I think all of us involved in commcercial real estate industry are very concerned about the CMBS market and how it is going to effect our clients. The recent news of Vornado and other signifcant landlords looking to the government for relief through TARP certainly raised the level of concern and the recent news of Hines taking control of Cabi's 33 properties in Southern California just proves that we are in the beginning stages.
In reading this insightful article by Irving Fisher, "The Debt-Deflation of Great Depressions," our current economic environment may be a reprint from the combination of excess debt and the utilization of risk.
http://www.newmarkkf.com/research/whitepapers/library/third_economy.pdf
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