Somebody really, really doesn’t want Elizabeth Warren to run the new Consumer Protection Financial Bureau, or “CFPB,” which she first envisioned and proposed. Who? The big banks, for sure, as well as others who don’t want their misbehavior brought to light. And Tim Geithner, whose vision of Wall Street and its problems is fundamentally different from Warren’s. There are others, too – ideologues like Megan McArdle of the Atlantic, who has made something of a cottage industry out of attacking Warren on specious grounds.

The President’s attempting to split the baby when it comes to appointing Ms. Warren, but the facts and public perception are aligned. They present him with a stark reality: He must choose between appointing Ms. Warren or placating the big banks. There is no Third Way. Unfortunately for the President, Elizabeth Warren is a yes or no question.