No and it wouldn't help because every time a new folder with that name would be created and you end up with multiple folders with the same name.

I'm not referring to the "Name: [Folder Name]" box. I'm referring to the "Folder: Bookmarks Menu" box.

You can only create bookmarks in one of the three root folders.

• The Bookmarks Toolbar folder stores the bookmarks that you see on the (View > Toolbars >) Bookmarks Toolbar.
• The Bookmarks Menu folder stores bookmarks that you see in the Bookmarks menu and create via "Bookmarks > Bookmark This Page" or "Bookmark This Link" in the right click context menu.
• The Unsorted Bookmarks folder stores the bookmarks that are created by clicking the star at the right end of the location bar.

Where would you want to create them?

I would like it to default to "Bookmarks Toolbar." Currently I have to select the drop-down menu.

Sorry, but I don't know of a way to change the default location to the Bookmarks Toolbar folder.