First it was the banks. Then Fannie and Freddie. Then AIG. Then Shittybank. Then the automakers. Then the former millionaires created by Bernard Madoff.
And now the Donald Trump contingent wants in:
From the NY Times: A Wish List for Commercial Real Estate
Commercial real estate groups have been meeting with members of Congress, the Federal Reserve, the Treasury, the Federal Deposit Insurance Corporation as well as Mr. Obama’s transition team, to press their case. And they say they have a compelling one.
CR was exactly right about this last week, and he remains exactly right:
[T]his is really about property investors who bought commercial buildings at the price peak and are now underwater. But say the owners default and the properties are transferred to the bondholders - what is the risk to the economy? None.
Makes sense to me. Anybody else care to weigh in?
Can't Trump that!
Posted by: mandt | December 29, 2008 at 07:53 AM
Cry me a f*ucking river. They're breaking my heart. Happy New Year to you and yours blogenfreude.
Posted by: Libby | December 31, 2008 at 11:07 AM
As someone who works for one of the premier real estate developers in the city, I can say this:
Fuck 'em. We did it the right way and made gobs of money off those greedy assholes. I'm glad we could dump our inventory on them and now we're ready to buy back at a discount.
Posted by: actor212 | December 31, 2008 at 03:35 PM