The Swamp Got Murkier?

The New Hampshire Primary does not have a precision-riddled history. In fact, the New Hampshire results consistently do very little for predicting the ultimate winner of the two parties' nominations. Though the 'First in the Nation' primary has a bet of a better track record than the Iowa Caucus, this just isn't the pressure gauge to make any sort of long-term judgement by.

If you look at each party's primary dating back to 1980 (excluding unopposed runs), the Granite State primary has only had a 9/14 accuracy, that's a 64% accuracy rate. Arguably though, since 2000, the New Hampshire primary has been much more accurate than since 1980, but all trends rely on history and many, many data points. That being said, I'm not putting much stock into what the primaries tonight mean for either party.

So, you ask, what do the primaries do? What's the point then?

Politically speaking, there are significant primary and secondary order effects, potentially much more so for the GOP than the Democratic field. With regard to Republicans, there are two factors that come into play when the results are finalized: momentum and the culling of the herd. Momentum was all of the post-Iowa talk. We heard about the bull market on Marco Rubio and Ted Cruz and the bear market on Donald Trump and the three establishment candidates.

Obviously, this market trends in all directions at all times as we saw with Marco Rubio's stifled #Marcomentum post-Saturday's debate and John Kasich's seemingly steady climb toward the top of the second tier when he was never awarded a single delegate in Iowa. As we scream (or crawl) closer to the respective conventions, the next wave of momentum for the insurgents and the establishment will be key for anyone's long term viability.

On that matter of long-term viability, the New Hampshire primary also has the historical effect of culling the herd....historically. 2016 may very well be an exception with all 11 candidates that entered tonight (yes, even Gilmore) on the road to South Carolina. That aside, textbooks tell us that the field ought to be whittled down by a candidate or two, which means that you have brand new, undeclared voters that are just looking for a new home. This type of open capital puts candidates into a free-for-all to vie for the affections of these newly available supporters. Depending on who drops out (Fiorina? Christie? Carson?) that opens up a lot of people that swing the balance of the primary in a major way.

On the Democratic side, there's obviously going to be no culling of any herd. You have two candidates, and you're going to have two candidates until the winning delegates total is reached by one of them. Again, this comes back to the momentum argument. By all accounts (pre-results), Sanders ought to win the primary, but now this is where the expectations game comes into play.

There is a chance that Bernie Sanders blows his shot at the nomination tonight even if he wins. Expectations going back to just last week had the Vermont Senator sitting at a comfortable, victory formation distance. In the last week, polls show that Hillary is closing that gap. Now again, probably not enough to win, but she sets herself up very well going forward if the loss is in the low to mid single digits. She beat expectations and completed an effort to make her the second Clinton 'Comeback Kid'.

On the other hand, New Hampshire feels the Bern, we have a long race ahead of us, America.

There's a good chance that tonight's election does us no favors, but isn't that the fun of watching all of this? Politics itself is not a spectator sport, but being a spectator at this juncture is all the rage to me.