What the Hell Happened to Iceland?
March 6, 2009
“Moneyball” man visits the broken-down country.
“Wall Street on the Tundra” by Michael Lewis.
from Vanity Fair
Previously on Take 2: Iceland is…What?
Is Victoria’s Secret Headed for the Dumper?
January 28, 2009
The dead mall.
“The Next Real Estate Crisis: Shuttered Stores and Empty Malls”
“The 1,120,000 lost US retail jobs in 2008 are a signal that the second stage of the real estate bust is about to hit the economy. This time it will be commercial real estate — shopping malls, strip malls, warehouses, and office buildings. As businesses close and rents decline, the ability to service the mortgages on the over-built commercial real estate disappears.
“Shopping malls are losing anchor stores, and large chains are closing stores and even going out of business altogether. Developers who borrowed to finance commercial ventures are in trouble as are the holders of the mortgages, derivatives and other financial junk associated with the loans.” Written by Paul Craig Roberts.
from Alternet
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DB notes: The dominoes keep falling. How much shopping can a nation do to stay afloat after all?
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