This may not be what political wonks want to hear. However, U.S. politics has not been the primary market mover as portrayed by the mainstream media over the last week.

I guess even if you were proven correct about your concerns over the problems with the housing market and then vindicated about your concerns over the credit boom you can still not be accorded any respect from the mainstream media. Yesterday, I was vilified for not getting my mind right in believing the economic recovery has arrived

The nascent rebound in the housing market took another step back with the release of today's Existing Home Sales report. The National Association of Realtors said the existing homes plunged 17%, which is the biggest decline since records began being kept in 1968. The annual rate of sales fell to 5.45 million units, down from the 6.54 million unit annual pace in the prior month.