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Obama Fed Board Nominee Peter Diamond Discovers His Nobel Prize In Economics Is Worthless, Pulls Nomination In Disgust
In a move that is sure to send the infamous Fed "economist" (Ph.D., never forget) Kartik Athreya over the edge, Obama's nominee for the Fed Board, after unsuccessfully trying to enter the one circle that is just less exclusive than the Goldman partnership ranks for over a year, has decided to pen an Op-Ed in the NYT titled "When a Nobel Prize Isn't Enough", and disgusted with the fact that his utterly worthless Nobel prize in something or another can't even buy him one seat with those who decide the price of money, has pulled his nomination in utter disgust. "Last October, I won the Nobel Prize in economics for my work on unemployment and the labor market. But I am unqualified to serve on the board of the Federal Reserve — at least according to the Republican senators who have blocked my nomination. How can this be? " How indeed: could it be that, gasp, Nobel awards are merely a honorary award in groupthink, presented to anyone who perpetuates the status quo with little regard for actual merit-based contribution (one needs only recall Obama's Peace prize just as the President is contemplating opening up a 4th, or is that 5th, war front?). Most importantly: nobody tell Krugman his one validation of his life's work, has just been downgraded to junk.
When a Nobel Prize Isn’t Enough
By PETER A. DIAMOND
Lexington, Mass.
LAST October, I won the Nobel Prize in economics for my work on
unemployment and the labor market. But I am unqualified to serve on the
board of the Federal Reserve — at least according to the Republican
senators who have blocked my nomination. How can this be?
The easy answer is to point to shortcomings in our confirmation process
and to partisan polarization in Washington. The more troubling answer,
though, points to a fundamental misunderstanding: a failure to recognize
that analysis of unemployment is crucial to conducting monetary policy.
In April 2010, President Obama nominated me to be one of the seven
governors of the Fed. He renominated me in September, and again in
January, after Senate Republicans blocked a floor vote on my
confirmation. When the Senate Banking Committee took up my nomination in
July and again in November, three Republican senators voted for me
each time. But the third time around, the Republicans on the committee
voted in lockstep against my appointment, making it extremely unlikely
that the opposition to a full Senate vote can be overcome. It is time
for me to withdraw, as I plan to inform the White House.
The leading opponent to my appointment, Richard C. Shelby of Alabama, the ranking Republican on the committee, has questioned the relevance of my expertise.
“Does Dr. Diamond have any experience in conducting monetary policy?
No,” he said in March. “His academic work has been on pensions and labor
market theory.”
But understanding the labor market — and the process by which workers
and jobs come together and separate — is critical to devising an
effective monetary policy. The financial crisis has led to continuing
high unemployment. The Fed has to properly assess the nature of that
unemployment to be able to lower it as much as possible while avoiding
inflation. If much of the unemployment is related to the business cycle —
caused by a lack of adequate demand — the Fed can act to reduce it
without touching off inflation. If instead the unemployment is primarily
structural — caused by mismatches between the skills that companies
need and the skills that workers have — aggressive Fed action to reduce
it could be misguided.
In my Nobel acceptance speech in December, I discussed in detail the
patterns of hiring in the American economy, and concluded that
structural unemployment and issues of mismatch were not important in the
slow recovery we have been experiencing, and thus not a reason to stop
an accommodative monetary policy — a policy of keeping short-term
interest rates exceptionally low and buying Treasury securities to keep
long-term rates down. Analysis of the labor market is in fact central to
monetary policy.
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.
Among the issues being debated now is how much we should increase
capital requirements for banks. Selecting the proper size of the
increase requires a balance between reducing the risk of a future crisis
and ensuring the effective functioning of financial firms in ordinary
times. My experience analyzing the properties of capital markets and how
economic risks are and should be shared is directly relevant for
designing policies to reduce the risk of future banking crises.
Instead of going to the Fed, however, I will go about my congenial
professional existence as a professor at M.I.T., where I have taught and
researched since 1966, and I will take advantage of some of the many
opportunities that come to a Nobel laureate. So don’t worry about me.
But we should all worry about how distorted the confirmation process has
become, and how little understanding of monetary policy there is among
some of those responsible for its Congressional oversight. We need to
preserve the independence of the Fed from efforts to politicize monetary
policy and to limit the Fed’s ability to regulate financial firms.
