John Edwards has decided to drop out of the presidential race and will do so in a speech this afternoon at the same place where he began this campaign — in New Orleans, Louisiana.

Throughout this season, John Edwards hasn’t been able to break through the dueling high-profile candidacies of Senators Hillary Rodham Clinton and Barack Obama, or raise the funds to carry on.

Top advisers said that Edwards would not be endorsing another candidate today when he makes his announcement at 1 p.m.

John Edwards and daughter Cate Edwards on January 27.

On Tuesday, Edwards canceled campaign events in Alabama and North Dakota, opting instead to fly to New Orleans late Tuesday night.

His press aides told reporters that he would make a “major policy speech” on poverty, in the city where he announced his candidacy.

John Edwards placed a distant third last night in Florida’s primary. And even more disappointing, as a native of South Carolina, he finished in the mid-teens there, as Obama won overwhelmingly.

What does this mean and why did it happen? The verdict is still out, but here are some interesting Edwards links …

• Was his decision to withdraw financial? Unlikely. Despite being dwarfed by Obama and Clinton, Edwards raised millions this month
• His populist message resonated with many voters, but others saw a conflict between his humble past and present wealth
• Some believe Edwards’ exit may have been prompted at least in part by Elizabeth Edwards‘ ongoing health problems
• As for what’s next, some say this benefits Hillary Clinton, who may even award him a second straight V.P. nomination
• Other pundits believe Edwards’ departure likely means further coalescing of the anti-Clinton vote behind Barack Obama