1. Does Iowa Really Matter That Much?

I'm from Nebraska, and we had a name for the folks from Iowa: "Idiots Out Wandering Around." Heh.

In all seriousness, why is there this much fuss over the Iowan Caucuses? Basically, it's because they are the first major electoral event of the nominating process:

"The Iowa caucuses are noteworthy for the amount of media attention they receive during U.S. presidential election years. Since 1972, the Iowa caucuses have been the first major electoral event of the nominating process for President of the United States. Although only about 1% of the nation's delegates are chosen by the Iowa State Convention (28 Republican delegates in 2012, assigned proportionately), the Iowa caucuses have served as an early indication of which candidates for president might win the nomination of their political party at that party's national convention, and which ones could drop out for lack of support." [Wikipedia]

So, for what it's worth, here's what you should know about last night's results:

• In one of the closest candidate-selection races in US history, Rick Santorum and Mitt Romney switched places several times during the night, but a down-to-the-wire photo finish put the former Governor of Massachusetts ahead by a virtual-tie margin of 8 votes in Iowa’s first-in-the-nation caucus.

• Ron Paul landed in 3rd place, ahead of Newt Gingrich, Rick Perry and Michele Bachmann, respectively.

• John Huntsman, who is putting all his eggs in New Hampshire, was absent from the caucuses, and subsequently came in last. [TDW]

• Bachmann is officially stepping out of the campaign. "Hey Soul Sister" was blaring from the stage as she departed, lol [Twitter]