NEW YORK (CNN) - Today, I was reminded of the line from an old Elvis Costello song: "I used to be disgusted, now I try to be amused." Senator Daschle and Congressman Gephardt want President Bush to fire SEC Chairman Harvey Pitt... they say because Pitt has reportedly backed away from appointing a critic of the accounting industry to the head of the accounting oversight board.

White House spokesman Ari Fleischer says Gephardt and Daschle are politically motivated in their call for Pitt's ouster. Now, I think that just because the mid-term elections are about three weeks away that that's a little harsh. It would be just as harsh to suggest that Pitt has decided not to appoint that critic, John Biggs, because the accounting industry is scared to death of him. Harsh in both instances perhaps, but not an entirely unreasonable explanation.

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Investors have lost seven trillion dollars in this market, and to play politics now with the appointment of the head of the accounting oversight board is not a particularly clever or responsible approach by either party. The influence of what is now the big four firms of accounting in this country, while weakened, is still potent... but I trust not so potent as to play any part in Mr. Pitt's decision-making.

John Biggs, the head of the TIAA-CREF, has hardly handled himself well in the appointment process... but then seemingly no else has either. Biggs is the right person for this job... and I hope he gets it. I'd much rather be amused by all of the partisan politics than disgusted by the successful lobbying of an accounting industry that has again demonstrated it's in desperate need of real reform.