The Dow dropped more than 700 points today, a fact unmentioned in a presidential debate a few hours later. Not sure if that's a good thing or a bad thing. [Update: No, sorry-- Schieffer opened his first question with a reference to "another very bad day on Wall Street."]

And something that has dropped out of the campaign debate almost entirely: "The war on terror." Remember how it tormented John Kerry in '04? I wonder if anyone will even be using that phrase by 2009.

--Michael Crowley