Quit Now, Al

The Fed's Greenspan is still on top of interest rates, but his legacy is headed for trouble

Alan Greenspan should have quit. Instead of accepting renomination as chairman of the Federal Reserve two weeks ago, he should have said, "No, thank you" and bowed out on top. Michael Jordan did it. So did Jerry Seinfeld. Babe Ruth didn't--and finished feebly in Boston. I'm not saying Greenspan will go down in flames. In 12 years, he's steered us through a stock-market crash, banking crisis and emerging-market disasters and hasn't gone soft. But as the wild gyrations in stock prices so far this year suggest, the Fed's job is getting tougher, and that raises odds that the Great One will...

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