I hardly know where to start. When I sat down in Richard Bacon's studio at around 3pm, John Pienaar was reporting the news that Nick Clegg hadn't told David Cameron of his meetings with the Labour Party. Pienaar was pretty critical of Clegg and more or less said he needed to grow up. I thought at the time it was probably cockup rather than conspiracy. These things normally are. I know now I was wrong.
In this game you can't ride two horses at once. Conservatives who have taken the LibDems at their word will rightly feel let down by what has happened here. If they were going to talk to Labour - which they are quite entitled to do - surely manners and decorum should mean that it is done when and if talks with the Tories have irrevocably broken down? That point is far from being reached I understand - although with what has happened in the last two hours you could forgive Cameron from picking up the phone and telling Clegg to suck on it. But that would hardly be in the national interest, would it?
I think it is far from certain that the LibDems would be able to strike an accord with Labour. And even if the do, it only takes them to 315 seats. Could a traffic light coalition involving Unionists or the Welsh and Scot Nats really hold together for more than the few months it would take to carry suitcases full of English taxpayers money west and north of the border? I doubt it very much.
And will the British people really stomach a second unelected Prime Minister in succession, courtesy of the Labour Party? What was the point of the Prime Ministerial debates on TV? We were supposed to judge our future PM candidates.
Peter Mandelson and Alastair Campbell probably think they have pulled of a masterstroke by donning the mantles of men in grey suits and telling Gordon the game was up. But I suspect there are a few twists and turns to come yet.
A Coalition of Losers cannot provide the stable government this country needs. That much ought to be clear to even the thickest Liberal Democrat. How can you possibly go into coalition with a party whose leader you don't even know the identity of? What if a new Labour leader reneged on the terms of a coalition and called an immediate election on taking office? Have you thought about that? Well have you?
I am just hearing that the Conservatives have offered the LibDems a referendum on AV. This is exactly what Brown has already offered. The LibDems must surely realise that that's as much as they are going to get, especially as there is not a majority in the Commons for anything more. Listen to Tom Harris on this. He talks sense.
There are two good things which could emerge from a Lib-Lab coalition. One would be almost guaranteed Tory landslide at the next election, which would surely not be long in coming. And a second would be the virtual decimation of the Liberal Democrats as an electoral force.
Time to make your minds up my LibDem friends.
UPDATE: Still, we can be grateful for one thing. The LibDems have succeeded where a succession of Labour plotters failed!