Worries growing about commercial real estate

msnbc ^ | 5/12/09 | ap

[Flavius]

Even as banks grapple with rising foreclosures, many lenders have something else to worry about: A rising tide of potential losses from commercial real estate loans that could reach into the billions.

[george76]

What could go wrong ?

Just walk away and let the banks run the empty malls ( no Circuit City...)

[C210N]

that could reach into the billions.

mere billions? nothing to worry about here...

Now, if it reaches into the Trillions, then there is something here to panic about.

[CapnJack]

A buddy of mine works for a very large NY bank which he says is basically owned by the gov’t.

He specializes in commercial distressed property. The guy works 90+ hours a week with these developers and landlords and especially in the Vagas area.

When stop down in NJ to see my folks, I stop by to see him if he is not too busy and he looks like a beaten dog. He says “you ain't seen nothing yet” about the commercial property calamity about to break.

Gerald Celente has been warning about the commercial property collapse for a year now.

And I thought the Marxist Pig's friends all say the recession is almost over?!?! Whats up with that?

[Fee]

The 270 billion quoted is for 2009 only. Look up Gerald Celente and commercial real estate on youtube. He was warning about this in Dec 2008.

[Fee]

Remember when unemployment was 4 to 5 percent and the GDP was growing 3 plus percent annually, the MSM said GWB had the worst economy since the Depression. Now with the GDP shrinking 6 percent, and unemployment up to 8.9 percent and climbing, the MSM says we have a RECOVERY.

[Hugin]

The Feds can buy them up and re-open them as ObaMalls.

[PogySailor]

The office park where my company is located is probably 40-50% vacant. Many of the buildings built within the last 2-3 years and never occupied.

That bubble is going to be a big POP!

[Flavius]

its been filtering down the gurus about the commercial and credit cards rackets

[SkyPilot]

Obama could turn the vacant strip malls into training centers for his brown shirts.

Militant BLACK Obama Youth Group

[HighlyOpinionated]

0bama has learned that whatever he says affects the Market, so if he says “we’ve hit bottom and are making a comeback” then the Market will rise about a hundred points.

Then when we don’t rebound, it’s Bush’s fault and all the debt he inherited, never mind the debt he created. And the Market goes down a hundred points.

It’s like this Swine Flu epidemic. 0bama says it’s over . . . but more and more cases are being reported to the CDC every day and people are still dying from it. But 0bamessiah says the Swine Flu is over, so it’s over.

I never saw the movie “Wag the Dog” but I have a hunch that we’re in that situation in DC right now. 0bama HAS to prove that HIS stimulus and bail outs are working because He Cannot Be A Failure. It’s beneath him to fail.

And when he does, it will not be a pretty picture. All that trash talk about Bush will sound like Sunday School when the great 0bambissiah topples from the Greek Column Pedestal he’s set himself up on.