A FUNNY THING HAPPENED TO HOSNI MUBARAK ON THE WAY TO THE UNEMPLOYMENT OFFICE – AT 4:25 P.M. ET: 

Apparently inspired by Jennifer Hudson, President Hosni Mubarak told Egypt today that he isn't going.  He's staying.  Yes, he's transferred some powers to his vice president, but there was no talk of resignation.

The sound you hear is journalists and some U.S. government officials wiping the egg off their faces.  They had all but assured us that Hosni had his bags packed.  There was genuine shock when Mubarak, in a speech that wasn't exactly the Gettysburg Address, announced some procedural steps, but little more.

So what happened?  I don't know, but I have a theory, which I plainly label as speculation:  I believe Mubarak intentionally floated the story to members of his government that he was resigning immediately, knowing these loyal worthies would leak it to the press.  He knew that would be big news, and would be blasted all over the world.  And then, when he didn't resign, journalists would look ridiculous, and lose credibility.  Mubarak wanted to have the last laugh, and he's not in love with reporters.  If my theory is correct, he must have a great sense of satisfaction.

But the story isn't over.  The protesters are plainly livid over Mubarak's refusal to do a Nixon, and step down.  They'll be out in force tomorrow, the start of the Egyptian weekend, and prayer day.  We make no predictions on what tomorrow in Egypt will look like.

February 10, 2011