Greenspan Gone?

Apparently, Alan Greenspan has confirmed the suspicions that he will retire when his term expires in January. Is this not on the front page of the New York Times because it's hardly news anymore, or because it broke too late for them?

The Washington Post and MSNBC both carry Nell Henderson's story that Greenspan - who is second only to Christ in his ability to calm storms with a single word - needed only a nod to indicate his upcoming resignation. The prognosticators are already out in force, predicting that Bush would appoint supply-sider Martin Feldstein, and Kerry would tag Robert Rubin, both in their mid-sixties. As the Chairmanship of the Federal Reserve has increasingly resembled a lifetime position, the papers feel compelled to report not only the economics backgrounds of the possible nominees, but their ages as well.

In other news, Greenspan eclipsed 'news' (?) of his own retirement by raising rates a quarter point. This might have a counterintuitive reaction in the stock market; even though a rate raise may slow business down, it also indicates that the Fed has confidence in the economy. So far, the result today has been more or less a wash.