It's a long way from "a warm bucket of piss." That, of course, was the graphic metaphor used by John Nance Garner, vice president under FDR, who equated the vice presidency to just that—a worthless collection of fresh urine.

Oh, look how far we've come.

At today's press conference, at which Obama named the top levels of his economic team, he signaled more history in the making. "Today," he said, "Vice President-elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team," he said before naming New York Fed Chairman Tim Geithner to head Treasury and several others who will work in the administration.

Biden and I are pleased? Rarely do presidents (and especially presidents-elect) share ownership over an administration they worked so hard to win. The extreme was George Washington, who banished his veep John Adams from his first cabinet meeting, asserting that Adams wasn't a central player in his government. But Obama's inclusion of Biden in the announcement signals that Biden will play a much heftier role in the administration—not just the ceremonial kind like Dan Quayle, or the there-when-needed kind like Al Gore, or the curiously-behind-the-scenes kind like Dick Cheney. No, Obama made clear that this decision is our decision. And whether it's a good or bad decision, it's our decision.

Biden didn't speak at the conference, although an early summary of the remarks does list Biden as a speaker. And sources within the transition report that Biden is involved in the highest levels of decision-making on appointees.

The reference could have a more subtle reference tacked on as well. Calling out Biden as a co-decision maker sends a strong signal to the rest of the cabinet that Biden is his point man, his confidant, his ... partner in change, if you will. And there's only so much room at the top of an administration. That's logical and fine for the likes of Geithner and likely AG nominee Eric Holder, who will know their place in Obama's cabinet. But for people with bigger personalities and egos who could be joining the administration, like, say, Hillary Clinton, Obama's early nod toward Biden could quietly but firmly signal who's in charge.

And with whatever—and whomever, more importantly—a Hillary secretary of state would be bringing to the administration, Obama would want little question about exactly which two people are running the show.