Political Equinox

According to literally every national news organization in America, the Governor of New York Eliot Spitzer has been implicated in a prostitution ring. There has been speculation all day that he would resign at any minute. The NY Times reported that the state was at a standstill, not really knowing if the governor would resign. Lt. Governor David Paterson (whom I saw campaigning for Hillary Clinton at an Iowa rally back in January. He’s pictured here between Cheers actor Ted Danson and Clinton National Chair Terry McAuliffe ) even told reporters he didnít know what the Governorís plans were, saying that he hadnít heard from the governor since Monday.

Many assumed that Governor Spitzer took today to talk with his advisers and will probably make an announcement tomorrow regarding his governorship. The NY Times reported that top aides were potentially discussing legal ramifications if he continued on as governor.

I think those seem like plausible reasons for not resigning immediately ñ weighing his decision carefully and discussing all possibilities before deciding what is best for the state and his family.

There is another possible explanation, or at least partial explanation.

Across town from the Governorís 5^th Avenue residence, Wall Street was having an economically fantastic day in the wake of a dismal economic year. The Dow Jones was up almost 417 points after hearing the Federal Reserve will pump nearly $200 billion into the economy. Although this does not represent an economic rebound and might just be a momentary flicker of light in a dark economic situation, every bit of good fiscal news is something politicians understand as important.

The resignation of the Governor of New York in the wake of a bit of good economic news would probably put a damper on this economic victory. During his time as New Yorkís Attorney General, Spitzer went several legal rounds many of the firms on Wall Street, earning him nicknames like the ëWhite Knightí or the ëSheriff of Wall Streetí. A person with such an adversarial history with the economic Mecca of the modern world taking the news spotlight because of a scandal would have probably hampered this small economic victory.

This theory by no means explains holistically why Spitzer did not resign today. Indeed, talking with his aides, advisers and family about the best course of action going forward is completely logical. But in an economic climate like right now, Iím sure superceding positive economic news with a scandalous resignation is something that was factored into his decision.