There is a little guy in the City of Industry involved in a redevelopment deal with the city to build a stadium for pro football. His net worth is largely predicated on commercial real estate and at the moment is wooing NFL teams to move to his cow pasture stadium. If the bottom is next year at 50%, any team that want to sell to him should get cash today.

If lenders agree to finance construction of a stadium, how will they cover the collertal requirements if the commercial markets tank? How will that affect other commercial property borrowers when their loans go upside down? Will they walk away enmasse? Will the lenders modify loans to reflect more modest rents?

I think that is a much greater danger to the economy than the housing bubble that burst, because the commercial market also affects jobs, a lot of jobs.