Concern about the (seemingly low) current risk of future inflation
should not erase concern about the large costs of continuing high
unemployment. Concern about the distant risk of a genuine inability to
handle our national debt should not erase concern about the risk to the
economy from too much short-run fiscal tightening.
To the public, the Washington debate is often about more versus less —
in both spending and regulation. There is too little public awareness of
the real consequences of some of these decisions. In reality, we need
more spending on some programs and less spending on others, and we need
more good regulations and fewer bad ones.
Analytical expertise is needed to accomplish this, to make government more effective and efficient. Skilled
analytical thinking should not be drowned out by mistaken,
ideologically driven views that more is always better or less is always
better. I had hoped to bring some of my own expertise and experience to the Fed. Now I hope someone else can.
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My issue is with the blanket statements made that are fraught with myopic ignorance....
He knows more? Just in general? Knows more about what? I'm not defending the banksters, but c'mon, we have to be more sophisticated than this.
Who doesn't love a guy with an attitude that he has the knowledge to cure the world of cancer but if you're not going to dote on him and beg him for assistance, he's not going to help.
We've already had these ass-clowns tell us that "Economics is Hard"...now we have Diamond telling us that he has great ideas for saving the economy but if he's actually going to have to <gasp> fight for the job on the Fed, he'd rather take his toys back to MIT where it's easy. God forbid the peasantry ask questions of the annointed.
Some people are more productive than others. Dumb and unproductive gets you government handouts. Smart and unproductive gets you a government job. It's economic stimulus either way. I'd like to see a graph that charts the expansion of government in the last 50 years against the expansion of college degrees in the same time period. My guess is that they are in step with each other while in excess of private sector growth. Never hurts to brag to the world how many millions of college graduates you've got and how much coin they pull, regardless of their actual contribution to the nation's wealth.
The average citizen is capable of doing government buraucratic work but cannot get most federal jobs without obtaining a degree. Expanding government employment creates an artificial demand for millions of college degrees, in part, to accommodate college graduates who can't be absorbed by the private sector but whose tuitions were needed to keep the beast fed, as well as to encourage people to go to college and take on debt. Talking out my ass here, but I'll bet the percentage of degreed federal government employees to the total population of federal employees is far larger than the percentage of degreed citizens among the general population or even among the employed population.
Anyone can destroy their financial health and become wards of the state. Only the smartest value going into crushing debt for a degree, so better throw them a bone to make it worth their while.
Shut the fuck up Peter Diamond , you whiney , clueless prick.
An expert in unemployment explains to us how he can't get a job. Take some of your own medicine bro.
Good work ! Monedas is looking for writers ! Monedas 2011 Comedy Jihad World Tour
As Nassim Taleb never tires of pointing out, the "Nobel Prize in Economics" isn't actually a real Nobel prize but a prize given by Sweden's central bank in honor of Alfred Nobel....and according to Taleb one that is responsible for a tremendous amount of damage to the world since it's inception in 1968.
Alfred Nobel the inventor of dynamite.....well this whole friggin system is about to blow up!!
Yes, the prize is actually called "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" and according to the Nobel Prize website
The Prize in Economic Sciences is a monetary bonus from a bank for saying what the bank wants to hear.
That's a good one, Gretel ! The Swedish Reichsbank ! Pronounced Ryessssssshhhhhhh Bank for us "Ditto Heads " Monedas 2011
double post.........
The stinking bank stole his name. They have simply no right to name an economics prize after him since the other Nobel prizes are part of Nobel's will.
It would seem that anyone could create a Nobel Prize. We could have Nobel prizes at every county fair for jams, jellies, and pies.
Feh. Every economics Nobel prize is a total fraud. How apropos that a bank misappropriated the Nobel name.
"To the public, the Washington debate is often about more versus less — in both spending and regulation. There is too little public awareness of the real consequences of some of these decisions."
....and don't current events prove this beyond a doubt. The private sector think the public sector are all on gold plated pensions and outrageous 'entitlements' - and the public sector think this is 'toy throwing' by the private sector who have enjoyed higher wages for the last decade - but now want the public sector to 'share the pain' of their decision.
