By Bill O'Reilly

"The Factor" offers No Spin analysis so I apologize ahead of time for offending many of you watching this evening. But I'm bound to tell you the truth about everything.

On paper, there were two big winners last night in Iowa, Mitt Romney and Rick Santorum. The Senator will be here in just a few moments. But it is Governor Romney who is benefitting the most because just a few weeks ago, his campaign thought it would get hammered in Iowa. In fact Romney put only five full-time employees in the entire state. But as we know, Romney won the caucus by eight votes.

Just one month ago, Rick Santorum was polling at six percent in Iowa. But last night, 25 percent of Iowa voters cast their ballots for him. Senate Santorum proves two things: that hard work pays off and that persistence and consistency of message gains respect among the voting public.

But now New Hampshire looms, the vote there next Tuesday. Right now a CNN snap poll of likely Granite State voters shows Mitt Romney at 47 percent; Ron Paul, 17; Jon Huntsman, 13; Rick Santorum at 10. It is likely the Senator will not prosper in New Hampshire because that primary is open to all the voters and the conservative Republican crew is not as influential in New Hampshire as it is in Iowa. Thus Mr. Santorum must concentrate on South Carolina.

As for Ron Paul, we say again that he has little chance to be nominated as he admitted last night on ABC News.

Newt Gingrich hanging in there, hoping that a strong debate performance over the weekend can elevate him in New Hampshire.

Rick Perry pretty much done.

And Michelle Bachmann pulled out of the campaign today. On a personal note, I think Congresswoman Bachmann waged a noble campaign, she was true to herself, she was honest and her presence greatly helped the political process and the country.

As for Governor Perry, he gave it a good try and he will participate in the debates this up coming weekend but with the New Hampshire vote just six days away, the Governor polling there at two percent.

All in all, Mitt Romney now the front runner, I believe President Obama fears the governor because Romney-Obama race would center on the economy and Americans would be forced to take a look at the record, obviously not a strong Obama suit.

And that's "The Memo."

"Pinheads & Patriots."

As you may know, there's a thoroughbred horse called The Factor, and its owners have their eyes on the Kentucky Derby. On December 26, The Factor ran in the Malibu Stakes.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: And Rock out of Tanks (ph), with the Factor inside and come after him, but The Factor's tough. The Factor's finding more room and running on legs, but the Factor is all heart today. And the Factor in a superb performance, the Factor, and Launching God's Gear (ph) runs home in the Malibu!

(END VIDEO CLIP)

O'REILLY: Yes! We're rooting for The Factor to win the derby this year because he's a patriot.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.