The Peter Diamond Scandal

More

Peter Diamond's decision to withdraw from contention for a seat on the Fed board is a very low moment in US politics. Diamond is an indisputably brilliant economist with no ideological baggage and highly relevant expertise--contrary to what his GOP critics say, and as he explains in his NYT article.  It ought to be shocking, but it no longer is, that a man of his distinction could not get confirmed to the position. At times the US seems a country hell-bent on its own failure.

It's enough to make Paul Krugman regret the "polarisation of our politics". Not something you see every day. Or am I misreading him?

The thing is, the Fed was supposed to be above and aside from the partisan brawl. It never was, completely -- but that was an ideal to be striven for. No more.

Was that really an ideal to be striven for until just now? On the view that one side in US politics is irredeemably evil and the other basically right about everything--on Krugman's view, I mean--why would one want the Fed to avoid taking sides? That's the kind of thing you'd expect a feeble centrist to say. You know the type.

I expect Paul is expressing nostalgia for a long-vanished past. In that case, though, he can hardly criticise the GOP for today's partisan brawling. That's what Washington is for nowadays, is it not--a fight to the finish by any means necessary? It is the one thing the two tribes seem to agree about.

God help the country.


Jump to comments
Presented by
Get Today's Top Stories in Your Inbox (preview)

Is Technology Making Us Better Storytellers?

How have stories changed in the age of social media? The minds behind House of Cards, This American Life, and The Moth discuss.


Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Is Technology Making Us Better Storytellers?

The minds behind House of Cards and The Moth weigh in.

Video

A Short Film That Skewers Hollywood

A studio executive concocts an animated blockbuster. Who cares about the story?

Video

In Online Dating, Everyone's a Little Bit Racist

The co-founder of OKCupid shares findings from his analysis of millions of users' data.

Video

What Is a Sandwich?

We're overthinking sandwiches, so you don't have to.

Video

Let's Talk About Not Smoking

Why does smoking maintain its allure? James Hamblin seeks the wisdom of a cool person.

Writers

Up
Down

More in Business

Just In