The truth of the matter is that it was the BANKS who took that money (in advance) and GOVERNMENT who has assisted in covering up the crime. It's a briliant ploy which seems to be working - while the public v private debate goes on - the true criminals escape without a scratch - and better than that - they come back for more!
God help them if people actually start communicating again the the world realises it's not public v private - but RICH v POOR that is the battle.
Just think, some people in this world don't have to work for a living, they never get their hands dirty and they have free handouts from Government - these people are called 'financiers' and they use a subtle form of 'capital blackmail' in order to extract wealth from the system to maintain their status and power.....and yet hardly anyone notices them - and there are plenty of sycophants who actually admire them!
No, it's not rich vs poor, it's freedom vs slavery.
Communism is not a viable alternative to fascism.
Either you have a right to live for your own sake, a right to keep what you earn, or you don't.
So yeah, stop the fascism. But replace it with freedom, not a gun shoved in my ribs.
People that try to pull the shell game of envy to use the government gun to steal make me wanna puke.
Take your Sophie's choice to Cuba and peddle it there.
Your mind has been affected by the propogana of a capitalist society (I mean where do you get your 'ideas' about communism if it's not second hand through a capitalist viewpoint?
The life expectancy in '3rd world' Cuba is greater than that of '1st world' and richest country in the world - America. This is because in Cuba everyone gets healthcare - but in America you get Diabetes.
Go and figure that one out before you start telling me where to go and live. The last bastian of a capitalist is to demand anyone who objects to capitlaism go and live in N. Korea or Cuba or the USSR - showing their immense craving for 'freedom and liberty' by expecting someone else to piss off for not sharing their view on the corrupt system.
....like I always say - capitalists are individualists and they are talking about 'their' freedom, 'their' liberty and 'their' rights - not 'ours'.
This is why teabaggers simultaneously call for cuts in public sector 'entitlements' whilst expecting tax cuts for the wealthy and do not suppose they are being slightly hypocritical.
"Stop the subsidies - More subsidies" should be the war cry.
Cuts in entitlements are a responsible way to go about cutting taxes. It is not hypocritical. That is how to balance the books.
You are just another common socialist or communist.
"The life expectancy in '3rd world' Cuba is greater than that of '1st world' and richest country in the world - America. This is because in Cuba everyone gets healthcare - but in America you get Diabetes."
How about the fact that in Cuba they don't eat high fructose soy horseshit gmo burgers washed down by 100 grams of sugar per 8 oz caffienated hell beverage. Don't give me this free healthcare crap. I haven't been to a doctor in years since I stopped eating unnatural foods and started exercising. I fall on the side of healthy eating and small amounts of exercise are far greater for your health than any damn quack with an MD after his name. Any doc whose first method of controlling anything within your own personal bodily system is to prescibe pills - run from.
Communism and Fascism are indistinguishable ! Go down the checklist ! Mussolini's kin are carrying on the family tradition to this day ! Monedas 2011 Fascism is a wholly owned subsidiary of Socialism ! There, I put it in market speak ! Capice ?
love a man who knows his limits..does the FED need these 2 seats filled?? what exactly happens if they are not?
I would like all the FED positions to be terminated
for what ever reason the GOP blocked this guy I say good now get rid of the rest.
If he isn't getting the nod it's because the big wall street peo-ple don't want them there and are afraid he won't give them what they want. hyaving someone specialize in labor (the enemy) isn't wanted. It's the same rationale as the consumer protection agency. asnyone with a consumer focus isn't wanted. Now, I don't want another kenyesian. but maybe they were afraid he's support a glass stegall or something like that.
His Nobel and his Phd are pretty worthless. The question what does he really know outside of a classroom and a book about economics or how the world works....We have enough of the Phd.'s and phony baloney on the FOMC now....we don't need another........let find someone differnent who can challenge the now consensus....that's what it should be about....not finding someone brought up in the same school and thinking process as the idiots all ready on board.
How about a self-made, mid-cap industrial co. CEO? I'd trust Big Ed of Parallelogram Machine and Die, Toledo, O., over 25 Princeton beanie boys.
I won the Nobel Prize
President Obama nominated me
In my Nobel acceptance speech in December
I will go about my congenial professional existence as a professor at M.I.T.
I will take advantage of some of the many opportunities that come to a Nobel laureate.
I had hoped to bring some of my own expertise and experience to the Fed.
