A lot of people have been writing about Time's characterization of the commercial real estate market as a "slow motion train wreck." And I agree with those who think it may well be an apt analogy.
There is still going to be hurt going on as loans mature, lenders do not lend, and equity requirements go through the roof. And I wonder aloud if we'll still need some kind of RTC situation to eventually handle it, although the slow-mo nature of it all may obviate that need. I do know this: when some smart folks were talking about how awful the market was, the mainstream media was gaga over how great it was. So...can you say vice versa? I'm just saying....
