Because here comes the next wave...
From Chicago Real Estate Daily:
General Growth files for bankruptcy protection
(AP) — General Growth Properties Inc., the second-largest mall operator in the United States, filed for bankruptcy restructuring protection early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during the housing boom.
The news sent the real estate investment trust's stock down 60 cents, or 57 percent, to 45 cents in electronic premarket trading. Its stock traded last spring as high as $44.23.
The move by the Chicago-based company had been widely anticipated since the fall, when the company warned it might have to seek bankruptcy protection if it didn't get lenders to rework its debt terms. Efforts to negotiate with its unsecured and secured creditors ultimately fell short late last month.
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Even now, deep in the bowels of their underground think tanks, whiteboards used to plan Operation Brew Ha Ha are being hastily wiped down as our Conservative friends begin frantically working on the next generation of cutting edge prepositions and conjunctions by which the collapse of the commercial real estate market can be blamed on President Obama's raging socialism and/or President Clinton's raging penis.
4 comments:
Don't forget how leftwing Tom F. Friedman started sounding about the need for bailouts and supporting Obama's initial plans the moment his wife's mall income ($1.2B once upon a time) came under siege last year.
He's straightened out his act a little bit now as he joins the Obama doubters/tough talkers after the money has changed hands (kinder and gentler agression) in skeptical derision of the current moment's plans.
After being called out on his both-sides-of-the-street shuffle, he's decided he's really a rightwinger after all. Just don't tell the people at the bookstores.
Oh, and he's a greenie and a progressive foreign policy whiz too! Just ask him on his next tour.
He's dying to correct your wrong interpretation of what he said about the wisdom of the Iraq adventure.
S
Oh noes - The raging Clintobamaniac socialist penii are menacing the sacredly virginal gingham-clad free markets with their lewd offers of restructuring and government ownership - which the wise call by its true name - slavery!Somebody oil up the rusty Randian chastity, er, promise belts before these infirm vessels can betray conservatism yet again!;>)
Hell of a vid, hell of a sitch, we got ourselves in.
Doncha thank?
How fucked ARE we, do ya think?
Now if that wave was made of useless fiat dollars printed by the Fed then it wouldn't be fiction...
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