This week's book giveaway is in the OO, Patterns, UML and Refactoring forum. We're giving away four copies of Refactoring for Software Design Smells: Managing Technical Debt and have Girish Suryanarayana, Ganesh Samarthyam & Tushar Sharma on-line! See this thread for details.
The transient keyword is used in serialization. Since only instances can be serialized, and static fields are never serialized, it wouldn't make much sense to allow a combination of transient and static.
Transient variables are not serialized or de-serialized. If they were final they could never again get a value after de-serializing. They will lose the value they had and that value can never again be set, rendering them virtually useless.