The guy is insufferable.
agreed. see Forward History comment below re humility
Does this mean Obama should be canonized as a saint, I mean he did win the nobel peace prize? He's right up there with Ghandi and Mother Theresa.
The president has to drop some more bombs of peace on a few more countries, then I am sure he will be canonized.
kissinger won the "peace" prize Nobel too - it's a piss take, no?
Now, now. There are actually some real Nobel prizes awarded - the one in economics wasn't even instituted by Alfred Nobel. Maybe that says something...
Double post.
Krugman thinks that if they would just issue 7 or 8 nobel prizes in economics each year, the natural market for economics would pick up and we wouldn't have to worry about the ignorance debt.
What's worse the MBA man is machine mind set or the PhD man is god mindset...?
Take a group of people, isolate them for years in an environment outside the private sector, give them a bunch of pieces of paper that say they are now experts that have the right to be deeply insulted whenever one questions their expertise. Allow them to ferment in an echo chamber telling them they are enlightened stalwarts towards their barbaric, backwards, lesser-educated peers. Create endless special awards committees, and drown them in black tie events and gushing speeches proclaiming their unrelenting elite status as true thinkers beholden to the one and only way forward.
Wrap it all up in neat wrapping paper called progressivism, perhaps slap a bow on it called tenure, arm them with their "forward thinking" buzzwords, then send them out of their ivory towers like white knights riding off against their ignorant foes who just can't understand their greatness.
When humility is not present, the end result is always failure, whether realized eventually or immediately.
reminds me of all the idiot school superintendants who took online courses at dimploma mills and now expect the taxpayers to call them Doctor.......FRAUDS !
Diamond probably doesnt know how to work a printing press....
Peter Diamond...you fucking jewel...you've been "Borked"...how do you do !?! Well, Bork was probably the most august, prepared jurist in American history ! Who the fick, fack, ist gefucken are you....a Keynesian protege ? Monedas 2011 How's "Idi-O-Bama's" hope and change workin' for ya ! http://trololololololololololo.com/
Economists are quite a breed. I just saw this statement on CNBC: "Moody's Analytics estimates that each job in state and local government supports an additional 1.3 jobs elsewhere in the economy."
While destroying 4 more jobs.
Finally, one of these arrogant, egotistical, narcissistic, elitist cock-suckers almost gets it. Go wreak havoc on someone else's economy for a change, will ya'?
judge robert bork sends warm regards.
what is it with the cheesy mustaches with these clowns !
He's been hiding out in a classroom for 45 years. That's reason enough to keep him far away from anything that affects real people's lives.
Wannabe central economic planners are every bit as arrogant as any dictator.
"There's nothing wrong with communism, it's just the wrong guy in charge. It should be me."
No different than corporate apologists who hate all welfare except what they receive.
I'd be intereted to know if any of you who are chastizing him have actually read his work? I haven't so Ill say nothing. But I doubt most of you have, maybe i'm wrong, but it seems like a knee jerk reaction. Have you considered that maybe his work is worhwhile or are you all absoultley right all the time and the so-called "keynesians" are wrong all the time. I believe in a gray area. You should come here, it's nice.
We can always kount on your wise, nuanced "all things konsidered" kounsel, you Keynesian Kocksucker ! Gray in May....now go away ! Monedas 2011 You've been "Monedaized" ! Nothing personal....thanks for the material...you're a comic's delight ! http://trololololololololololo.com/
+9.1
FU. You put words in my mouth you ideological scum. I asked how many people actually read his work. It seems like a fair thing to do before throwing out his arguments. But then you issue ad hominen attacks and tell me to go away. I hope anarchy breaks out in someways. You're a dictator's delight since you cleary cant think. See I can be rude too. YOU effing troll.
all the employment academic papers in the world are meaningless in a world in which usa corporations of all sizes and shapes close down manufacturing factories, set up shop in china (and other countries) and ship usa jobs there for distribution of the same products and services back to the usa.
folks are sick and tired of the revolving door parlor games of the northeast corridor and have taken the attitude of a pox on all them. among the many economic disfranchised people in the usa, people such as the good professor are viewed literally as an enemy. count me among them.
cheers.
