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I don't think he kept him around to be the whipping boy. It is obvious this was in the works well before the election because he already had a successor to be named that had agreed to take the position. Bush is loyal to those that are loyal to him. I think Bush didn't want to use him as an excuse prior to the election, as in "see, I fired the guy who is responsible for the stuff not going well in Iraq". Might have been better politically to do so.
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