Eight points on what matters and what doesn’t in the Jeremiah Wright debate:

1. The purported ad campaign isn’t happening.

2. Mitt Romney doesn’t think the Rev. Jeremiah Wright is an appropriate topic.

3. The left-wing media spent the entire day obsessing over the non-story.

4. The right couldn’t care less. Conservatives would like to talk about the issues, you know, that matter to the country. Romney already has the base in hand. To reach the persuadable voters he’s not going to use Wright. Either the liberal blogosphere is out to lunch on this basic strategy, or it is playing dumb so as to regain the “racist Republicans/Obama is a victim” story line. It’s the left that is dredging up the issue, sticking it on the front page and churning story after story on it.

5. The Mormon-interest meme is back, because, although no one should be interested in Wright, everyone needs to know more about Mormonism. Or something.

6. There is real news that is happening (e.g. the market dive, euro troubles, a critical legislative battle over Iran sanctions). None of this is favorable to President Obama, so it is generally ignored.

7. The media that are fixated on the Wright story are essentially writing, blogging, chattering and tweeting for one another. No voter in his right mind cares about this.

8. Meanwhile, as Obama and his press minions throw everything against the wall, Romney is talking about issues. Romney’s favorables are now roughly the same as Obama’s. You have to wonder if the “shiny object” crowd understands its own irrelevance.