The fallout from New Hampshire.

Here are a few observations on tonight's primary results and speeches from New Hampshire.

1. John Kerry's Southern strategy. He previewed the offensive weapons of his Southern campaign in his victory speech: military service and economic populism. The speech glittered with tributes to veterans. In this campaign, "I depended on the same band of brothers I depended on some 30 years ago," said Kerry. He saluted Max Cleland, the Vietnam amputee and former Georgia senator who will spearhead Kerry's march through the South. Kerry also declared war on "powerful special interests." He said his New Hampshire victory "belongs not to the privileged … Join us so that we can defeat George W. Bush and the economy of privilege." On CNN, Kerry claimed to stand for "the average person."

Defensively, Kerry indicated on CNN that he would rebut the "Massachusetts liberal" charge by advertising his support for welfare reform and for President Clinton's program for 100,000 new cops. While rejecting assault weapons, Kerry pointed out that he's a gun owner and hunter. He even dabbled in Southern colloquialism, scoffing, "That dog won't hunt."

My guess is that the military stuff will play big, but the populism will bust. With his Forbes family lineage, Skull and Bones education, and fabulously rich wife—never mind the $6 million he contributed to his own campaign by mortgaging his $10 million house—Kerry can't credibly run against "the privileged." If he makes it to November, he'll also come to regret his criticism of Bush tonight for trampling the boundary between church and state. That's the kind of talk that wins Concord and loses Chattanooga.

2. Howard Dean's money. The most significant comments tonight came from Dean, in response to questions about whether he might have to drop out if he doesn't win a couple of states on Feb. 3. "No, all we have to do is keep the enormous support of the grass roots behind us. We raised a lot of money this week over the Internet," Dean said on CNN. On Fox News, Dean affirmed, "We raised more money this week than I think any of the other candidates did. We have a very strong base of small donors." Dean went on to tout the organizations he has built with that money in states holding primaries over the next month. How poignant: The man who entered this race pledging to elevate people above money now pledges to survive on money despite losing the votes of the people.

3. No more Mr. Mean Guy. Was Dean chastened by the criticism of his belligerence in Iowa? You bet. Note the frequency of these words in his speech tonight:

Together: 6.

We're all in it together (variants): 4.

Hope: 2.

Divided/divider: 8.