Saw this post over at one of my favorite blogs - Mish's Global Economic Trend Analysis. The headline is:
"Elizabeth Warren on the Coming Commercial Real Estate Crisis; 3000 Community Banks at Risk"
"Nationwide, at least $1.4 trillion in commercial real estate debt is expected to roll over during the next three years. Warren said that half of commercial real estate mortgages will be underwater by the beginning of 2011. A fifth of residential mortgages are underwater now, she said."
It is going to get worse, folks, much worse.
Pay down your debt, save as much cash as possible, and stock your pantry. Our government is incompetent, but you are not. This is where your rugged individualism will be needed. Help yourself, then your family, then your community. We don't need government to do what's right.
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