack Obama will resubmit the failed nomination of a Nobel Prize-winning economist to the Federal Reserve, even though he faces even stronger opposition from the next Congress.
The nomination of Peter Diamond fizzled when the Senate adjourned Wednesday without acting on it. But the White House said Thursday that the president will press ahead on the nomination. …
The Fed often operates with vacancies on its board. The board has seven seats but hasn’t had every seat filled since 2006.
Chairman Ben Bernanke and the board‘s other members belong to the Fed’s main policymaking group, the Federal Open Market Committee. The committee sets interest rates and makes other policies that influence economic growth, employment and inflation.
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Comments (95)
RamboTheDog
Posted on December 23, 2010 at 7:20pmWhy do the egghead socialists only know how to increase revenue to balance a budget – FIRST, TRY CUTTING SPENDING YOU IDIOTS!
Report Post »wash1776
Posted on December 23, 2010 at 10:16pmThe more they increase spending, the more they can steal from the coffers for their own pockets.
Report Post »ChipK
Posted on December 23, 2010 at 7:14pmbarry needs to be removed from office. IMPEACHMENT for him. he is the enemy of the free America.
Report Post »wash1776
Posted on December 23, 2010 at 10:14pmI have been saying that for quite some time. Glad to see someone else thinks the same thing.
Report Post »ADDICTED TO TRUTH
Posted on December 23, 2010 at 7:12pmMitt Romney just posted on FB that he is in Hawaii for Christmas……..with BHO? hmmmmm
Report Post »silveracer44
Posted on December 23, 2010 at 8:00pmI found that strange as well.
Report Post »MotherRedDog
Posted on December 23, 2010 at 7:05pmWhat? He ran out of marxists that he could count on?? He’s retreading already??
Report Post »heavyduty
Posted on December 23, 2010 at 7:02pmObama has to keep some of the states from failing, because if they do fail, then they won’t be able to vote for him in the next election. Obama has to have someone he can trust to keep the state afloat past 2012.
Report Post »Psychosis
Posted on December 23, 2010 at 7:02pmi see a recess appointment in the near future can you say merry Christmas or surprise happy new year appointment ?
Report Post »heavyduty
Posted on December 23, 2010 at 6:59pmObama will just appoint him while Congress is out on Christmas break. That’s what he has done for several people this year alone.
Report Post »Beckbot
Posted on December 23, 2010 at 6:58pmCan you say moron ?
Report Post »wash1776
Posted on December 23, 2010 at 10:12pmMoron MORON MORON MORON MORON! There, I said it and it feels good!
Report Post »vic138
Posted on December 23, 2010 at 6:54pmWhat is a guy that is supposed to comment on monetary policy getting caught up in the debate over fiscal policy? Maybe he’s just kissing up to obama to get him to reelect him to the fed board. I want to know his feelings about interest rates, is he a dove or a hawk? Bet he wants to destroy the dollar and keep rates at 0% forever (or till the tbtf (too big to fail) banks are solvent again.)
You want to hear the truth listen to this (beware its long, but I like the ending): http://outerdnn.outer.jhuapl.edu/rethinking/VideoArchives/MrJamesGRickardsPresentationVideo.aspx
Report Post »Boilervet
Posted on December 23, 2010 at 6:19pmThey will continue until they colapse up that is for sure. Full speed ahead!
Report Post »WeveAlreadyWon
Posted on December 23, 2010 at 6:18pmI agree. Texas should secede bfore it’s asked to bail out California. Let Michigan and all of the liberal states that love to overregulate to save salamanders bail themselves out. Let the other states Drill.
Report Post »Smokey_Bojangles
Posted on December 23, 2010 at 6:18pmHe will Surrender to the Russians,but not the will of the People.
Report Post »wash1776
Posted on December 23, 2010 at 10:09pmBOY! Did you ever get that right!
Report Post »Ironmaan
Posted on December 23, 2010 at 6:13pmHistory proves that when you tax the population or any group within that population beyond 20% you dont get more revenue for the govt. So what sense does it make to tax rich, job producing folks? Oh yea, without it class warfare disappears and the “you deserve what you didn’t earn” whores don’t have a lever anymore. http://guerillatics.com
Report Post »dcwu
Posted on December 23, 2010 at 6:30pmInteresting point. As is is way too much.
Report Post »So, what is the optimum tax burden to produce the most vibrant and happy society?
If you tax it all away (Communism) it goes down like concrete shoes.
If you don’t tax at all, there is no money for defense and invaders have their way.
What is the happy mean?
DashRipRock
Posted on December 23, 2010 at 7:17pmSounds like the Laffer curve
A population taxed at %100 yields the same tax revenue as a population taxed at 0%
Report Post »dcwu
Posted on December 23, 2010 at 8:13pm@Dash
Similar to Laffer’s curve, but the abscissa is something like GDP, not tax revenue.
And the maximum is not at the 50% tax rate.
It’s an economic optimization problem.
What tax rate yields the happiest, most productive society?
