My response to developers asking for bailout because the economy is tanking. Wwe have loads of empty"for lease" new strip mall space and they were still building until just recently. Not our fault you developed every square foot along major routes available http://online.wsj.com/article/SB122991429181825709.html?mod=testMod bugger off. Developers Ask U.S. for Bailout as Massive Debt Looms Article Comments more in Real Estate Main ยป With a record amount of commercial real-estate debt coming due, some of the country's biggest property developers have become the latest to go hat-in-hand to the government for assistance. They're warning policymakers that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years -- with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial
I have no particular sympathy, but they are free to ask for a bailout. However, they went in on spec, and knew that they might get whacked; that is what speculation is all about. I say let 'em sink. There's an Oscar Brand album series called Bawdy Songs and Backroom Ballads from a long time ago. Somewhere in there is a tune with a line in it "Fuggem all, the long, the short and the tall." Makes sense to me.
