NewsUSA wraps together many of the broad-line, US nation-wide news sites into one easy to use source. Offering bookmarking, "watch lists" and most read features makes this aggregated set of news feeds extremely useful!
We have all been warned that Commercial Real Estate" would drive this next wave downward. Now we read on this WSJ.com feed, that many are just "walking away" from their bank loans! And here is another excerpt to add:
"Of the $1.4 trillion of commercial-real-estate debt coming due by the end of 2014, roughly 52% is attached to properties that are underwater, according to debt-analysis company Trepp LLC"
Source: http://online.wsj.com
Of course US banks want the government to keep spending, after all, they got bailed out, again and again. So it is with no surprise, even with US housing figures crashing, that we read this about what Ethan Harris, chief north American economist for Bank of America had to summarize:
"Bank of America has accused the Democrats and Republicans in Congress of endangering the US economy in a game "fiscal chicken", risking a grave policy error by tightening too early."
Source: BoA sees US double-dip danger from `fiscal chicken'
Naturally, no one wants to see a greater depression, but we all also know that we cannot spend more than we have. It is business 101. The banking and financial industry better start getting their own ducks in line, for I doubt the US tax-payer is going to want to see a BailOut 3.0 for that sector any time soon.
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