Greenspan's offer to resign as Fed Chief shocks markets -- Rumors swirl

Moments after the close of the markets Friday afternoon, a spokesman for Federal Reserve Board Chairman Alan Greenspan confirmed that Greenspan has tendered his resignation as Federal Reserve Board Chairman to President Bush.

Greenspan's tenure on the Board began in 1992, and his current fifth term as Chairman of the Board of Governors of the Federal Reserve System would have run through January 31, 2006.

The written statement offering to resign gave no explanation for this unexpected action. Greenspan has been designated Chairman by Presidents Reagan, Bush I, Clinton and Bush II.

While unconfirmed as of post time, Greenspan's wife Andrea Mitchell reportedly has told friends that the Chairman feels it may be time for a member of a younger generation to assume his position.

According to this unidentified source, Mitchell says that while the Chairman reads volumes of reports and statistics daily while taking his morning bath, it has been brought to his attention by a high ranking administration official that, in making his economic forecasts, he has been neglecting to consider data from eBay.

This action comes at a crucial time. The FMOC has raised rates twice this year and is widely expected to do so again when it meets on Sept. 21.

(9-10-04 Columbus Legder-Enquirer.)