The biggest casualty from the Iowa caucuses is the conventional wisdom.

The conventional wisdom was that Hillary ClintonHillary Diane Rodham ClintonBlumenthal calls for declassification of materials detailing Russian threat to US elections Hillary Clinton roasts NYT's Maureen Dowd over column Hillary Clinton touts student suspended over crowded hallway photo: 'John Lewis would be proud' MORE would be the next president.

Now, the conventional wisdom is that Hillary Clinton will drop out in the next 48 hours.

Last summer, the conventional wisdom was that John McCainJohn Sidney McCainBill Maher delivers mock eulogy for Trump Hillary Clinton roasts NYT's Maureen Dowd over column CNN's Ana Navarro to host Biden roundtable on making 'Trump a one-term president' MORE would drop out of the race.

Now, the conventional wisdom is that he will be the nominee.

The conventional wisdom was that Rudy Giuliani had no chance that to get nomination.

Then, the conventional wisdom was that Rudy Giuliani had no chance to not get the nomination.

Then, the conventional wisdom reverted back to the previous point.

The conventional wisdom was that Mitt Romney would win Iowa and then New Hampshire, and then catapult to the top of the Republican ranks.

After Iowa, the conventional wisdom was that if Romney lost New Hampshire, he was finished.

For most of the year, the conventional wisdom was that Mike Huckabee was not a serious candidate. Now, it’s conventional wisdom that he still doesn’t have shot, even if he wins South Carolina and most of the rest of the South.

The conventional wisdom was that Barack ObamaBarack Hussein ObamaGraham says he appreciates Trump orders, but 'would much prefer a congressional agreement' 'This already exists': Democrats seize on potential Trump executive order on preexisting conditions Biden's immigration plan has serious problems MORE was too inexperienced to be a serious presidential contender. Now, most people expect him to be our next president.

It has been the conventional wisdom that the Republican candidate has no chance to win the election. Let me be the first to say that if Obama gets the Democratic nomination, that the new conventional wisdom will be that the Republicans have a very good shot of retaining the White House.