I'm from the NE so im your enemy? You are part of the problem just like banker scum. My way or the highway. FU too. Go back to Britain while you're at it. You are a limey right since you have an obscure british warhero as your avatar.
Come on, dear Son, let's have a little fun ! We are past the point of no return....the world economy is goin' south ! I wish Keynes were here....he might confess he was full of shit as a younger man! His followers are the bitter clingers ! Don't you be one of them ! Monedas 2011 His paternalistic side reveals itself !
actually, not british. 100% texan. happen to appreciate the courage of my avatar for rourke's drift courage under fire.
being provocative: just exactly what does your part of the country and mine have in common?
would the world not be a better place if the northeast kicked us texans out of the united states. please do.
I dont know about other people on this site, but I am absolutely right all the time.
You, Sir, are starting to get on my nerves ! Not really ! "I'm demonstrating absurdity by being absurd !"....Rush Hudson Limbaugh. Monedas 2011 Me happy ! I share my joy with a sick, socialist pig world ! http://trololololololololololo.com/
Are you saying we must ignore his op-ed, because that dumbed down version of his opinion is meaningless?
Didn't get along well at Bohemian Grove July 2010, Mr. Diamond?
Symbolic badges like a Nobel Prize (subject to its own set of politicking) or a PhD are not the pedigrees they were looking for. The FRB would have to cracked Donnie Brasco styles if one wants to get in and affect any changes. One has to be Made.
The more people we can get to look at the Federal Reserve and/or read Ron Paul's book "End The Fed" the sooner we end the game these banksters are playing.
So the questions I have are, if everybody is born and raised in a big pile of dog shit, do they know they live in a big pile of dog shit? And, if a certain government program proves to be a complete and utter disaster, is it only because there is not enough of it?
I am looking forward to Sarkozy's acceptance speech of the Nobel Peace Prize.
Mr Diamond made a mistake by not realizing there are ONLY two answers to ANY Congressional Committee:
"Print, baby, Print!"
and...
"No one could have seen this crisis coming."
With these magic Wall Street Mantras, Mr Peter Diamond would have been a shoe-in.
I'm gonna git me one o those Nobel prize things fo sure.
Technically there is no such thing as a "Nobel Prize in Economics". Economics is a gimic, a psuedo-science. Here is the list in appropriete name. One of these is different from the rest:
Two of those are different ! Don't forget the "head start", equal opportunity set aside for under developed "a mind is a terrible thing to waste" types like Idi-O-Bama and the Squat-O-Mala fuck ! The Piece-O-Ass Nobel Piss Prize ! Monedas 2011 My brain will be preserved in a "Crystal Grail" ! Idi-O-Bama's brain will be shrink wrapped in serpent piss !
"We need to preserve the independence of the Fed from efforts to politicize monetary policy and to limit the Fed’s ability to regulate financial firms."
Sounds to me like the dumbass congress actually did the right thing telling this guy and his 'award' to f*ck off. We have enough trouble trying to fix this mess (caused by Fed control) without handing power to another guy who thinks the Fed should be allowed to further consolidate their control.
A Prize in Economics Established by the Central Bank of Sweden in Memory of Alfred Nobel.
http://tinyurl.com/5ghkbf
Basically,a tradeshow award, similar in some respects to the academy awards, except that noone would want to have sex with the winner.
That would be because if Peter Diamond had his way, social security contributions.. otherwise known as Taxes and I'm sure other taxes to support social welfare in general. Would incrementally increase into infinity to make sure those programs remain viable.
He would essentially make sure the economy tanks into nothing over time as more and more and more income from the productive is shifted into income for the worthless.
Gee.. i wonder why anyone would block that.
christ, these people need to cut back on the kool-aid.
Economics is not like the other sciences. There have been no experiments that tested the Mr. Bernanke's Great Depression hypothesis. There is no way to know what would DEFINITIVELY work, what would not have worked, and whether what was done was harmful or actually optimal in the long run! It is as much about individual and group psychology as it is about data and statistics and rigorous sounding pronouncements. In what other "science" is there one M.M. who was awarded a Nobel Prize for 'proving' capital structure does not matter, while another M.M. built two substantial fortunes, at least in part on the presumption that capital structure DOES matter! It is not clear that anyone knows the right thing to do, but it is clear that with so much uncertainty over results, spending all your ammunition up front with nothing left in reserve is the wrong approach!