0% is anarchy, 100% is Communism, and both are horrible.
Ironmaan thinks the golden mean is around 20%.
I’d guess closer to the military budget amount.
One thing is clear; All government redistribution has to go.
Report Post »Living In NYC
Posted on December 23, 2010 at 6:13pmWhat validity does the Noble Prize have anymore. It appears it is just a “progressive pat on the back” organization as of late!
Another no nothing Obama appointment…did someone say Czar of the Federal Reserve?
Report Post »cykonas
Posted on December 23, 2010 at 6:09pmWe should follow Ron Paul’s lead. Audit the Fed. Then, do what the audit leads an intelligent person to do. There is no need to appoint anyone else at this time. I worry less about the one empty seat than I do about the several empty heads.
Report Post »DashRipRock
Posted on December 23, 2010 at 6:45pmAuditing the FED would make all of George Soros’s dreams come true.
Report Post »silveracer44
Posted on December 23, 2010 at 7:56pmCykonas, you’re right. No need to audit though. We know they’re crooks, let’s just ABOLISH it.
Report Post »cheezwhiz
Posted on December 23, 2010 at 6:09pmrecently awarded Nobel prize winner lacks experience.
Report Post »—————-
Awwwww…thats just like that Krookman guy, and the Chu and that Hussain thing …
They have the Nobel prize darnit, they don’t need no stinkin experience , donchano ?
emertz8413
Posted on December 23, 2010 at 6:08pmAnd when it doesn‘t work all he’ll say is oops!
Report Post »DanB
Posted on December 23, 2010 at 6:49pmYou think he’ll say “Oops” but I believe no matter what happens that he‘ll just say that we didn’t do enough.
Report Post »sWampy
Posted on December 23, 2010 at 6:05pmHaven’t we got enough tokens with honorary degrees and bogus awards in high places?
Report Post »DagneyT
Posted on December 23, 2010 at 6:05pm“the Federal government aiding the states – because the ability of the states to borrow is not … there.”
Keep your dirty paws off of Texas!
Report Post »Cuthalu
Posted on December 23, 2010 at 6:04pmSo he plans to double down on stupid?
Report Post »DashRipRock
Posted on December 23, 2010 at 6:02pmHe must owe a lot in back taxes.
Report Post »untameable-kate
Posted on December 23, 2010 at 6:00pmWhy can’t these geniuses get their brains around the concept of cutting spending?
Report Post »guyperram
Posted on December 23, 2010 at 9:36pmRead Colwell and Piven. You will then fully understand exactly what they are in the process of doing. Those that talk about the next election, are kidding themselves. They will, within months, be throwing us a party never seen before in human history.
Report Post »Be prepared, it is coming.
Party hats are not required.
wash1776
Posted on December 23, 2010 at 10:05pmBecause they don’t want to. They are not spending their own money, just OPM. Most of them don’t even pay all of their taxes.
Report Post »poverty.sucks
Posted on December 23, 2010 at 5:59pmObama’s desires raises the Red-Flag of concern.
Report Post »oldoldtimer
Posted on December 24, 2010 at 1:56pmThat is not the red flag of concern. it is the Commie red flag.
Report Post »IVillageIdiot
Posted on December 23, 2010 at 5:59pmBut of course…. what else would “PROVE” how correct he is…. I’m sure the Congress has the new one queued up and ready to be slotted in….
Report Post »spendthrift
Posted on December 23, 2010 at 5:57pmAnother crook controlling our money and economy.
Report Post »snowleopard3200 {cat folk art}
Posted on December 23, 2010 at 6:27pmUnderstood; another Progressive Marxist ally of the Obama administration.
Had some fun today with three rather extreme die hard Progressive associates I have to deal with at times; they kept singing “Have a Communist Christmas” and so I gave them giftwrapped copies of the book “Broke.”
The howling that followed was well worth it.
Report Post »dwh320
Posted on December 23, 2010 at 6:37pmObama and the Progressives need him because with the loss of total power they cant force their agenda on America any other way. There will be so many regulations and policy changes the next two years it will double the total of the first 230 years of our nation. Just like he did the debt.
Report Post »what4
Posted on December 23, 2010 at 6:44pmOld Big Ears is in for a RUDE awakining come January!
Report Post »tower7femacamp
Posted on December 23, 2010 at 6:50pmwake up, they want to destroy not save
Report Post »and that goes for both Parties.
Doctor of Truth
Posted on December 23, 2010 at 6:58pmbuy silver. no really, buy silver.
Report Post »SHOESHINEBOY
Posted on December 23, 2010 at 7:07pmAnother one of Lord Barry’s Socialist thugs, and since Lord Barry didn’t think FDR spent enought to get out of the Great Depression, so he wants some “know nothing” to “just spend more”. and to quote “I think they‘ve made the biggest financial mess that any government’s ever made in this country for a very long time, and Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.
