Latest YouGov poll shows LD 33%, Con 32% and Lab 26%. Obviously the LibDems are now starting to eat into the Labour vote.
So what should we do? Nothing. We gain nothing by attacking the LibDems. It would be like attacking Susan Boyle (or like Hague attacking Blair over Diana's funeral - remember that?) We just need to wait it out and see if it blows over.
Suppose there is a hung parliament, what should we do? We should let the LibDems form a govt, possibly in coalition with the Tories. We should stay out of it. This might seem perverse, but just as having the SNP in power in Scotland suddenly revived Labour there, a LibDem govt would help Labour too - especially as the latest YouGov poll indicates the public doesn't really like their policies apart from the reform of the electoral system and their tax policies.
We need to play the role of Stanley Baldwin in 1923. It was a hung parliament and though his Conservatives had the most seats, he declined to form a government and Labour formed the government with Liberal support. The Liberals then brought down the Labour government and Baldwin benefitted - and apart from a brief interlude from Labour in 1929, the Conservatives governed from 1924 to WW2. Baldwin's calculation was that in a Labour coalition with the Liberals, one of the two parties would die, and as opposition he would come back to power. He was right and the Liberals faded for seven decades. [There is other evidence of this happening in coalitions: the grand coalition between the socialists and Merkel's party ended up with Merkel killing the socialists, and Labour's coalition with the LibDems in Scotland ended up with Labour killing the LibDems there.].
If the LibDems and Tories form a coalition, in these trying times, chances are that one of them will die. We need to get out of their way and be the opposition people turn to when it inevitably goes pear-shaped. If Lab go into coalition with popstars like Clegg's LibDems, we will be the ones who get killed
I know this is hard for people who want to fight back. But when there is a popular tsunami of the sort we are seeing, the best thing to do is simply stay out of it's way. Democracy has these flashes of mood and instead of intervening we should allow them to run their course.