A small win against the forces of tyranny!
In my Nobel acceptance speech in December, I discussed in detail the patterns of hiring in the American economy, and concluded that structural unemployment and issues of mismatch were not important in the slow recovery we have been experiencing, and thus not a reason to stop an accommodative monetary policy — a policy of keeping short-term interest rates exceptionally low and buying Treasury securities to keep long-term rates down. Analysis of the labor market is in fact central to monetary policy.
Diamond is simply wrong on this. The big missing ingredient in this cycle is housing, and the (very large) number of jobs that come with a “normal” housing recovery. It is a structural problem because housing is not going to recover in any normal way for many years. So all the carpenters, drywallers, real estate agents and appraisers, etc. that would normally be employed will remain unemployed.
As a result, as the last year’s data have shown, QE1, QE2, etc have had little effect on house prices, rendering monetary policy ineffective on the jobs front.
Nobel Prize is just another trophy for the elitists to put a check box next to on their bucket list. Looks good on their "Love Me" wall but counts for little else.
I have worked with "PhD's" and agree with other ZHers - they rarely get anything done but can talk a good game, must be the training they receive in academia that produces such a product.
This academic has always worked in a sheltered workshop.
I doubt he has run a business, produced any service or product of real value, or ever had to meet a payroll.
I reject his assumption that the federal reserve should manipulate intetest rates rather than allow a pareto efficient market to determine them.
Fed manipulations have resulted in inefficient capital allocation. We dont need more central planners thinking they can improve my life with just a little more manipulation of credit markets.
A family friend was married to a 'Doctor' who was a college professor. This man literally could not follow the instructions on a can of frozen concentrate to make a pitcher of lemonade.
Let's see...whining academic...check. I think Munger would say 'suck it up' in a situation such as this...
Peter Diamond is such a petulant narcissistic whiner.
He could save us all, such a hero he is, but now he is annoyed and will leave us little people to our fate we so richly deserve for not recognizing his greatness.
Someone needs to tell Mr. Kartik Athreya , that when people like Barry Sotero get a Nobel prize, the BAR has moved WAY down, and just take the mony and run.
Unemployment is unimportant - except when it is his.
Apparently Mr. Diamond has only now learned that Fed appointments aren't based on academic credentials. Welcome to the political world, Mr. Diamond. That fishbowl you've been studying your whole life was but only one part of the equation, no? Telling that this pension / social security wonk was nominated three times by the administration.
Just with what he writes in his op-ed, I am glad they blocked him...
concluded that structural unemployment and issues of mismatch were not important in the slow recovery we have been experiencing
Conclusion: keep printing! But maybe he could first explain what is important??
Selecting the proper size of the increase [in capital requirements for banks] requires a balance between reducing the risk of a future crisis and ensuring the effective functioning of financial firms in ordinary times.
Effective functioning?? Can I please see some proof that the financial firms were not functioning effectively in those previous decades when capital requirements were still 8% across the board?
+666
I disagree with Diamond's assertion that the analysis of unemployment is crucial to monetary policy. These days has much to do about anything relevant to the real economy and more to do with continuing a debt system that would put Madoff's ponzi to shame by a factor of a 1000 (at the very least). Couple of realities: nobel prizes are joke, the fed is a dying institution, and the future of monetary regimes and their policies are suscepitble to a revolutionary change.
I am not surprised an academic is butthurt over banker bought politicians blocking him from playing with other academics and economist want-a-be's in boosting nothing else but their own egos all the while playing right into their banker masters-- afterall an academic that doesn't want the opportunity to masturbate his ability and knowhow and stroke his ego wouldn't really be much of an academic.
Nobel Prizes have long become little more than a joke. The greatest political satirist in human history, Tom Lehrer, lamented that "Political satire became obsolete when Henry Kissinger was awarded the Nobel Peace Prize"; and now it has been awarded to President Obomber, the latest in a sequence of presidential war criminals. Then there's the Nobel Prize in Economics. In Economics? Yes; I rest my case. But notwithstanding this fact, I think that the truth is that Sen. Richard Shelby is scared shitless by Peter A. Diamond.
HAHAHAHA........what a bunch of clueless dipshits Keynsian economists are. Krugman - moron extraordinaire
Voodoonomics