Larry Kudlow says the worst possible outcome of the Iowa caucuses would be wins by Mike Huckabee and John Edwards:

The key point is that Edwards and Huckabee are the left-wing populists in the campaign on economic policy. Their victories would send up a red-flag warning signal to a stock market already beleaguered by worries about an economic slowdown and the ongoing subprime credit problem.

And Mickey Kaus warns of another possible side effect of an Edwards win: a brand new sex scandal may hit the mainstream. Kaus also offers an opinion most of us can agree with:

I have faith that you [Iowa ]will make the right decision. ... Actually, no. I have zero faith that you will make the right decision. You thought Kerry was electable! Iowa caucusers have a track record as miserable judges of political horseflesh. I'm counting on New Hampshire, a real primary where more than a super-motivated minority actually does the deciding.

On to New Hampshire.