In no particular order of horror:
- Atlanta is still living off of NYC refugees, meaning that property taxes would have to triple for anyone to recalculate the cost-benefit of relocating. Super.
- The Irish have just used $7.7b. in pension money to bail out their banks, one of which gave $87m. in loans to the CEO. Double super.
- If you shop at the same stores that deadbeats do, your credit card company will reduce your credit limit regardless of your credit history. Welcome to the new world of consumer credit.
- Oh, and the malls and shopping centers you shop at, maybe even the office building in which you work, might go belly-up soon too. The great commercial mortgage fraud is just starting to be exposed. Watch the correction claim all kinds of players who banked on double-digit growth.
- The real estate swoon, in turn, argues against newspaper holdings like MNI saving themselves by dumping expense digs — you’d only get fire-sale prices now. MNI is off another 5% today, trading under a buck with a market cap of $80m.
- Finally, don’t look now but the The Park condo project continues to shrink in value by the day. Now it is down to a $14.7m. bid from the bank that is owed twice that on the project. A 50 percent fall in Uptown condo units sounds about right, along with 25 drop in the prices of those remaining units.
But hey, everything will get better with the Messiah in office, right?
