Obama's victory speech, Senators Chris Dodd and Joe Biden drop out of contest

A jubilant Barack Obama has just taken the podium before a crowd of about 3,000 excited supporters in Des Moines, Iowa.

"They said this day would never come," Obama began. "On this January night, at this defining moment in history, you have done what they said we couldn't do," he declared. "They don't own this government, we do. And we're here to take it back!" Obama said, referring to the D.C. establishment.

Obama thanked his wife, Michelle, and spoke of what he would do as president - if voters in other states give him the chance (as he humbly phrased it).

Obama was propelled by an astounding number of first time caucus goers, many of them under thirty five years in age. He clearly struck a chord with young people, who turned out for him by the thousands.

If Obama does win the nomination, his ability to connect with young voters bodes well for the entire Democratic ticket in the general election.

Given that Obama, Edwards, and Clinton captured all the oxygen, it's no surprise that Chris Dodd and Joe Biden have decided to drop out.

Here's the Hartford Courant on Dodd's decision:

Sen. Christopher J. Dodd intends to formally end his campaign after finishing sixth place with less than 1 percent of the vote in the Iowa caucuses.

He plans to return Saturday to his home in East Haddam, Conn., campaign sources said. With the top three candidates capturing nearly 97 percent of the vote, there was no room tonight for Dodd or any other candidate in the second tier to become viable.

Meanwhile, Senator Biden's campaign has told traditional media outlets (including MSNBC) that the Senator "is about to speak at the campaign's caucus night rally and withdraw from the race."