By Bill O'Reilly

The Iowa caucus is important because the Republican field is not well- defined. Voters are still trying to get a handle on the candidates.

In fact, polls say that 41 percent of Iowans who will cast Republican votes still undecided; an astounding statistic with the vote less 24 hours away.

So let's take a hard look at the candidates tonight. Mitt Romney polling better in Iowa because the perception that he is the strongest candidate against President Obama. That his economic experience would appeal to a wide variety of voters. "The Factor" expects Governor Romney to do well tomorrow.

Newt Gingrich fading in the polls because of the beating his image is taking. There is no question the Speaker knows enough to be President but his past frightens some voters. We do not, do not expect Mr. Gingrich to finish in the top three tomorrow.

Rick Santorum taking some of the Speaker's votes and is now polling at 15 percent according to the "Des Moines Register". Senator Santorum mad at me saying I have not featured him on the broadcast. Well, that might be true. We tend to avoid campaign segments unless there is a media controversy and until a week ago the Senator was polling in the single digits.

However, we have invited Rick Santorum to appear on Wednesday. And we did do an extensive interview with him on the radio special in November.

Rick Perry continues to poll just above 10 percent but is campaigning ferociously in Iowa and could surprise. Governor Perry has a lot of money and vows to continue his campaign no matter what happens tomorrow.

Michele Bachmann another story. Congresswoman must do well in Iowa to continue because she is out of money. All the polls say Mrs. Bachmann is not in good shape.

And that leaves our pal Ron Paul who is polling well in Iowa and who could win the caucus tomorrow. But even if the Congressman does do well, he will not, will not be the Republican nominee because his positions on many issues are simply outlandish.

Here is what you need to know about Ron Paul. He has spent 23 years in Congress. And only one of his proposed bills has been signed into law; 23 years, one law. And over that time period, Mr. Paul has sponsored 620 pieces of legislation. Again, only one was passed, the sale of the old U.S. customs house to the Galveston Historical Foundation. Not exactly a front page event.

Now, those who support Ron Paul are generally angry with the federal government. They want a total overhaul. And you know what? I don't blame them. The federal government is a disaster. With a $15 trillion debt the feds are putting all of us in danger. But Ron Paul with his soft approach to Iran, his gold standard madness and other extreme positions is not going to be nominated by the Republican Party simply because President Obama would beat Mr. Paul by a colossal margin. Hello, Barry Goldwater.

So there you have it. "Talking Points" will not make a prediction about tomorrow's vote because last time around I predicted Hillary Clinton would beat Barack Obama... a humbling experience.

And that's "The Memo."

"Pinheads & Patriots."

There were lots of things going on in New York's Times Square New Year's Eve, and one of them was rather dubious.

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O'REILLY: Was that slow motion or real time? Were they doing that in real-time, or did they slow that down?

No truth to the rumor they are dating. We'd like to show you more of that, but I believe the authorities have seized the tape. You can decide if and pinheads or patriots are involved.

— 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.