Obama seemed poised to realign American politics after his stunning 2008 victory. But the economy remains worse than even the administration's worst-case scenarios, and the long legislative battles over health care reform, financial services reform and the national debt and deficit have taken their toll. Obama no longer looks invincible.

This is a generation weaned on Watergate, and there is no presumption of innocence and no presumption of good intentions. Instead, there is a presumption that, without relentless scrutiny, the government will misbehave.

To compare Whitewater to Watergate is a travesty.

A lot of people over time have had this kind of pattern in their relationship with Bill Clinton. You first meet him and you're overwhelmed by his talent. He's so energetic and articulate and full of ideas and he calls himself a congenital optimist and that optimism is contagious.

There is an institutional cynicism that causes reporters to question everything the President says, and the motives of everything the President and his Administration try to accomplish.

When I joined Bill Clinton's start-up presidential campaign in 1991, I was confident that women would play an ever more important role, but I never gave a minute's thought to what would happen if we won. When we did - and I became the first woman to serve as White House press secretary - it changed my life. But it didn't change the world.

When I first started working in politics, as a junior aide on Walter Mondale's 1984 presidential campaign, it never occurred to me that I would one day work in the White House. There were plenty of women among the volunteers who stuffed envelopes and walked precincts. But there were fewer and fewer on each successive level of influence and access.