Greenspan's job for life

The Joplin (Mo.) Globe

The long-serving chairman of the Federal Reserve Board has been reappointed by President Bush and undoubtedly will be promptly confirmed by the Senate. After all, Greenspan is the force that has helped to still the occasionally troubled waters of the financial markets.

This will be Greenspan's fifth term as chairman. Only William McChesney Martin served longer. But no one, we suspect, has exerted greater influence on the economy than Greenspan. ...

The central bank chairman is a determined foe of inflation, constantly checking the temperature of the economy to detect the first signs of a general rise in prices that could stifle business growth. He also loathes budget deficits. But he was a friend of President Bush's tax cuts, seeing them as a means of stimulating economic activity when the pulse beat was weak and slow.

As far as America's financial markets are concerned, Greenspan is the voice of economic reason, stability and expansion. The Senate ought not waste time before confirming him.