Peter Diamond: Knowing How It Came Out, I Wouldn’t Do It Again

Nobel Prize winning economist Peter Diamond talked with On Point today in his first interview since his nomination to a seat on the Federal Reserve went down in flames.

The MIT professor had some prescriptions for the national economy on Monday, saying that immediate, drastic spending cuts could be dangerous. He also recommended more spending, a message echoed by former National Economic Council Director Larry Summers, who called for more stimulus spending and tax cuts in a Reuters essay.

Moreover, Diamond weighed in on his own controversial nomination. Asked what message his failed nomination sends to other perspective presidential appointees, Diamond said that it may deter others from government service.

Ashbrook: You'd do it again?

Diamond: Knowing how it came out? No. Thinking of it as a 50/50 shot? Yes.

Ashbrook: Is there a chance that we scare away, by the tortuous process of this, people that we most need advising our government policy markers?

Diamond: There's no question some people will be turned off by it.