And then on Thursday, Fast Eddie Obama had his finest hour. Barack Obama has worked on political reform more than any other issue. He aspires to be to political reform what Bono is to fighting disease in Africa. He’s spent much of his career talking about how much he believes in public financing. In January 2007, he told Larry King that the public-financing system works. In February 2007, he challenged Republicans to limit their spending and vowed to do so along with them if he were the nominee. In February 2008, he said he would aggressively pursue spending limits. He answered a Midwest Democracy Network questionnaire by reminding everyone that he has been a longtime advocate of the public-financing system.

But Thursday, at the first breath of political inconvenience, Fast Eddie Obama threw public financing under the truck. In so doing, he probably dealt a death-blow to the cause of campaign-finance reform. And the only thing that changed between Thursday and when he lauded the system is that Obama’s got more money now.

And Fast Eddie Obama didn’t just sell out the primary cause of his life. He did it with style. He did it with a video so risibly insincere that somewhere down in the shadow world, Lee Atwater is gaping and applauding. Obama blamed the (so far marginal) Republican 527s. He claimed that private donations are really public financing. He made a cut-throat political calculation seem like Mother Teresa’s final steps to sainthood.

The media and the activists won’t care (they were only interested in campaign-finance reform only when the Republicans had more money). Meanwhile, Obama’s money is forever. He’s got an army of small donors and a phalanx of big money bundlers, including, according to The Washington Post, Kenneth Griffin of the Citadel Investment Group; Kirk Wager, a Florida trial lawyer; James Crown, a director of General Dynamics; and Neil Bluhm, a hotel, office and casino developer.

I have to admit, I’m ambivalent watching all this. On the one hand, Obama did sell out the primary cause of his professional life, all for a tiny political advantage. If he’ll sell that out, what won’t he sell out? On the other hand, global affairs ain’t beanbag. If we’re going to have a president who is going to go toe to toe with the likes of Vladimir Putin, maybe it is better that he should have a ruthlessly opportunist Fast Eddie Obama lurking inside.

All I know for sure is that this guy is no liberal goo-goo. Republicans keep calling him naïve. But naïve is the last word I’d use to describe Barack Obama. He’s the most effectively political creature we’ve seen in decades. Even Bill Clinton wasn’t smart enough to succeed in politics by pretending to renounce politics.