The Ignorant Investor

. . . to look at the future of our economy without cringing. The level of cronyism in the Bush Administration has become astounding. Exhibit A:

Bloomberg) -- Most of President George W. Bush's nominees to the Federal Reserve have earned accolades from across the economic and political spectrums.

And then there's Kevin Warsh.

Bush's nomination of the 35-year-old White House aide -- a lawyer by training who would become one of only two members of the Fed's seven-member board of governors without a Ph.D. in economics -- has been greeted by criticism and bewilderment by some former Fed officials and economists. They point to his political connections and inexperience, and say the White House could have found a better-known, more qualified choice.

The republican chairman of the committee overseeing the nomination expects Mr. Warsh to sail through the process, naturally. Who would question the appointment of a 35-year old political flunkie to a board made up of respected economists with an average age of 58? Yes, if Wersh was a democrat that would raise some eyebrows on the committee, but this is modern Washington. Nobody cares about appointing people with demonstrated accomplishment in their area of expertise any more. It's all about the politics of the nominee. And Warsh has paid his dues at the White House. So now it's time for his reward.

Michael Brown at FEMA. Harriet Myers for the Supreme Court. That dude at NASA lecturing the scientists on the "big bang" when he hadn't even graduated college. There are probably a host of other cronyasmic nominations that we don't know about because they haven't been as blatant. Whatever the job is in the Bush administration, the only significant requirement seems to revolve around how good a republican you've been. Here's hoping Mr. Warsh never is asked to handle an important job. Let there be no financial Katrina's on his watch. Please.