On Thursday, Sen. Barack Obama announced that he was opting out of the public financing system, in the process forgoing "more than $80 million in public funds" for the more bountiful loot that could await him later.
As a result, Obama will become the first modern presidential candidate to run a race solely on the back of private funds. The move risks sullying his reformist credentials; Obama had promised last year to try to reach a deal with the GOP nominee to accept public financing. His decision to forgo public funds -- which he said came after a refusal to compromise by McCain campaign officials -- was quickly lambasted by his Republican opponent.
It seems like a smart decision to me. Here's Obama's video message about it: