There was nothing wrong with Peter Diamond the MIT Nobel prize winning economist being a Fed governor. He is a brilliant economist who has worked to advance our understanding of labor markets and problem of information. He is insightful and well-respected within the academic community. He is not a banker or a regulator, but he has a strong mind with respect to key problems in our economy. The Fed has a mandate to reach full employment and it makes perfect sense to have a labor specialist on the Fed’s Board of Governors. This was a mistake. Politics should not have played a role in the decision. I wish him better.
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