DAVID FREDDOSO was at the Republican caucuses in Iowa and reports:

As the results shake out, nothing is settled on the Republican side, except that Romney is the only Republican loser of the night. It’s hard to see how he comes back from this.

Huckabee wins, of course — evidently, he found the holy grail of the caucuses, expanding the pool. Thompson did much better than expected, as did McCain. Rudy Giuliani watches the race stay unresolved long enough that his late strategy could work. And even Ron Paul made double digits.

But Romney is in big trouble now.

Not irretrievable, but yeah.

Meanwhile, on the Democratic side, John Edwards is the big loser. Not so much from the vote, but from the absolutely awful speech he’s giving right now. I think he knows it’s awful, too, as he’s blinking about twice per second. The crowd response is unenthusiastic, too.

UPDATE: Hillary looks to come in third, but her speech is much better, and the crowd was at least acting enthusiastic. She’s standing next to Bill, and so far hasn’t made the obvious point about losing Iowa and still becoming President.

ANOTHER UPDATE: Video here.

MORE: Matt Welch on Edwards: “It strikes me as a little-remarked phenomenon in this election that, for the first time since maybe 1988, the Democrats are running a serious candidate with an essentially Naderite worldview on the evils of Corporate Greed. . . . With the one-day Hucka-BOO-yah on the GOP side, the big winner in Iowa tonight seems to be illiberal economic populism.”