Stephen Foley: More partisan tricks delaying delivery
Saturday 07 August 2010
US Outlook: Worrying signs on Capitol Hill, No 1,276. The appointment of Peter Diamond, veteran economist at MIT, to the Federal Reserve board of governors appears in jeopardy after objections from Republicans.
Officially, the 70-year-old economist's appointment has been sent back to the White House for reconsideration because his monetary policy background is not strong.
Really, headbanger Republicans don't like the fact that he has advocated for higher taxes and other remedies to sort out the impending insolvency of social security.
After the relatively narrow vote to reconfirm Mr Bernanke as Fed chairman, this is another attempt to increase the politicisation of the Fed, and a warning shot across the president's bows should he try to appoint Elizabeth Warren, consumer advocate and Harvard professor, as chairman of the new consumer financial protection agency.
The result is that the Fed barely has a quorum of governors and the borrowers could face a protracted wait for their first consumer champion – neither of which is conducive to reducing uncertainty and improving confidence.
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- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
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Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
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James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
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Ferguson: In the heartlands of America, a descent into madness
Isis threat: Cameron wants an alliance with Iran
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Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
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