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November 5, 2009
Kevin Daniels: Storm clouds are brewing for 2010
We need to figure out how to refinance $1 trillion worth of commercial property loans before it's too late. “Rich developers” are not the only ones at risk.
By KEVIN DANIELS
Special to the Journal
Daniels
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In the last year, we have watched as our nation's financial system teetered on the brink of disaster. We watched the global financial system strain under the weight of bad judgment. The failures of Bear Sterns, Lehman Brothers and even our own Washington Mutual seemed preposterous just a few years back.
Recent news about the economy seems somewhat heartening. Whether we are truly out of the darkness remains to be seen, but the actions of our elected officials earlier this year gave the financial system some confidence that the worst might be behind us. Or is it?
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