Bankers on the Fed

Matt Yglesias actually understates the issue when he points out that George W. Bush’s rubber-stamped appointees to the Federal Reserve Board of Governors weren’t economists, so Republicans are huge hypocrites for opposing  Nobel laureate Peter Diamond for not being qualified. Bush appointee Kevin Warsh wasn’t just not an economist – he was an investment banker, and not a particularly senior one at that.

It’s too bad that nobody in the media or the public cares about who sits on the Fed Board of Governors, because if they did, an astute Democratic political hack would have a golden opportunity to pound the table all day about the GOP opposing a Nobel prizewinner in favor of an investment banking douchebag who undoubtedly got the job because of personal connections.

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