At least, that is perhaps what some would like you to believe. In actuality, the housing crunch led to a major credit crisis that has impacted ALL SECTORS negatively, including tech, pharma, and especially financials. Resources have been caught in a lowering of the tides , and nothing more (well, with a lot of manipulation too).  The resource stocks have done remarkably better than the financials, and as a group will outpace any  major recovery in financials. Financials will not recover if recession gets well rooted, and the Fed's failure reflects the 5+ year anger of Congress (with Asian driven resource inflation) driving a high dollar policy. They have now been forced to drop rates back dramatically, and resurgent growth with a weaker USD will propel commodities to significantly greater heights. No doubt, the financials are the short term trade, but commodities are the long term hold.