We have had our economic crisis…the financial system all but totally collapsed and thanks to the good will of the American tax payer….they survived….unfortunately the taxpayer is not as lucky…they are having an economic crisis of their own….loss of jobs, benefits, housing and retirement……and that is not the only problem….this one the government is trying to avert….but their efforts are a bit late and a bit impotent….

If you believe the hype, especially the hype that is spun by CNBC and WSJ among others, thenb we are slowly finding our way out of the economic nightmare of the past year….by the way…it is a LIE….all spin and HYPE!

allbusiness.com is reporting:

Rising losses on commercial real estate loans will continue to hurt U.S. banks in coming months and pose the biggest challenge for many financial institutions and their overseers, regulators said Wednesday.

Real estate loans will continue to be “the most prominent area of risk”

for banks over the next several quarters, Federal Deposit Insurance Corp. chairman Sheila Bair told lawmakers at a Senate hearing.

With more than 7 million jobs lost in the recession, office space has sat empty and developers have defaulted on their loans. The $6.2 billion in loans backed by commercial properties that banks wrote off as lost in the past two years will likely grow sharply as more loans come due, Bair said.

Nearly $500 billion of the loans are expected to come due annually over the next few years.

This will be the next nervous breakdown for the financial biggies……

look around at your area….check out Malls and office buildings…are they doing well?  Are they filled to maximum?  The jobless rate will fuel this wildfire that is at this time smoldering….but before long will burst into the flames of economic crisis….yet again…..but will this squeaky wheel get government grease?  Will the American taxpayer be on board with another bail-out?  If you think that there is anger in the heartland now….just try to bail out more corporations……