Next Up For A Bailout
The US government have set a dangerous precedent by crossing the line between "the financial sector" and every man & his dog. By providing the US auto industry with a financial bailout it is only a matter of time before another sector of industry arrives in Washington with their cap out.
Who will it be?
The smart money is on the construction industry.
With credit virtually dried up, 2009 could see a massive wave of defaults and bankruptcies on shopping malls, hotels, office buildings and other commercial property, analysts are warning.
Some $350 billion of US commercial mortgages will be due for refinancing over the next three years experts say. With little or no credit available, and market valuations through the floor, a lot of lenders can be expecting the keys through the door.
With millions employed directly or indirectly in the US construction industry, who's to say that this is a less deserving case than the car-makers?
Who will it be?
The smart money is on the construction industry.
With credit virtually dried up, 2009 could see a massive wave of defaults and bankruptcies on shopping malls, hotels, office buildings and other commercial property, analysts are warning.
Some $350 billion of US commercial mortgages will be due for refinancing over the next three years experts say. With little or no credit available, and market valuations through the floor, a lot of lenders can be expecting the keys through the door.
With millions employed directly or indirectly in the US construction industry, who's to say that this is a less deserving case than the car-makers?
