Only one Volcker: Large as he is, "Tall Paul" Volcker can't be split in half. Yet the 82-year-old former Federal Reserve chairman seems almost the only plausible replacement for two US officials whose positions look shaky — Timothy Geithner and Ben Bernanke. That's one reason why neither may actually be out of a job any time soon.
Of the two, Federal Reserve chairman Bernanke might have the greater worries.
Before the Republican upset in this week's Massachusetts US Senate race, it was assumed he would be safely confirmed for a second term, albeit with a healthy smattering of no's.
But after the electoral upset, leading a campaign against Bernanke, a public face of the bailouts, may allow Democrats to demonstrate their empathy for voters' economic frustration.
Red flags abound. At a meeting of Senate Democrats on election day, liberals spoke out against the Bernanke confirmation, while the support of moderates was tepid. Then 13 Democrats voted to end TARP, a program Bernanke advocated.
While majority leader Harry Reid has been silent on the issue, liberal stalwarts Russ Feingold and Barbara Boxer revealed they're no's. Given Bernanke's unpopularity among grassroots conservatives, plenty of Republicans might view eroding Democratic support as a signal to abandon the Bush appointee.
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Geithner also has troubles with the Democratic liberal base who think him too cozy with Wall Street. Important party players have already urged the White House to dump him, and the feeling seems to be spreading to Congress.
Geithner's long-term prospects were not helped by revelations he opposed the new Obama bank plan that is based on Volcker's recommendations.
Yet the financial crisis has drained the replacement pool for both men, a reality their opponents must eventually acknowledge.
Wall Street names are radioactive in populist Washington, and few outside Manhattan would command the respect of international investors, not an insignificant issue for a nation financing trillion-dollar deficits.
Volcker certainly passes the global test, but not necessarily the domestic one. While currently in step with the White House and Democrats for his stance on banks, his hard-dollar, deficit hawk positions are out of favor on Democrat-dominated Capitol Hill.
The Volcker resuscitation may have some staying power yet. But, if only by default, the Bernanke-Geithner status quo probably has more longevity.
