We are, as they say, live. Senator Shelby blocking Peter Diamond's appointment to the Federal Reserve Board of Governors, and this talks about whether there is any justification for doing so, and how the appointment process might be improved:
I'm not sure you'll agree with this one.
Update: One thing that doesn't come through very well in the column is that a president's first few appointments to the Board of Governors should be given due deference (and a lot is due). After that scrutiny, even blocking, is justified since a president's ability to stack the Board should be limited -- that's the Senate's role. Scrutiny over Krosner was appropriate since Bush had ample opportunity (and then some) to shape the ideological makeup of the Board. Blocking Diamond as payback for blocking Kroszner is not appropriate since Diamond is clearly qualified and among the first few nominations.