Its seems to me that we are about to get another round of mortgage write offs. The culprit this time around will be the commercial sector. Up until now, banks have been extending the mortgages trying their best to keep the borrowers afloat hoping that the market rates will come back to the 2007 numbers. This is called extend and pretend, and if that sounds familiar, its because thats what Japan did in the early 90's. It looks like history is about to repeat itself.
- Arthur Smelyansky
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