White House disappointed Fed nominee was thwarted

[Guest guest]

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White House disappointed Fed nominee was thwarted

– 1 hr 34 mins ago

WASHINGTON (Reuters) – The White House said on Monday it was disappointed Nobel

Prize winner Diamond's nomination to be a Federal Reserve governor was

thwarted by " partisan obstructionism " and promised to name a new candidate soon.

Diamond said on Sunday he planned to withdraw as a nominee for the role at the

U.S. central bank after his candidacy was repeatedly opposed by Republicans.

" Diamond, a Nobel laureate and one of the nation's top economists, would

have brought extraordinary expertise and knowledge of the economy to the Board

of Governors of the Federal Reserve, " White House spokesman Jay Carney said.

" We are deeply disappointed that this candidate, who had initially seen

bipartisan support, fell victim to partisan obstructionism at this important

time for our economic recovery. "

Diamond's withdrawal, a recognition that Republican objections could not be

overcome despite three committee votes approving him, leaves the White House

with two vacancies to fill on the seven-seat Fed board as the central bank

debates what to do about a weak economy after its $600 billion bond buying

program ends this month.

Diamond, an MIT professor, is an expert on pensions and behavioral economics.

" The president will nominate an individual for this position as soon as possible

and continues to urge the Senate to act on the numerous nominees awaiting

confirmation, " Carney said. " The president wishes Professor Diamond the very

best in the future. "

(Reporting by Jeff Mason; Editing by Will Dunham)

[Guest guest]

Behavioral economics is what is being studied now by top economists instead of real economics. Behavioral economics is using certain economic pressure to force people to do what you want them to do, to twist economics into a means of controlling the masses.

An example of this can be seen in the health care law. So much stuff was mandated that insurance premiums shot up making insurance harder to afford. Thus in a few years when the state system comes online it will seem more attractive, especially to low wage earners. It will also be attractive to businesses because the state insurance will cost less than private insurance. Fines and other penalties are in place, as I pointed out in other posts, to force the middle class and self-employed to either earn less money to get the state coverage or go bankrupt trying to buy their own coverage. The result being that in a few years, private insurance will be destroyed and everyone will be on the government program. Everyone but the super rich, the elite and those with the proper connections.

You can see it also in the new pressures on the food industry as well. Just keep your eyes open as to what the government is favoring and not favoring in terms of subsidies, regulations, etc. You'll see behavioral economics in action as they are trying not to run a good economy but one designed to force people to do their bidding.

In a message dated 6/6/2011 12:41:20 P.M. Eastern Daylight Time, no_reply writes:

Diamond, an MIT professor, is an expert on pensions and behavioral economics.