They say that all good things must come to an end. This is especially true for Alan Greenspan's gig as head of the Federal Reserve. A few weeks ago, Mr. Greenspan announced that he would be retiring after the first of the year. His last day of work will be January 31. I wonder if his last day at the office will be like when ordinary people retire? Will he get a couple of empty computer paper boxes to put his personal stuff in? Will the other guys at the Federal Reserve take up a collection and buy him a retirement present? Will they all bring a covered dish and have a meal? Will they get him a cake or some of those funny gag gifts? Somehow, I don't think so.
I also wonder if they will post his soon-to-be-vacant job so people can bid on it, like they do in offices and factories? I wonder what the job requirements will be for the Chairman of the Federal Reserve? Must be able to manage the world's largest economy, stimulate economic growth while keeping inflation under control?
Bookies and oddsmakers all over the world are giving odds on who they think will be Alan Greenspan's replacement. Donald Kohn, a member of the Fed's board, is the current longshot at 15-2. Top Washington officials say that Kohn is the closest thing we have to a Greenspan clone. John Taylor, a U.S. Treasury official, is the second longshot at 7-1. The current favorite is Ben Bernanke, at 13-8. He's currently the chairman of the White House Council of Economic Advisors. I guess that makes him pretty well qualified. TWIT wishes the best of luck to Greenspan's replacement. The lucky winner will have some very big shoes to fill.
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