Sandy -
We disagree about Greenspan. By his own words at the time, he clearly saw the bubble being formed and did nothing about it. It was a common topic at FOMC meetings, and Greenspan himself made his "irrational exuberance" speech as the bubble was gaining strength, yet he loved the public adoration more than his duty to prevent such dislocations in the economy.
As for a replacement, I am not familiar enough with various economists around the country to know who would be best, but one I personally would consider is Morgan Stanley's Roach, who has been dead on in his read of the economy. There are probably many others well qualified for the job that I am not aware of.
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