If You Thought the Housing Meltdown Was Bad…

…wait until you see what’s in the cards for commercial real estate.
That’s right, the next train wreck will be in commercial real estate. Couldn’t be worse than last year’s residential market crash? That remains to be seen. But it’s coming soon, probably as early as the second quarter of next year, and there’s nothing that can prevent it. The government will intervene, trying desperately to delay the day of reckoning, and may even succeed. For a while. But make no mistake about it, that train is going off the tracks no matter what.'

Read more...

Oh Gord, He Has a Cunning Plan

First, the rumours are true. Brown is shouting, screaming, hurling objects around the room, behaving like a maniac. In other words, business as usual. This is how he operates — and has done since he cocooned himself in the Treasury 12 years ago.

It may seem bonkers to promise free healthcare to the Nepalese when so many British kids can’t read and write. But he’ll do so this month.

It seems crazy apologising for the way gay computer pioneer Alan Turing was treated in 1954 — when Gordo was three years old.

Our PM was 49 when he sold the nation’s gold reserves for $275 an ounce. It passed $1,000 last week. Where’s our apology for that?

Read more...