Obama definitely does not want Hillary on the ticket, and Hillary knows that. Moreover, Hillary does not want to be Obama's VP, because the VP has no power except for that which is explicitly granted by the President.

What does Hillary really want? She wants to be President, of course. Now she realizes her next shot might come in 2012. Hillary firmly believes Obama will lose this November, so her top priority is to NOT be blamed by any Democrats causing Obama's defeat.

But wait! Obama and Clinton both know that many, perhaps most, Democrats want the Obama-Clinton unity ticket to happen. So what can they do?

From Hillary's perspective, knowing it's not going to happen, she has two choices...

The first option: wait quietly for the Obama campaign to make it look as if Obama offered the number two slot to Hillary and she declined. That makes Hillary look like the villain, and if he loses to McCain (which is inevitable, in Hillary's mind), many in the party might blame Hillary for not doing all she could to help Obama win, an impression which could then cripple her chances of securing the nomination in 2012.

The second option: get in front of the story and spin it to her own advantage, which is what I believe she is doing now. She makes it clear to the media and the public, through surrogates, that she is willing to be the running mate (although she knows it's not true). Then, when the unity ticket does not happen, it looks as if Obama rejected her, and she can't be blamed for Obama's defeat.

From Obama's perspective, the choice is very risky. If he does not select Hillary for VP, many of her supporters might not forgive him. But if he DOES select her, many of HIS supporters might not forgive him. In any event, if the public impression is that Obama capitulated to the demands of Hillary and her supporters by placing her on his ticket, he will look weak and not very presidential.

I believe Obama has a better chance of winning if Hillary is NOT on the ticket. His ability to unify the party on his terms, without allowing himself to be bullied by the Clintons, is a key test of his leadership, and could persuade many swing voters that he possesses the strength and resolve to be commander-in-chief. After all, if he can't stand up to Hillary, how can he stand up to despots around the world?