Peter Diamond, a professor of economics at MIT, has a damning op-ed in the NY Times today explaining why he's voluntarily decided to step down as one of Obama's nominees to be one of 7 governers of the Federal Reserve.
Here's but one of the many gems which crop up as he describes his frustration with the Senate vetting process:
'Senator Shelby also questioned my qualifications, asking: “Does Dr. Diamond have any experience in crisis management? No.” In addition to setting monetary policy in light of a proper understanding of unemployment, the Fed is responsible for avoiding banking crises, not just trying to mop up afterward.'
Oh and you know what else? Diamond got a Nobel Prize last year for his work on the US labor market. Right.