Here’s an interesting story from the WaPo about defaults on commercial mortgages and mortgage bonds. Note the establishment rag’s push to sell them, and the explanation of the crisis as being due to emotions rather than objective events. And these guys can forget TARP or any future TARP, except for the very politically connected. Even the Fed and the Treasury can’t stop the tumbling of commercial real estate and all that follows from it. Here the insanity of the boom was worse than in residential real estate, and so will be the bust. Look for office towers, malls, resorts, etc. to go dark. On the other hand, after the bankruptcies, some future entrepreneurs will pick up the pieces and make use of them. If the state lets them. Oh, and let’s never forget to thank Bush and Greenspan for this historic, Fed-driven disaster – the worst bubble and bust the history of the world. (Thanks to Brad Funkhouser)