Tuesday, October 12, 2010

What Do You Want, A Medal?

Being a Nobel Prize-winner for economics isn’t good enough for some people.

You’d think that having a Nobel Prize under your belt would be a clincher for getting a promotion or a job change. But it may not help economist Peter Diamond win a coveted seat on the Federal Reserve.

Diamond, a professor at the Massachusetts Institute of Technology, won a Nobel Prize in economics with two other economists on Monday.

Only trouble is, Senate Republicans have so far blocked his nomination. Why? They suggest he lacks the experience to serve on the Fed’s board of governors.

Given the partisan rancor that permeates U.S. politics these days, and GOP disdain for some recent Nobel awards, the news from Stockholm won’t necessarily lead to a confirmation nod for Diamond.

“While the Nobel Prize for economics is a significant recognition, the Royal Swedish Academy of Sciences does not determine who is qualified to serve on the Board of Governors,” said Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee.

No, it’s left up to a partisan hack from Alabama whom people call Dick. For good reason.