Greenspan, Again: Alan Greenspan, freshly confirmed by the Senate, will be a delphic oracle on Capitol Hill for at least another two years.

Bush had let it be known a year ago that he planned to nominate Greenspan for a fifth term when his current term ended in June 2004.

Friends say Greenspan has told them that he plans to serve less than half of the new four-year term, choosing to retire on Jan. 31, 2006, when his separate 14-year term as a Fed board member is to end.

Greenspan's been a great Fed chairman. Plenty of valid critiques of the man, sure. But we've grown accustomed to decent leadership from the Fed, first from Volcker under Reagan, now from Greenspan. It's worth remembering that wrongheaded and ineffective Fed leadership has been common in the past.