The editorial board explains the import of today's Iowa caucuses:

If history is any guide, only about 200,000 of Iowa's 3 million residents -- or about half the population of Long Beach -- will actually turn out for today's caucuses. Will this handful of voters really decide the winner of the 2008 presidential race, as the media hype and furious campaigning from contenders in both parties seem to indicate? Of course not, though there's a chance they could help determine the losers.

Iowa has a miserable history of picking presidents.

The board marks a new record oil price of $100 a barrel, and advocates for a pay raise for federal judges.

Columnist Rosa Brooks wonders if political dynasties -- whether of the Bhutto or Clinton kind -- are good for democracies. Columnist Patt Morrison asks what would happen if movies were nominated for Oscars the way candidates are nominated for president. Thom Taylor, author of a book on the 1988 writers strike, says studios are once again pushing themselves out of the picture. USC professor and former McCain campaigner Dan Schnur explains why the 'macaca' moment still matters.