[Armageddon]

This will dwarf the housing crises: Herald Tribune

Moved to Economics. The Current Events forum is for Discussions on energy-related breaking news.-FL

[vision-master]

All debt needs to be wiped clean with a total financial reboot.

Ain't gonna happen..........

[cipi604]

"The system has never been tested for a deep recession,"


That reminds me of this: The network.
$this->bbcode_second_pass_quote('', ' ')Program Director: Take 2, cue Howard.

Beale: I don't have to tell you things are bad. Everybody knows things are bad. It's a depression. Everybody's out of work or scared of losing their job. The dollar buys a nickel's worth; banks are going bust; shopkeepers keep a gun under the counter; punks are running wild in the street, and there's nobody anywhere who seems to know what to do, and there's no end to it.

We know the air is unfit to breathe and our food is unfit to eat. And we sit watching our TVs while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that's the way it's supposed to be!

We all know things are bad -- worse than bad -- they're crazy.

It's like everything everywhere is going crazy, so we don't go out any more. We sit in the house, and slowly the world we're living in is getting smaller, and all we say is, "Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials, and I won't say anything. Just leave us alone."

Well, I'm not going to leave you alone.

I want you to get mad!

[gollum]

One should sell all bonds and stocks NOW, invest in tangible assets, and make sure any debt you have is on a fixed rate. The debt will be repudiated through inflation.

[Armageddon]

$this->bbcode_second_pass_quote('Armageddon', 'T')his will dwarf the housing crises: Herald Tribune
Moved to Economics. The Current Events forum is for Discussions on energy-related breaking news.-FL

[heroineworshipper]

Haven't noticed it because it's been moving so slowly, but Newpark Mall is now almost empty.

[Spanktron9]

There was a headline yesterday on Bloomberg talking about the rise in Commercial deliquencies and foreclosures. Someone on the forums or possibly at Chrismartenson.com was talking about Comm. Mortgage as the "next shoe". I'm starting to get that sinking feeling again.

[perdition79]

Two weeks ago, the St. Petersburg Times did a front-page story on the loan default of our pre-fab town square shopping center, known as Baywalk. Storefronts are at least 50% vacant, some are behind on their rent. The anchor of the place, a 20-screen movie theater, has seen ticket sales drop by 40 to 60 percent.

Commercial property defaults will have a negative effect on successful businesses as well. Real estate holdings make up a huge chunk of capital, and as property values drop, corporate wealth evaporates. Loans become harder to get. Businesses collapse.

2009 will be an interesting year.

[Sixstrings]

One thing I wouldn't miss is all the post-modernist Big Box architecture. I tell you, you'll never see an historical society ever trying to save these awful buildings.

[pup55]

Background Info:

$this->bbcode_second_pass_quote('', 'B')ut less than one year before it is due to be completed, there is one major thing that the 1.1-million-square-foot tower, known as 11 Times Square, is lacking: tenants.

[copious.abundance]

I'm not known to be one of the doomer types, but commercial real estate to me is obviously one sector which is obviously going to be in a slump for at least another 3 years, very possibly even 5 years. There are 3 small neighborhood shopping centers, plus 1 small, 3-story office building, which have recently been finished or are about to be finished near me, but which clearly have no chance of attracting tenants any time soon. One of these strip shopping centers is still under construction (but almost done). It's a nice little building in a nice location, but there are several empty stores in the 2 strip shopping centers 1/4 mile in either direction, and tons of empty stores elsewhere within a 2-mile radius, and someone is going to lose a ton of money.

Anyone who builds a commercial building anytime within the next 3 years outta have their head examined.

[Armageddon]

It would be nice to put these stories in "your local economy " thread.

[lowem]

Yep, +1 to those things the community saw coming and not many other people did.

Some good stuff on my side here : one-million square feet of integrated waterside promenade and shopping arcade; a state-of-the art one-million square foot convention center; two 2,000-seat theaters; a casino; and a 4,000 car garage.

Developed by Las Vegas Sands, the Singapore Marina Bay Sands is scheduled to open end 2009.
Everyone over here has high hopes.

Well. Almost everyone.

I'd suppose they'll open with a bang, but whether it thrives or fizzles after that is yet to be seen.

[MD]

Unfortunately this type of story is playing out all over the country. Essentially companies, just like people, have a very difficult time changing from "grow" to "shrink" mode, and the poor decisions that result can be catastrophic.

I advise a number of business owners and have had to give each of them an "I tried to warn you" speech. Unfortunately a few of them will likely fail to survive.

If you think growing a company is hard, shrinking one in an orderly fashion can be nearly impossible without a change in leadership. "Grow" managers just don't make good "shrink" managers. It's a lesson I've been learning in depth these past few months.

[lowem]

While we are on this topic ...

General Growth files for bankruptcy protection

$this->bbcode_second_pass_quote('', 'G')eneral Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. history. Ending months of speculation, the Chicago-based mall owner, which listed total assets of $29.56 billion and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection from creditors along with 158 of its more than 200 U.S. malls, while it seeks to restructure some of its debt.

[pup55]

$this->bbcode_second_pass_quote('', '&')quot;Grow" managers just don't make good "shrink" managers.

[pup55]

$this->bbcode_second_pass_quote('', 'G')eneral Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday

[vision-master]

Within the last two years, everytime I see a once occupied commercial space become empty, it's has remained empty.

[Minvaren]

$this->bbcode_second_pass_quote('vision-master', 'W')ithin the last two years, everytime I see a once occupied commercial space become empty, it's has remained empty.

[seahorse2]

The housing bubble broke the back of the banks. I predict the commercial loan bust will kill them where they lay. The commercial loan bust is just beginning, and the housing bust has not finished.