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...qualify for refinancing when they come due. Second, banks are already facing painful choices about what to do with short-term land and construction loans that will never be paid off in full. Finally, the vulture investors who usually swoop in and refire markets after a bust are still hanging back...
...slow-motion wreck too. (It started in 2006!) But the commercial meltdown will take even longer for two main reasons. One is that while commercial real estate lenders certainly got sloppy during the boom, they didn't go utterly crazy the way their residential peers did. Commercial lenders still demanded down payments and evidence of income. They didn't factor in a 40% decline in prices or the worst economic downturn in 70 years. The housing bust preceded and precipitated the recession. The commercial bust is an aftereffect. (See 25 people to blame for the financial crisis...
...fashion. It also averts a big hit to the FDIC's empty insurance fund. The downside is that it drags out the correction for years, delaying any rebound. "The smart money, and there is plenty on the sidelines, is waiting for the bottom to materialize," says Bonney. It may still be waiting a year from...
...most underreported story of 2009. As a retired schoolteacher in South Carolina, I have witnessed firsthand how lack of resources and funding can lead to this type of segregation. Although we have certainly come a long way since the 1960s, it is critical that we remember we still have a long path ahead...
...President Obama's fault that our multibillion-dollar homeland-security apparatus is more Keystone Kops than 24 ... The Federal Government is (alas) a vast, ungovernable enterprise. And the bigger it gets, the less effective it will become ... [Still,] the President is in thrall to the illusion of a skilled, paternalistic government ... Could the new New Deal just get airplane safety right first...