Pleading for sanity

Here is an interesting article from Mish Shedlock of www.globaleconomicanalysis.com on the parlous state of the US housing market.

Credit is contracting faster than Helicopter Ben can print it, now if the banks just marked to market perhaps we will see some temporary sanity prevail & maybe just maybe the S&P 500 will no longer be priced on 100x earnings and with the destruction in the USD money supply as a result of this credit contraction perhaps we may even see a reversal of fortunes there.