“Watergate was supposed to have established that Presidents are not above the law.”
I concur this is a half-truth. Nixon resigned for the reasons you say, whereas Bill Clinton refused to resign even after being impeached, proving both that he had no integrity or regard for the fate of the country and that Democratic Presidents actually are above the law so long as Democrats control at least one house in Congress.
That said, Dems stuck with WJC because he was perceived to be very good for the party and country. In contrast, Obama is increasingly perceived as a huge liability for the party. So there’s at least a chance they’ll dump Obama on the pretext of taking a tough stand against corruption when the real ulterior motive is to save their party. But Sestak may not be a strong enough rope with which to hang Obama. What Ferrara didn’t mention in his piece is the Blago trial and the prospect that it might unearth some very damaging evidence that does BHO in. It will be an interesting summer to say the least.
I, for one, am utterly amazed that Blago hasn't been whacked yet. He knows far too much (not just on BO, but the whole corrupt Chi machine) and is too much of a loose cannon.