The Iowa caucuses could be in jeopardy, because of their serious loss in the political marketplace this year. McCain got a bounce in New Hampshire as a result of blowing off the Iowa caucuses, and the conventional hindsight holds that Bill Bradley should have done likewise. If future candidates follow McCain’s strategy, Iowa will no longer test the field, and reporters will no longer have to spend winter in Des Moines. But it’s tough to sympathize with Iowa’s greedy GOP: The state party takes two bites of the apple by sponsoring a straw poll that should be meaningless, but isn’t. No fundraising stunt by a state party should have the ability to shrink the field of candidates a full year before the party’s convention.

New Hampshire also failed a political-marketplace test. McCain enjoyed a huge win that bore no relationship to his performance in the primaries ahead. Four years ago, Pat Buchanan won in the Granite State, and was also unable to duplicate his success elsewhere. New Hampshire has become "The Worst In the Nation" at picking GOP candidates. And, let’s not forget, New Hampshire saved the Clinton candidacy in 1992.

When the Republican party debates the merits of the proposed primary schedules for 2004, the question of whether Iowa and New Hampshire should continue to enjoy their unique positioning should be on the table.