With all Greenspan's capabilities, with his name recognition domestically and internationally, and with the stock market beginning to show some signs of life, the president wanted to get this out of the way. He wants to be re-elected, and this is not the time to make any major changes.

I don't see this [retirement] as something that's going to create any kind of financial problems.

Deep down, he would probably go along with [the dividend tax cut] 100 percent, but, realistically, he knows that's not his bailiwick.

There have been times when Democratic presidents picked Republican Fed chairmen and vice versa. I don't think Bush would go necessarily with politics.