Theories abound as to why Eric Holder would be worth protecting. Perhaps the administration will benefit from a justice department that refuses to prosecute the New Black Panther Party for obvious voter intimidation. Perhaps the administration will benefit from a justice department that will actively fight the racism inherent in voter ID laws. I don't know. But whatever the reason, it has to be big for the President to place himself in the likely line of fire.
What if it is big? What if, instead of a move to cover Eric Holder or other administration ties to Fast and Furious, the use of executive privilege was a move to buy time?
The Obama Administration is aware, I am sure, that Fast and Furious is a scandal big enough to destroy anyone who can be legitimately tied to it. And because of people like Katie Pavlich (author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up), CBS's Sharyl Atkisson, and Breitbart.com's Mary Chastain, it is unlikely that anyone tied to Fast and Furious will escape unnoticed for long.
But Obama really only needs the executive privilege to buy him a few months. If the stories break now, he looks bad. And it's likely that a few people will remember that he himself, or at the very least, members of his administration were involved.
If he can keep the stories from breaking until October, he can make it look like he extended privilege unaware of the extent of Holder's involvement. Then, throughout the course of an internal White House investigation, he finds enough to make him realize that he needs to cut Holder, and possibly others, loose. Suddenly Obama is the victim of an Attorney General who lied to him as well as the American public, and by throwing Holder under the bus he gives himself that very important October boost. Suddenly he's the honest President who got fooled by the devious lawyer. It humanizes Obama, and demonizes someone who is not Obama. Which is exactly what an incumbent President facing a tough election (mostly because of an obvious disconnect between him and "normal Americans") needs.
Presenting for your viewing pleasure: Attorney General Eric Holder Jr, President Obama's October surprise.