Rash of Commercial Foreclosures on Horizon
OPS_admin | Feb 27, 2010 | Comments 0
The next shoe to drop in the ongoing financial crisis could be a rash of foreclosures in the commercial real estate market, the ramifications of which could be devastating nationwide.
The next shoe to drop in the ongoing financial crisis could be a rash of foreclosures in the commercial real estate market, the ramifications of which could be devastating nationwide, according to a report by the Congressional Oversight Panel.
“A significant wave of commercial mortgage defaults would trigger economic damage that could touch the lives of nearly every American,” the report reads.
Between now and 2014, $1.4 trillion in commercial mortgages are expected to come due. Many of those borrowers will face difficultly trying to refinance at the end of the mortgage’s terms, causing countless property owners to default, the report warns.
Full Story: Rash of Commercial Foreclosures on Horizon | Economy In Crisis.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
