What do the lib Dems do now?

Are three leaders gave prepared statements today, and the ball appears to be fully in the Lib Dems court.

Nick Clegg made clear his view that the Conservatives, as the party polling the greatest number of seats and receiving more seats than their opponents should have first bite of the cherry in forming a Government.

Gordon Brown stated that he was willing to do a deal with the Lib Dems around the two principle areas of the economy and proportional representation.

Cameron made an offer of a formal deal with the Lib Dems and he outlined some policy common ground, and some areas the Conservatives would not move on. This line was much stronger than suggesting a loose arrangement.

A deal has been publicly made to the Lib Dems by both Labour and the Conservative. Despite the idealogical closeness some Lib Dems might feel with some in Labour, I would strongly suggest that two parties who lost seats should not form the Government. This would send out the wrong message.

At the same time I feel the Lib Dems should reject Cameron's formal offer. It may well be a poisoned chalice. It might well be better to go for an informal arrangement and hope that the Conservative Government has to make some unpopular policies, force a no confidence and hope that round 2 creates the momentum for PR in a year or so.

A risky bird in the future as opposed to bird in the hand strategy, that could backfire. But I feel this might well be the smart move. Often it is worth working out what would your opponent least want you to do? And this might be the Conservatives least prefered option, especially as they might then have to rely on cutting deals with the SNP, PC and DUP whose price might limit their ability to cut public spending.

No one has got all the aces, but this is clearly a game of poker. Who is the best player?