Nobel Laureate economist Peter Diamond announces, in a NY Times Op Ed piece, that he is withdrawing his name from candidacy for the Federal Reserve Board of Governers. He was nominated by the President in April of 2010, but the Democratic Leadership -- Senate and Whitehouse -- were unable to push through his confirmation, even when they held a strong majority in the Senate. Apparently an recess appointment was never considered; certainly never acted upon.
James Fallows has some thoughts on the broken confirmation process, and the idiocy of Senator Shelby -- sure a candidate for an "Ow the stupid! It Burns!" award. Hat tip to Brad Delong here, who also has some worthwhile observations on what it means for the nation and the economy.
My personal view is that this is failure by design, an elaborate Kabuki Obama nominated a strong progressive to shore up support from his progressive base -- then let the nominee twist slowly in the wind -- and never intended to push ardently for confirmation.