Report Post »Mrs. Margaret Thatcher
Dustyluv
Posted on December 23, 2010 at 7:11pmBuy silver and hold on…It’s gong through the roof soon. Right now silver is trading at 1/47 ratio to gold…It should be 1/16…It’s under 30.00 and I am betting it’s going to be at least 100.00 by the end of nest year. Drastically underpriced. When hyperinflation hits and you have a good supply, you can pay off all your debt, or hold it until it goes even higher….If the dollar fails, I see 500.00 to 1500.00 silver. Anyone‘s guess at how high it’s going to go…
Soon fiat money (the Dollar) won’t be worth the price of toilet paper. As a matter of fact it will probably be more economical to use it for toilet paper…The Dollar is dooned as soon as China stops buying our debt and that little silver short with JP Morgan is exposed completely…well BUY SILVER, you were warned!
Food, Silver, Ammo and a few shotguns should get you through…
Is your Ark ready??
Report Post »silveracer44
Posted on December 23, 2010 at 7:50pm“Give me control of a nation’s money supply, and I care not who makes its laws.” – M.A. Rothschild
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow… morning.” – Henry Ford
”If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson
Report Post »Marcobob69
Posted on December 23, 2010 at 8:09pmWe don’t need another spend-crazy liberal loon in the Fed! Here’s a better idea, AUDIT THE DAMN FED!!!!!! Let‘s find out where and how much of the country’s money is being WASTED! It’s time for them to OPEN THE BOOKS! WAKE UP, CONGRESS!
Report Post »guyperram
Posted on December 23, 2010 at 8:28pmAnother Kensian that loves Piven.
Report Post »Reagan/Demint.deciple
Posted on December 23, 2010 at 8:30pmAAAHhh, what’s the use anyway ? the whole damn administration is a failure, whats one more guy gonna do ? <<< Did i just say that ?
Report Post »wash1776
Posted on December 23, 2010 at 10:02pmTO SNOWLEOPARD: I would have loved to hear the howling. GOOD SHOW!
Report Post »thepatriotdave
Posted on December 24, 2010 at 12:01amActually, Ron Paul is the perfect guy for this job. And yes, I’m very serious.
Merry Christmas!
Report Post »thepatriotdave
Posted on December 24, 2010 at 12:05amReagan/Demint.deciple,
Yes you said that. We just assume you’ve been drinking heavily tonight.
Merry Christmas!
Report Post »Steverino
Posted on December 24, 2010 at 12:53amDo these progressive IDIOTS have any sense of history? I don‘t give a fat rat’s AZZ about “Nobel” this or that. Lump Krugman in, he’s just about as useless and clueless. The scary thing, is that I seriously wonder if this is all deliberate. It probably is. Cloward and Piven.
Let’s revisit the “New Deal”. I’m sure many of you Blazers are already familiar, but, just in case:
“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong…somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises…I say after eight years of this Administration we have just as much unemployment as when we started…. And an enormous debt to boot!”
-Henry Morgenthau, FDR’s Secretary of the Treasury
I get so disgusted and demoralized sometimes, that I truly wonder if “ignorance is bliss.”
Merry Christmas, All. Truly. We need to take joy, and keep our loved ones close.
Steve
http://stephencharles-poppin-off.blogspot.com/
Report Post »WISEPENNY
Posted on December 24, 2010 at 1:13am@ DOCTOR OF TRUTH; Thanks for the advice to buy silver. That jogged my memory to a verse in the Bible as pertaining to the same subject.
Eze 7:19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
Just saying……..no disrespect intended, ok? Here comes an inside tip on the commodities market: Ready?
Rev 3:18 I counsel thee to buy of me gold tried in the fire, that thou mayest be rich; and white raiment, that thou mayest be clothed, and [that] the shame of thy nakedness do not appear; and anoint thine eyes with eyesalve, that thou mayest see.
Rev 3:19 As many as I love, I rebuke and chasten: be zealous therefore, and repent.
Rev 3:20 Behold, I stand at the door, and knock: if any man hear my voice, and open the door, I will come in to him, and will sup with him, and he with me.
Rev 3:21 To him that overcometh will I grant to sit with me in my throne, even as I also overcame, and am set down with my Father in his throne.
It’s free, it’s true, it’s in the Bible.
Report Post »*************************
Posted on December 24, 2010 at 2:40amThe Tea Party “Republicans” we sent to Washington to clean out the filth must, to paraphrase Obama’s “organize” quote:
REPEAL!
REPEAL!
AND REPEAL SOME MORE!
“Come on, boys! The way you‘re lollygaggin’ around here with them picks and them shovels, you‘d think it was a hundert an’ twenty degree. Can‘t be more than a hundert an’ fourteen!” -cowboy Lyle, Blazing Saddles
Report Post »chfields62
Posted on December 24, 2010 at 10:35amWhile this is not a surprise, it is highly unlikely that if they couldn’t approve him when they had the super majority, that they will approve him since they are now the minority…..Maybe we should be thankful for small favors??????
Merry Christmas to all………..
Report Post »