When I see what is going on in the markets, I wonder if sometime if some lender forgot that they are playing with other people's money. And we've been through all this before, at least on the dirt side.
I'm not going to bore you with a long treatise on this subject. Instead, just go read Jeff Brown's thoughts on the topic. In short, in some cases the foxes are in the henhouse. And he's right -- this was all so predictable -- and inevitable. I know some who were talking about this three years ago.