that's how richard shelby, republican senator from alabama, explained his objections when he said heamond's nomination to the fed back in july. >> i do not believe he's ready to be a member of the federal reserve board. i do not believe that the current environment of uncertainty would benefit from monetary policy decisions made by board members who are learning on the job. >> see, take it from richard shelby, peter diamond just isn't ready. peter diamond is just a kid. he's just a 70-year-old mit economics professor who was the president of the american economic association and who quite literally schooled the current head of the federal reserve. he was his teacher and he's now won the nobel prize in economics. yeah, what does that guy know? good thing richard shelby is the gatekeeper in the senate keeping yahoos like that out of our government. i do a lot of different kinds of exercise, but basically, i'm a runner. last year. (oof). i had a bum knee that needed surgery. but it got complicated, because i had an old injury. so i wanted a doctor who had done this before. and unitedhea

richard shelby has blocked the nomination to the federal reserve for months, climbed he does not think he is qualified. on monday, and welcome the news of his nobel win. >> it kind of takes your breath away. it is just -- you suddenly realize not only is it the moment, but also there are all sorts of changes in your life, opportunities opening up, all sorts of things that will be different. and so you sort of hold your breath for a little while. >> republican candidate for governor in new york is refusing to apologize for anti- gay remarks. on sunday, carl paladino delivered a speech claiming he thinks children should not be "brainwashed" into accepting homosexuality. his campaign says it was delivering remarks written by his hosts, a group of hasidic jewish leaders, in brooklyn. appearing on "today," paladino says he does not regret his comments and thinks gay pride parades are disgusting. >> mr. cuomo took his daughters to a gay pride parade. is that normal? would you do it? i think that the public exposure children to a lot of different things. >> really? i do not think it is proper

position on the federal reserve board, and after president obama nominated you, the first time, richard shelby of alabama put it on a hold saying he didn't think you had enough experience and he didn't want this to be an on-the-job training process. how do you react to that, you c can, ten toured professor at mit and just won the nobel prize? >> this is a job i would like to have. i would like to clarify, i'm filling in the tail end. nobody is proposing that at age 70 i take on a 14-year commitment. the appointment i've been nominated for would end in january, 2014, and i understand there's a political process in washington and i'm patiently waiting and hoping it turns out well. >> are you frustrated by it? >> i was warned right at the beginning that this is a process that is unpredictable as to how long it will take or even what the outcome will be, and that's what i should expect. the first piece of advice i was given was, don't sign a lease or buy a house until you've been confirmed. so frustration often comes from deviation of reality from expectations. fortunately, people were giving me r

alabama republican senator richard shelby had an interesting quote. "mr.ipated the largest taxpayer-funded in history and now mr. obama is entrusting him with america's security." >> i feel like i should echo and say i have had productive relationship with tom donilin. hopefully he has better job with foreign policy than as president of fannie. the picture is the amazing turnover. in less than two years of the administration they lost the chief of staff, national security advisor, budget director, top economic aide larry summers, chairman of the economic advisor, head of the national intelligence board denny blair, white house counsel, greg craig. dana and i have been in the staff meetings and those are the important -- intelligence director and the others are the most senior people in the white house staff. they're all gone. amazing. it does suggest there was more turmoil than the white house press corps captured going at the obama white house. on the other hand, gives them a chance for bit of a fresh start after election. not so sure it's bad thing. we c

effectively blocked by the republicans in the senate in part because some republicans, including richard shelby had said that he was too inexperienced, that they didn't want someone on the fed who was, quote, learning on the job. you know, this is a nice little comeuppance i'm sure for professor diamond today to be able to say, yeah, you know, i have some credentials under my belt. actually i was renominated a couple of weeks ago. there is an implication that this little plaudit on his resume might help him more smoothly get to the confirmation"'ujtt::Ñ >> brown: i they he said this is almost as good as 2004 when the red sox finally won the world series. >> he's a big red sox fan. he threw out the opening pitch a couple months ago i think. >> brown: bigger than i knew. catherine rampell of the "new york times," thank you very much. >> thank you. >> woodruff: again, the other major developments of the day. a major securities industry group warned a nationwide ban on home foreclosures would be "catastrophic" for the economy. hospital officials in atlanta announced the first attempt to treat a per

not even letting on republicans richard shelby from the banking committee.y're holding up the confirmation process. robert gibbs saying today despite being heralded by the nobel committee for the ground breaking work, the nomination for the federal reserve board of governors continues to be held up by a partisan minority in the senate, constructing a nominee as well qualified as peter in a time of economic crisis is a harmful attempt to score political points. go ahead and weigh in on what's going on here. >> i think the reason they said he feelsn't qualified, not sure how you score political points by denying employment to the fed board, the fed just wants a nobel prize. just a case of out and out obstruction if the truth be known. and maybe the nobel committee knew this and wanted to make him look ridiculous. who knows. >> he's a distinguished -- he's a distinguished professor. 70 years old. he's been teaching a lot of economists over the years, ed. go ahead. >> including the chairman of the fed reserve. this is inside baseball. one senator can hold up som

had been critics of richard baker of louisiana, ed royce of california, who really said -- and richard shelby of alabama -- who really said fanny and freddie were using their strength to play unfair in the private market and were lobbying scrugger naught that was not -- juggernaut that was not healthy for the american economy. they were some of the few voices that were there. as fanny and freddie went through accounting schedules the leverage and political muscle slowly weaned. then congressman frank came around to get a bargain with former congressman mike oxley of ohio and they were about to get something but they were stymied by the bush administration in trying to move something forward. and this issue was not addressed until the summer of 2008 when a lot of the problems we saw in the banking sector came to a head and they knew they had to do a provision to address some of the issues. host: we've a tweet. guest: they were created to help spear home lending. fanny was before freddie. i think freddie came in the 1960's. they were set up to help give homeowners a shot at the american dream a

deputy secretary was asked by senator richard shelby if this new director of the consumer financial agency really has the power to make rules, elizabeth warren, that is, given that she is an attempt reposition and has not been confirmed as a permanent director. here is what he had to say. >> the you believe the treasury has the authority without a confirmed director, and if so, why? >> senator, i think there is limited war writing authority but it is constrained until such time there is a confirmed directed -- limited rule writing authority. there is plenty of work to be done to get these various disclosures ready. it is an important piece of legislation and an important mandate for this new board -- bureau. host: you can go to c-span.org if you want to watch the entire thing. atlanta, georgia. scott, independent line. caller: what kills me about tarp. it was the government an insiders picking winners and losers. goldman sachs made out as a bandit and they were walking did just like marilyn jordan and brothers. basically we gave these bankers money to stay afloat. we gave these people oper