Monday :: Oct 11, 2010

Richard Shelby, Imbecile

by Deacon Blues

MIT Professor of Economics Peter Diamond won the Nobel Prize for Economics today, for his work and that of two others on the difficulties in matching supply and demand in the labor market. It so happens that Diamond was an Obama nominee for the Federal Reserve, whose nomination had been sent back to the White House by GOP senators in August. And why did Richard Shelby and other GOP senators reject Diamond’s nomination at the time?

Because they thought he was unqualified to set monetary policy, as if the Fed itself has demonstrated a good grasp on that subject over the last two decades under GOP appointees.

The conventional wisdom in Washington is that Diamond’s Nobel Prize today should be enough to dispel concerns from stupid GOP lackeys like Shelby about his qualifications, but I’m not so sure. Washington is full of GOP politicians, and a good number of Democratic ones who are dumb as rocks and who don’t care about facts or respect intellect. If you want proof, just look at modern GOP politics since Newt Gingrich brought the GOP into power in 1995 and the entire George W. Bush administration. And it will only get worse if Congress is infected with a crop of Tea Party simpletons after the election, but the voters will bear responsibility for that catastrophic mistake.

There is one certainty though that comes from Diamond’s win, and it involves the future of Social Security. Two of Obama’s “wise men” in economic policy, aside from the disastrous duo of Larry Summers and Tim Geithner are Diamond and Obama’s recently-departed OMB director Peter Orszag. I have my issues with Orszag, who apparently left his job because of deficits but couldn’t be bothered to develop a good stimulus package while he had the chance. But the “two Pete’s” did author a common-sense fix for Social Security back in the early part of this decade, which made infinitely more sense than any of the crap Bush’s henchmen put out about privatization. If you want to get a glimpse of where Obama may come down on the issue of Social Security, regardless of whatever Erskine Bowles and Alan Simpson cough up, you should check out this Brookings report.

It's something the Left Coaster has known about for years.

Deacon Blues :: 2:31 PM :: Comments (4) :: TrackBack (0) :: Digg It!