Richardson Bows Out

Iowa and New Hampshire have three casualties: Sen. Joe Biden, Sen. Chris Dodd and Gov. Bill Richardson. Richardson's formal announcement is to come on Thursday, according to press reports.

If the President was hired, like a traditional CEO, then the New Mexico executive would have been a shoe-in, as he is the most qualified candidate in either party. But that's not how politics work, even though many think there is little real difference between candidates and parties. Richardson fared better in New Hampshire than in Iowa, but the momentum -- and votes -- are with the top three candidates: Clinton, Edwards and Obama.

It remains to be seen if South Carolina will take a favorite son approach to the Edwards candidacy later this month.