A maverick without a cause became a man without a job Friday, as Treasury Secretary Paul O'Neill announced his resignation. Due to his outspokenness, O'Neill raised the ire of both Bush administration officials and Wall Street participants, and ultimately found himself without support from either constituency. The disconnect between O'Neill and Wall Street (some say between O'Neill and reality) is best summed up by the notion that perhaps the most enduring memory of his tenure as treasury secretary will be his trip to Africa with rock star Bono. Stocks rebounded from early losses, while Treasuries slid in the wake of the news, which was quickly followed by the resignation of Lawrence Lindsey, head of the White House's National Economic Council. Rumors of changes in the Bush economic team have been circulating for some time, and Friday's much-weaker-than-expected unemployment report for November may have been a trigger for the shake-up. The government reported nonfarm payrolls shrunk by 40,000 last month, the largest decline since February and belying expectations for a rise of 35,000. Meanwhile, the unemployment rate rose to 6%, the highest level since April, and vs. expectations for a tamer climb to 5.8% from 5.7% in October. "It's no coincidence O'Neill resigns on the day the jobs market falls flat on its face," said William Sullivan, senior economist at Morgan Stanley. "Given his rather upbeat assessment of the economy , it's clearly out of synch with the realities of the current environment, and it made sense to tender his resignation on this day." Because of his persistent and often wildly optimistic view of the economy, O'Neill wasn't an aggressive supporter of additional economic stimulus, and thus became a pariah within the Bush administration. O'Neill "was concerned about increasing the deficit, while the conservative leadership in the GOP and President Bush had a more aggressive fiscal agenda," Sullivan said. "They want to use the GOP-controlled Congress to provide tax relief to ramp up economic growth in 2003. It didn't appear O'Neill was an aggressive advocate of that."