Jose Vargas rightly got a lot of attention last week for the stunning numbers he was given by the Obama internet team about their online success. As he reported: "3 million donors made a total of 6.5 million donations online adding up to more than $500 million. Of those 6.5 million donations, 6 million were in increments of $100 or less. The average online donation was $80, and the average Obama donor gave more than once."

This looks and sounds like a revolution in how presidential campaigns can be financed, but now comes a valuable reality check, from the Campaign Finance Institute, run by veteran campaign analyst Michael Malbin. It turns out Obama was more dependent on big donors than Vargas's data seems to suggest. A lot more.

The full fury of the progressive netroots has turned on Minnesota Republican congressman Michelle Bachmann -- and it might put her House seat in jeopardy; The National Political Do Not Contact Registry's Shaun Dakin has picked up on the Twitter Vote Report idea and proposed using Twitter to track the automated campaign calls that have been in the news of late; The news today is that the Obama campaign raked in $150 million last month. That's a ton of money, and it frees Obama to compete in parts of the country where the math heretofore didn't make sense for a Democrat; and a good deal more.

Monday afternoon, I happened to turn the TV on just as the House of Representatives was voting on the $700 billion Bush-Paulson-Pelosi bailout bill. Watching the split-screen coverage of traders on the floor of the U.S. Stock Exchange as they stared, transfixed, waiting to see if the public, through its representatives in Washington, was going to save their skins, was exhilarating. And then, when the bill went down to defeat, and the market went back to plunging, I was thrilled.

Here's why: I'm tired of living in a de facto plutocracy. I also believe we are on the verge of a revolution in participation in government, powered by new technology that is making it possible for many more of us to connect together and have a meaningful voice in the process. The bailout bill, and the process by which it is being jammed through Congress, is an affront to those democratic values. We can do better. And the vote Monday showed, in nascent form, how the same forces that are eating away at the underpinnings of "broadcast politics," the capital-intensive way of electing a President whose demise we've been chronicling here at techPresident, are also starting to unsettle "business as usual" on Capitol Hill.

This morning, the Obama campaign sent out an email to its supporters urging them to watch an "important announcement" that "he wanted you to hear first." The news? As expected by many observers, Obama has decided to opt out of the presidential public financing system for the general election. Instead of taking approximately $85 million in public funds and agreeing to stop raising money and abide by that spending limit, he has chosen to rely on his gigantic donor base, which currently numbers 1.5 million individuals. The question going forward is, can he really finance his fall campaign in such a way that it is based on a new form of public, i.e. small donor-based, funding?